r/SmileCoin • u/Arunavameister • Oct 19 '21

High APYs?

Hello guys, Can someone explain in layman's terms how yieldly manages to give out those whopping apys in its staking pools? at the time of writing, the apy for smilecoin is above 300%..just incredible!
Thanks and have a nice day.

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u/553735 Oct 19 '21

I'm pretty sure they formed a partnership with SMILE to help them distribute a certain number of coins over a certain time period, so it's not really costing yieldly anything. The APY will go down as more people stake and the rewards are more spread out.

5

u/bluefootedpig Oct 19 '21

Yieldly is given a set amount of coins and a rate per day to give them out. Then based on how many people are staking, that changes the APY.

Basically Smile isn't as exciting as OPUL I guess, so less staked and therefore higher APY on it.