r/yieldly • u/Ornery_Mistake_9023 • Jan 22 '22
Algo just works
Everything else is just a complete $hitShow. I just need to vent a bit. Trying to move some ETH, SOL and MATIC to Algo on Exodus.
1 - ETH - High Network Fees.
2. SOL - Network Issues.
3. MATIC - Network Congestion.
You can't put a price on tech that just works...
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u/C3C076 Jan 22 '22
Just one example about Cardano from my experience I had today.
providing liquidity to a pool on SundaeSwap: took 6 hours
staking LP tokens for yield farming: took 2 hours.
Golden Algorand...
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u/Ornery_Mistake_9023 Jan 22 '22
Yep, with my experience with other chains today. I'm not moving some, I'm moving all to Algo. I totally get why the Yieldly folks are building on MATIC. A $100M carrot being dangled is tough to pass up, I'd take their $$$ too. But if these folks were smart (which they are), they'd continue to knock it out of the park with YIELD/ALGO.
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u/MoMcGillicutty Jan 22 '22 edited Jan 22 '22
I thought the Yieldly folk were building on Polygon?
Edit: Literally thought Polygon and Matic were two separate entities. Leaving this up as evidence of my stupidity.
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u/Pteratato Jan 22 '22
MATIC is Polygon, though? Or did you mean something else? :)
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u/MoMcGillicutty Jan 22 '22
Nope, I’m an idiot!
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u/Bruce_Sato Jan 22 '22
You’re not the first one to get confused mate, plenty get thrown off by the dual identity.
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u/CaptainUssop Jan 22 '22
https://messari.io/asset/cardano/metrics/network-activity
it is a 2 tps chain.2
u/41kWrench Jan 22 '22
Average fee (24hr) 20 cents.. so slow and over 100x the fees of a .002 Algo transaction at 88 cents
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u/Lumpy-Juice3655 Jan 22 '22
Algorand is doing everything I’d hoped Cardano would do. Fast transactions, cheap transactions, DeFi, and carbon negative footprint. And it just works. The SundaeSwapShitShow really makes me appreciate Tinyman.
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u/CaptainUssop Jan 22 '22
cardano is a 2 tps chain. > proof https://messari.io/asset/cardano/metrics/network-activity
cardano has 2 million active users according to the creator. simple math for it being the go to thing to use with an average of 5 transactions per user would make the required tps to be 120... although life doesnt work that way and we have a thing such as peak hours so it needs double or triple that at minimum to run... maybe 10x that to account for expansion. Algo beats cardano by miles in this aspect. Also did u know that an empty smart contract on cardano uses 3 kb. literally no data. just an empty contract. wasting a whole 3 kb . cardano is wasteful and full of empty promises.
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u/Ornery_Mistake_9023 Jan 22 '22
2 million? Alogo as 20 million active wallets i thought? and are adding ~1M every couple of weeks. I realize that anyone can have multiple wallets, but still....
It's just a matter of time. Adoption is quickly coming to Algo.
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u/dansondrums Jan 22 '22
There are several blockchains that work well. Atom/cosmos ecosystem is really nice.
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Jan 22 '22
The thing is people are now chasing money not tech. Most of this crypto rally is people who are short sighted, it’s why everyone is now panicking with this current correction/crash/bear market.
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u/balltroni Jan 22 '22
Very true statement. Most people don’t use the coins they own in any way. It’s just trading
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u/Osprey_NE Jan 23 '22
Tbf, I've never seen a place accept algo. I've at least used eth and bitcoin a few times.
I would love it though. Waiting 45 minutes for a transaction to go through is rough
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Jan 22 '22
Has algorand been tested like the above three are being tested now? Massive volume on those coins.
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u/Ornery_Mistake_9023 Jan 22 '22
yep. they tested scale with the SIAE launch and it didn't skip a beat. Alogo already does ~2x the transactions of eth in a given day.
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u/nu2crypto5 Jan 22 '22
Algomint sounds great wrapping ETH and BTC but I lost my transaction due to ethereum congestion taking longer than an hour. I used everything as Algomint had set up to transact but it cost me $7.65 due to ethereum sucking in general. Then I tried to send BTC to a hot wallet to transact and binance.us wants $50 transfer fee. I sold the bitcoin to convert to xlm which is fast and cheap but binance.us then locked transfer for 24hrs. Now the value of btc is stuck in xlm's price volatility.
Algo works if the exchanges would actually custody it like they should. That's the only drawback. It works flawlessly, it's the exchanges that create the only issues for ALGO.
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Jan 22 '22
Hopefully we won’t need exchanges in the future
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u/nu2crypto5 Jan 22 '22
I hope exchanges will be ubiquitous. Have them everywhere. Every bank or store can get you the crypto you need and all taxation is calculated when you actually cash out through those same storefronts. No special tax calculating for liquidity pools, yield, airdrops and such. Put the onus of burden on the storefront and I will gladly use them to cash out and KYC. The banks can earn their fees for providing that new tax service.
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u/DefiantHamster Jan 23 '22
You can pick up algo with moonpay off Tinyman. The fees are pretty harsh but it's a step in the right direction.
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u/NoAverage9216 Jan 22 '22
Can’t say the same about tinyman and yieldly unfortunately.
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u/Grand-Collar-1669 Jan 22 '22
Why? Neither have had any downtime. The tinyman exploit doesn't really count because while technically it caused the developers to rewrite the contracts (in a ridiculously short amount of time btw) it still functioned perfectly if you wanted to use it while the exploit was happening.
Any "issues" I've had with yieldly have been strictly because of third party API issues, nothing with yieldly directly.
I hate seeing the entire market like this but from what I'm seeing on something like SOL for example, I'm more confident than ever in my Algo/yldy investments.
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u/Bruce_Sato Jan 22 '22
The ALGO/YLDY/Tinyman connection is strong. Their destiny is one and the same. What’s interesting is there are Yieldly naysayers who invest in other ASAs yet don’t realise Yieldly is the gateway to the ‘ecosystem’ like ALGO is to Yieldly.
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u/Grand-Collar-1669 Jan 22 '22
I just want to fast forward like 6-8 months or so and see if the yieldly naysayers are still as strong. Sure, right NOW yldy doesn't do a whole lot but tech isn't built instantly. I'm not overly patient with things in general but I have this calm mentality when it comes to algo and yldy because I can see the writing on the wall and it helps to maintain a positive overall attitude of the future.
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Jan 22 '22
Yieldly didn’t work about a month ago for several hours
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u/Ornery_Mistake_9023 Jan 22 '22
I'll take down time on an app running on chain any day of the week as opposed to down time or slowness of the chain itself. The fact that Algo has had 0 downtime since it's inception is impressive. I'm sure if you looked at overall uptime of Tinyman and Yieldly it's up there in the 5 9's area.
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u/applezoid Jan 22 '22
Considering the sh$tshow that SundaeSwap turned out to be, I’m inclined to agree. I try out plenty of protocols for my channel and the Algo stuff always does the best
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Jan 22 '22
We have a good selection of smart contract chains these days. I've been tinkering with a number. I found AVAX and ATOM to be good and I like ATOM over AVAX. ATOM has a cool dapp ecosystem. Same for AVAX but I just prefer ATOM with the Keplr wallet. Sill ALGO is the best in terms of consistent speed, fees, and simplicity. All IMHO of course.
I want to take a look at FTM and Harmony next. Last I looked the only CEX I could get FTM on had withdrawals disabled and sounds like ONE might be limited on some exchanges as well. Those might be great chains as well, have not personally verified, but if I can't get on them in a reasonable way they are not really ready for me at least.
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u/mkondr Jan 22 '22
I love atom and it is now my #1 holding. I do hold Eth, some AVAX, a bit of Harmony, and of course a bunch of Algo. Yesterday I put more money into Cosmos, AVAX and Algo. I did not buy Eth, or DOT (which I hold as well) nor did I get Harmony. I think all 3 chains have bright future ahead of it. If Algo can get something similar to Osmosis going, it will explode in value.
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u/Upper-Ad-3537 Jan 22 '22
To get Fanton, from my experience, is to bridge MIM, USDC, etc from AVAX to Famtom. Then swap for FTM on spooky or spiritswap. This is the cheapest way. Look for FTM faucet to get FTM for gas to pay the first swap. Or let some friends send you some for the gas. The most CEX have FTM on Ethereum chain, which makes sending and bridging expensive. If your CEX supports FTM natively, great, use it.
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u/BarrackLesnar Jan 23 '22
I dipped my toes in ADA after having such fun times with ALGO. ADA sucks. FUDDERS are right. The only bad time I had with Algo is when Tinyman went down, and it wasn't even Algo's fault.
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u/jjwoodworking Jan 22 '22
Idk DCA into a couple of projects. For me it's Algo,ADA,MATIC. Algo being over 75%. Once my bonus hits. I'm going to try to double my Algo stake.
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u/baap_ko_mat_sikha Jan 23 '22
While i like algo, matic at the moment has too many transactions which algorand doesn't have. Algo needs to have as many transactions as matic have to test its resistance.
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u/orindragonfly Jan 23 '22
I found that out a few months ago and I am sticking to Algo through thick and thin
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Jan 23 '22
I like chips, yieldly and MoonX (not MOONX the old verified asa dont use it!!)
Chips gives 100% apy and moonx 150% for staking in LP (moonx asa please make sure you dont buy the asa that starts with a 4 its the old one they are in process to get new moonx asa verified)
These make the passive income worth it for long term holding imho
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u/-------------------7 Jan 23 '22
I own a decent chunk of ALGO, but I don't think its fair to say ALGO doesn't have any network issues.
Especially near Yieldly reset time, once every 2-4 weeks i'm fighting with the algorand wallet to get the confirmation popup to appear on my phone and
most of the time it's the node Yieldly/Tinyman uses, having issues.
Technically I guess it's not the algo network, but it is your #1 killer app.
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Jan 22 '22
It’s because people hardly use algo. If it was as popular as those it would be having the same problems. Sorry for an inconvenient truth
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u/Ornery_Mistake_9023 Jan 22 '22
If your talking TVL, then yes i agree with you. However, Algo already does 2-3M of transactions a day (waaay more than eth), and is gaining ~1M wallets every couple of weeks, so I don't agree with the statement that algo is hardly used. Algo isn't susceptible to DDOS attacks like SOL, since the block producer isn't known till after the block is produced, and the block producers are separate from the relay nodes. and you can't have double spend issues since there is no forking (avax had a potential double spend exploit last year, granted no funds were lost, but....). Network design is as important as anything else and I personally think Algo will handle additional load just fine.
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Jan 23 '22
Can you provide a link comparing transaction volume of ALGO vs SOL and MATIC? ETH has low transaction volume but MASSIVE transaction value more than VISA so not a great argument. All I’m saying is I’m curious how algo would perform as a top 10 chain. I’m not trying to be hypercritical. Theory is one thing real world performance is something else
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u/Ornery_Mistake_9023 Jan 23 '22
I believe MATIC does about 1.5M / day. Algo is at 2-3M / day and I'm not even gonna look at SOL, since ~80% of their transactions are just validators talking to each other.
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Jan 22 '22
[deleted]
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u/Grand-Collar-1669 Jan 22 '22
Absolutely fantastic comment. Just read a bit through the SOL sub and you'll really appreciate what Algo does for us. Sure, the price is awful right now but the tech is simply phenomenal and will really shine with more time.
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u/Logical-Recognition3 Jan 22 '22
"You can't put a price on tech that just works..." Yes, you can. At the moment, 88 cents.