Yala Finance ($YU) is a decentralized platform that enables users to borrow over-collateralized stablecoins ($YU) using BTC or UTXO assets, which can then be utilized across various DeFi ecosystems to generate additional earnings. They have just launched their testnet where you can earn rewards, known as Berries. This could be converted into a Yala Finance ($YU) token airdrop in the future! Here is our Yala Finance ($YU) token airdrop guide.
Check out our step by step guide!
What is Yala Finance ($YU)?
Yala Finance ($YU) is a decentralized platform that connects Bitcoin liquidity with DeFi ecosystems through its stablecoin $YU. This will enable users to borrow over-collateralized stablecoins by depositing BTC or UTXO assets and earn additional yields across various DeFi protocols. Its main features include modular infrastructure for cross-chain compatibility, secure staking with Bitcoin-level security, and a multi-token system comprising $YU and $YALA for governance. Yala has raised $8 million in a seed funding round co-led by Polychain Capital and Ethereal Ventures, with participation from notable investors such as Galaxy Vision Hill, Amber Group, and Hashkey Capital.
How to get the Yala Finance ($YU) token airdrop?
Here is a guide on how to get the potential Yala Finance ($YU) token airdrop
- Get Bitcoin wallet
Yala Finance is on the Bitcoin network, so you will need a Bitcoin wallet, such as a Unisat or OKX wallet. You can download either wallet here: Unisat wallet, OKX wallet.
- Connect to Yala Finance
Connect your Bitcoin wallet to Yala Finance.
- Claim testnet tokens
Click “Go to step 1.2” and fund your wallet with both testnet BTC, as well as testnet ETH and USDC. Note it might take some time for the tokens to arrive in your wallet. Once the tokens have arrived you will see it in your wallet history.
- Deposit testnet tokens
Click on the Bitcoin icon on the Yala Finance website and enter the amount you claimed from the faucet. Deposit the tokens into the platform.
- Mint $YU Tokens
Go to the “MetaMintU” tab. Entering the amount of YBTC you want to convert and click “submit”.
- Connect wallet to BerryBoard
Click on the “BerryBoard” tab. Connect Your EVM Wallet by clicking “Connect destination chain wallet” on the top right hand corner. This allows you to perform daily check-ins and participate in the lucky draw.
- Give feedback
On the BerryBoard, submit feedback on the platform to the team and earn Berries.
- Explore platform
Explore and Engage Play around with the platform. Go to the “Earn” section and stake or convert tokens for Berry rewards.