The first quarter of 2024 for the YNG token has been eventful. Let’s review what happened and what steps we should take next.
What Happened in the Last Quarter? What were the achievements in Q1 2024? How many tokens were issued, purchased, and sold, and what are the next steps? You can find a comprehensive overview in this report drafted in April 2024.
Young Platform Club Numbers for Q1 2024
YNG is the utility token of Young Platform and provides access to Clubs: subscription plans offering exclusive benefits to our biggest supporters.
As of now, the Clubs consist of 1,687 members divided as follows:
- Bronze Club: 1,238 members
- Silver Club: 199 members
- Gold Club: 122 members
- Platinum Club: 128 members
To join a Club, it is necessary to lock a certain amount of YNG on the Young Platform exchange. The number of members is crucial for analyzing the token distribution, especially as more people joining a Club reduces the selling pressure on YNG, leading to greater price stability.
Comparing these figures with the past, Q1 2024 has seen significant positive developments in terms of Club adoption on Young Platform. At the end of 2023, the numbers were:
- Bronze Club: 1,011 members
- Silver Club: 190 members
- Gold Club: 121 members
- Platinum Club: 115 members
Consequently, Club memberships have grown by 17%, with Platinum membership increasing by approximately 11%. This growth makes us optimistic about the future, especially with many new initiatives planned for our most loyal supporters in the coming months.
YNG Token Distribution
As of January, there were approximately 23.3 million YNG tokens in circulation. By April, this number had increased to about 23.5 million, a net increase of approximately 182,937 tokens or 0.8%.
These tokens were distributed through the Young Platform Step app in various ways:
- 39,379 through completing Quizzes, Challenges, and Up&Down (before the implementation of levels)
- 143,558 through completing Levels
The YNG token market is managed by an algorithm that defines the exchange rate based on two underlying liquidity pools, one in EUR and the other in YNG. Initially, these pools contained:
- 1 million Euros
- 4 million YNG
Considering sales and purchases of tokens in recent months, as of March 2024, the pools contained:
- 747,000 Euros
- 5.65 million YNG
This configuration results from purchases and sales made during the third quarter, summarized below along with the price trend:
YNG Issuance in 2023
What happened during the first quarter of 2024 from the perspective of tokenomics. The way the token is issued changed last year following the Step 3.0 update. Now that some historical data is available, let’s see how the introduction of XP has limited the inflation of YNG.
As evident from the graph, the latest Step update has significantly curtailed the distribution of YNG. The issuance of new tokens has decreased by 93%.
YNG Price
From a price action perspective, the first quarter of 2024 has been positive. The YNG token has reversed the downward trend that began in August 2023, surpassing the €0.14 level. In recent weeks, following a shakeup that affected the entire market, YNG experienced a slight correction and is currently at €0.125.
The last rally of the Young token was mainly driven by the growth in Club adoption, coinciding with the launch of the new Smart Trades feature. Discover how this influenced the developments in the following paragraphs.
Achievements in the First Quarter of 2024
During Q1 2024, we reached a significant number of goals and released many new features. This report is an excellent excuse to summarize the work done over the last three months. Let’s look in detail at the initiatives undertaken in 2024 to increase the appeal of our token.
Smart Trades
The milestone of this quarter was the Smart Trades trading feature. A set of trading indicators operates autonomously without human intervention, utilizing mathematical models and pre-programmed instructions.
This feature is particularly useful for reducing drawdowns in one’s portfolio during market crashes. Although we are in a bull market phase, the price of most cryptocurrencies does not only rise but is also subject to more or less violent shakes. This functionality, built to automatically detect market trend changes, can be a valuable ally in shielding from crashes or leveraging them to increase the balance of one or more cryptocurrencies.
Initially available only to members of the Young Platform Clubs, Smart Trades was later opened to all users. Moreover, the number of strategies that can be activated simultaneously is, and will always be, proportional to the Club membership level.
Smart Trades have attracted attention! This is clear if we analyze the latest price movement of the Young token (YNG) and the number of Club members. As previously mentioned, since the launch of the feature, Club memberships have grown by 17%, from 1,437 to 1,687.
Since joining the group of our biggest supporters requires owning and locking a different amount of Young tokens, the launch of the Smart Trades feature has obviously also influenced the price of YNG.
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Listing on Young Platform
Given the market rebound, one of our main goals for the last quarter was to expand the range of tokens and cryptocurrencies available for purchase on our exchange as much as possible. In 2024, so far, the following have been listed on Young Platform:
- THORChain (RUNE)
- Aptos (APT)
- Jupiter (JUP)
- Internet Computer Protocol (ICP)
- Stacks (STX)
- Filecoin (FIL)
- Tron (TRX)
- Near (NEAR)
- Sei (SEI)
- Starknet (STRK)
- Sui (SUI)
- Dymension (DYM)
- Injective (INJ)
- Fetch ai (FET)
- Immutable (IMX)
- Flare (FLR)
To allow our users to expand their portfolios, some of these cryptocurrencies are purchasable and sellable in trade-only mode and cannot be deposited or withdrawn from our platform, as they are currently not supported by our custody provider. This temporary arrangement aims to accelerate the listing process on Young Platform and increase, consequently, our users’ satisfaction level, they will be able to withdraw and deposit the cryptocurrencies in question once our custody partner integrates them.
Over the coming months, we will continue to expand the token offering on Young Platform to allow our users to intercept, well in advance, the new market trends. If you would like to be able to purchase one or more specific cryptocurrencies on our exchange, you can suggest them through our Discord server!
Missions
Another activity that we have carried forward during the last quarter is the Missions. A feature designed to make trading on Young Platform increasingly engaging! Currently, taking action on our platform allows you to earn “gems,” which you can exchange in the shop for discounts on trading commissions.
We plan to expand the use cases of “gems” and thus offer increasingly more benefits to users who frequently use our exchange.
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New fee model
During the first quarter of 2024, we also updated our commission model, pursuing the goal of making Young Platform more competitive in the market and more attractive to traders and investors. To design the new fee model, we also listened to your opinion, through a survey extended to the entire Community.
Discover the new commission model.
Listing of the Young Token (YNG)
In this sense, the main goal remains the one announced in the previous report: to start trading on decentralized exchanges (DEX) by the end of the first half of 2024. The operational plan for this activity is almost ready and will be presented to the company’s management in the coming weeks, to start work between the end of this quarter and the beginning of the next. The mission, in this sense, is to allow our users to explore the on-chain world without having to leave our ecosystem.
This vision is part of a broader evolutionary model that we have been pursuing since the very first day of our story: to guide the user by hand on the journey to discovering this incredible sector. From the very first approach with Young Platform Step and our educational content, through the purchase or sale of digital assets, to the exploration of the on-chain, and therefore decentralized, world.
In this sense, we are preparing a Live dedicated to our biggest supporters, the members of Club Platinum, to collect feedback and suggestions. If you are part of this group but are not yet in the dedicated Discord channel, join and check your emails, you should have received a form!
Young Platform Pro
In recent months, however, we have not neglected Young Platform Pro, our platform dedicated to crypto traders. The team has worked with the aim of introducing some fundamental improvements for those who intend to analyze the price of cryptocurrencies using a professional approach.
In this sense, we have, first of all, renewed our partnership with TradingView, the most used platform to analyze the charts of major assets, including cryptocurrencies. This means that on Young Platform Pro, our exchange dedicated to crypto traders, users have at their disposal all the most famous tools of this powerful, sophisticated, and complete platform; in particular, indicators, tools, sliders, and drawing tools.
The news for our exchange dedicated to traders does not end here. We are conducting a series of interviews to collect suggestions from the most active traders to make Young Platform Pro increasingly a protagonist within our ecosystem.
New Features Coming Up!
In the coming weeks, we expect many new features, some of which have already been anticipated in the previous points of this report. Discover the main ones in detail!
Taxes & Report: the new service for crypto declaration
The milestone for the second quarter of 2024 certainly concerns taxation, given that it is an aspect that we consider fundamental for every investor who wants to operate in compliance with current laws. These have changed frequently in recent years, and it is therefore not taken for granted to know the current situation or to stay updated on all the news.
For this reason, the Tax Report, a product that has been extremely well received by our community, will not only be re-proposed but improved. The goal of this initiative is to make the “Taxes & Report” service the only product necessary to correctly include cryptocurrencies within one’s tax declaration. This is because, in its final version, it will allow exporting all the essential data to compile the document in compliance with regulations, not only the activities carried out on the products of our ecosystem but also all transactions executed on-chain.
Currently, only for our Club members and with a 10% discount, is the presale of the new Tax Report open. This means that, for the next few weeks, only our most loyal supporters will be able to purchase the new Report usable only for transactions carried out on Young Platform and Young Platform Pro. Here are the discounts applied to each Club.
- For members of the Bronze Club: 10%;
- For the Silver Club: 20%;
- For the Gold Club: 40%;
- For the Platinum Club: 80%.
Until the end of the presale (Club discount + 10%):
- For members of the Bronze Club: 20%;
- For the Silver Club: 30%;
- For the Gold Club: 50%;
- For the Platinum Club: 90%.
If, however, you use other exchanges, wallets (for example Metamask), or third-party blockchains to manage your cryptocurrencies, we are developing a specific service for you. Thanks to a collaboration with an important Italian partner, it will be possible to connect external wallets in addition to that of Young Platform and import transactions carried out on various platforms. This will allow you to create a single PDF containing all the aggregated data necessary for the compilation of your tax declaration.
We therefore recommend that users who also use other crypto exchanges or wallets wait to purchase the Report, given that the one currently in pre-sale will only be usable for transactions carried out on Young Platform.
The aforementioned discounts for the Clubs refer only to the Tax Report dedicated to transactions carried out on Young Platform and not to the Report, due out in May, which will allow connecting external exchanges and wallets. This is because, as anticipated, we use an external partner to offer this service to our users.
In any case, the cost established by the provider we collaborate with is among the most competitive on the market, and Club members will be able to access other discounts currently being defined.
Join a Club!
Smart Trades: a world in continuous evolution
In the next quarter, we will also focus on the flagship product of the quarter that has just ended. The Smart Trades feature is still in an embryonic state and will see a series of improvements. First of all, the range of available indicators will be expanded, but not only that! We are evaluating the inclusion of more complex and articulated strategies, whose main purpose will be to allow users to increase the balance of users cryptocurrencies thanks to the opportunities that present themselves on the market.
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