Young Platform

YNG Token: 2023 Recap

FI
Filippo Iachello

8 min

Token YNG: 2023 Report

The fourth-quarter report of the YNG token – summarising the year. What has unfolded in this eventful 2023, and what are the next steps?

What transpired in the last quarter? What were the achievements throughout 2023? How many tokens were issued, bought, and sold, and what are the forthcoming actions? A complete overview of the year just ended is available in this report, drafted in January 2024.

Young Platform Club Numbers for Q4 2023

YNG is Young Platform’s utility token, providing access to the Clubs: subscription plans with exclusive benefits for our major supporters.

Currently, the Clubs consist of 1437 members, divided into:

  • 1011 in the Bronze Club;
  • 190 in the Silver Club;
  • 121 in the Gold Club;
  • 115 in the Platinum Club.

A certain quantity of YNG must be locked on Young Platform’s exchange to join a Club. The number of subscribed members is vital for token distribution analysis, especially since more members mean less selling pressure on YNG. The primary consequence? Greater price stability for YNG. Compared to the last report, Club membership has increased by 2.6%, and Platinum members by 41%.

Comparing these figures with last year’s, it’s evident that 2023 was a positive year for the adoption of Young Platform Clubs. At the end of 2022, there were 1,214 members, divided as follows:

  • 903 in the Bronze Club;
  • 174 in the Silver Club,
  • 92 in the Gold Club,
  • 45 in the Platinum Club.

Therefore, Club membership grew by 18%, and Platinum members by approximately 155%. This growth makes us optimistic about the future, particularly with many new initiatives planned for our loyal supporters in the coming months.

YNG Token Distribution

The number of YNG in circulation at the end of September was about 23.1 million. At the beginning of January, the circulating supply is approximately 23.3 million, indicating a net increase of about 166,000 tokens, or 0.9%.

These tokens were distributed through the Young Platform Step app in various ways:

  • 49,009 through completing Quizzes, Challenges, and Up&Down (before level implementation);
  • 117,341 through completing Levels.

The YNG token market is managed by an algorithm that defines the exchange rate using two underlying liquidity pools, EUR and YNG. At launch in May 2022, these pools contained:

  • 1M Euros
  • 4M YNG

Considering token sales and purchases over recent months, as of January 2023, the pools contain:

  • 750K Euros
  • 5.61M YNG

This configuration results from purchases and sales during the third quarter, summarised below along with the price trend:

Token YNG: 2023 Report

YNG Issuances in 2023

This is the conclusive report of 2023, making it the right time to summarise the year in terms of tokenomics. The way the token is issued changed after the Step 3.0 update. How has the introduction of XP impacted limiting YNG inflation?

Token YNG: 2023 Report

As the graph shows, thanks to the latest Step update, we’ve significantly limited YNG distribution. The issuance of new tokens has been reduced by 93%.

YNG Price

From a price action perspective, 2023 was a transitional year. The bearish movement affecting our token since November 2022 halted at the €0.1 level reached in February.

Subsequently, YNG, supported by the Buyback initiative, experienced an 86% bullish rally, pushing the price to a high of €0.16 by the end of August 2023. It currently fluctuates between €0.12 and €0.14.

Achievements in 2023

During 2023, we achieved numerous goals and released several new features. This report is an excellent opportunity to summarise all the work done in the last few months. Let’s detail the initiatives undertaken in 2023 to expand the appeal of our YNG token and those related to the Young Platform ecosystem in general.

YNG Token

  • Buyback: The Buyback operations were completed. We purchased €62,000 in tokens through spot transactions and supported the price with limit orders.
  • Vouchers and Benefits for Clubs: In 2023, many incredible benefits for the clubs in the form of vouchers arrived: We Road and NordVPN. In 2024, we’ll continue collaborating with other brands to offer our supporters more benefits.
  • YNG Token Listing: We are still considering listing the Young (YNG) token on other exchanges. Our main goal is to initiate trading on DEXs by the end of the first half of 2024.
  • Dust: In recent months, a feature was released that allows converting small crypto balances into Young (YNG) tokens. Dust lets you revitalise unused cryptocurrency cents.
  • Token Tracking (CoinMarketCap and CoinGecko): Our weekly reminders to CoinMarketCap and CoinGecko have yet to produce results beyond those achieved in the second quarter of 2022. Communication with CoinMarketCap, through which we provided all requested data, continued for several months but ceased when they asked for money to expedite the process.

We are considering proceeding in this direction once the token is tradable on the decentralised market. In doing so, we intend to maximise interest around the event. Currently, we are listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although trading volumes still need to be available for both pages.

Young Platform Ecosystem

  • Tax Report. In May, we introduced one of our most successful features: the Tax Report,” a tool simplifying crypto declarations, offering a downloadable PDF for tax declarations. Developed in collaboration with Taxtris, it’s the first service provided by an Italian exchange. Remember, the Tax Report is discounted for Silver and Gold Club members and accessible for Platinum. 
  • Listing on Young Platform: With the market’s resurgence in 2023, we expanded the range of cryptocurrencies available on our exchange. We started with Arbitrum, Ethereum’s most-used Layer 2, then proceeded with Optimism, dYdX, GMX, Cosmos, Lido DAO, Render, and Celestia. In 2024, we’ll continue to broaden our token offerings on Young Platform to allow our users to catch new market trends.
  • Multi Network: We enabled multi-network deposits and withdrawals to meet the needs of users who intend to use Young Platform as a “launchpad” to access DeFi decentralised applications. It’s now possible to deposit and withdraw Ethereum, USDT, and USDC, even through the Arbitrum, Optimism, and BSC networks. This way, you can maximise the opportunities Web3 offers with shallow deposit and withdrawal costs.
  • Moneybox 2.0: This update expanded the range of cryptocurrencies available for recurring purchases in May. We introduced the Thematic Moneybox (composed of ready-made cryptocurrency mixes) and the Customized one, allowing you to make recurring purchases of your preferred cryptocurrencies (from 2 to 5).
  • Services for Businesses: Services for businesses that see crypto as a tool to make their business competitive and scalable have also arrived. In recent years, more and more companies and institutions have started recognising cryptocurrencies as a fundamental tool for a complete digital transition.
  • Step 3.0: Step has also been wholly revolutionised after the latest updates. Initially a pedometer app, it’s now Italy’s most-used “Cryptogame” and a guided journey to explore and study the cryptocurrency world.

Community

Development regarding the community was diverse in 2023. All the initiatives undertaken aim to establish a two-way dialogue between us and our users.

  • Discord: In 2023, we completely restructured the central hub dedicated to our community. The Young Platform Discord server also saw the creation of a channel reserved for our biggest supporters, the Platinum Club members, and we are working on creating one for other supporters. To comply with current regulations, we have yet to be able to reward the most active members with free token distributions. 2024, we plan to distribute many benefits to our most loyal supporters.
  • Telegram and WhatsApp: We also launched a new Telegram channel and a WhatsApp Community. The primary goal of these two digital spaces is to keep our users informed about the latest crypto news. We also publish weekly analyses of the price of Bitcoin, Ethereum, and the best-performing cryptocurrency.

Upcoming News!

Many new developments await us in the coming weeks. Here, we can only reveal two of them, which will help us achieve two key objectives: enhancing the trading experience on our platforms and increasing the adoption of the YNG token.

The first relates to the “little robot” visible on our app and in various social media content published in recent months. Predictably, it is linked to some automated trading features we will release in the coming weeks. These will enable all our users to access intelligent solutions for purchasing and managing cryptocurrencies and tailor them according to their strategy. But that’s not all. Launching these new functions is also an incentive to join our Clubs, as members will be rewarded with various advantages. This could also positively influence YNG’s price action.

The second development is designed for those who actively and regularly use the applications of our ecosystem, particularly the Pro version. We are improving the interface to make trading on Young Platform Pro more professional. Additionally, we are enhancing our APIs and exploring various options to increase liquidity on the order books and minimise the spread as much as possible. We aim to establish partnerships with a specialised market maker in this regard.

For now, the spoilers end here. Continue following us on all our channels!

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