Young Platform

YNG Token: October 2022 – January 2023 Report

Team Young

6 min

yng token

Here’s the second report on YNG since its market launch. Find out about its distribution and upcoming news on Young Platform

On 1 June 2022, the YNG token was released on the market and thus began to vary in price according to supply and demand. At the same time, Young Platform Clubs were born, which can be accessed precisely by blocking a certain amount of tokens. The first report came after four months, so at the beginning of February we collected data from the second four months of the token’s life. See the results below.

Club Membership

At the moment, 1214 people participate in the clubs, divided into: 

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

Compared to the last report, the growth is +19.1%. Consider that the greater the number of tokens locked in Clubs, the lower the sales pressure and thus the tendency of the price to drop. Club participation is therefore one of the parameters to consider in order to understand the demand for YNG.

Distribution of the YNG token

The number of tokens in circulation as of October was 18.43M. The availability in circulation as of today (February 2023) is about 20.5 million, which means that there was a net increase of 1.7M tokens, or 11.4%. 

These tokens were distributed via the Young Platform Step app in different ways: 

  • 41,144.8 through the completion of Quizzes by 56,748 users;
  • 1,554,524.31 through rewards for 153,054 users;
  • 498,101.85 through the use of the ‘Up&Down’ function by 143,892 users.

The market for the YNG token and its exchange rate with the euro is regulated by an algorithm, thanks to two liquidity pools. Initially, these pools contained:

  • 1M Euro;
  • 4M YNG.

Considering the sales and purchases of tokens handled in recent months, at the end of January 2023 the pools contained:

  • 682.8k Euro;
  • 6.11M YNG.

Regarding the YNG-EUR pair, these were the movements that led to the change in liquidity in the pools:

yng token

Future Objectives

Finally, for transparency, here’s an update on the objectives listed in the last report. 

  • Airdrops&Vouchers: The first distribution of vouchers planned for Club subscribers was successfully concluded. Specifically, the promotional campaign in cooperation with Unstoppable Domains was completed in November, thanks to which we distributed free credits to all club members to purchase their own Web3 domain. The next event is planned for this quarter and will once again feature a Web3 domain project.
  • CoinMarketCap and CoinGecko: during the last quarter of 2022, we made some changes to the integration with our liquidity providers and market makers, with the aim of streamlining order entry in the order book. This resulted in changes to the structure of some API calls requested by the two aggregators. We have resubmitted the requested information and are awaiting updates. 
  • Earning Wallet: during the last quarter of 2022, we had to discontinue the service due to the crisis affecting FTX and its customers. Being the main benefit of the Clubs, we prioritised the development of the new version.
    We are evaluating, in addition to providers of services based on Lending and Borrowing, also solutions based on self-hosting of nodes and liquid staking of tokens. This functionality is planned to be developed between the end of Q1 2023 and the second quarter of the year.
  • Debit Card: due to the prioritisation of the development of the new version of the Earning Wallet, the deadline for issuing debit cards was postponed by one quarter. 
  • Third-party exchange listing: Between the end of Q1 and Q2 2023, we will reopen all negotiation tables to list the token on third-party exchanges. To accomplish this, it remains crucial to have supporting volumes on the YNG-EUR pair.
  • Buyback: In the last report we anticipated that we would present buyback operations. Unfortunately, the market was hit by the FTX crisis and the company decided to prioritise the management and protection of all those who had an active Earning Wallet, taking time away from structuring the projects in this report, including the buybacks. At the beginning of the year, we took over the planning and are finalising the rationale and plan for the buybacks. In order to make individual buybacks as rational as possible, we are planning operations that are directly linked to the metrics of the YNG-EUR pair currently on the platform (e.g. tokens bought by users, tokens sold and tokens from Steps). This is to achieve campaigns that incentivise the organic growth of the pair’s volume and avoid inefficient repurchase plans for the market price. 
  • The remaining objectives presented in the last report were mainly dedicated to our community, and to improving services and the experience for Club members. 
    • Monthly market reports: since 2023, all club members have received a monthly report summarising the most influential events that occurred in the previous month and analysing the market highlights, this benefit will be developed based on their feedback;
    • Merchandising: In December, we sent all Platinum and Gold Club members a package containing Young Platform merchandising. 
    • Promo Wallet: Young Platform’s promo wallet was successfully released, which will allow users to receive promotions to use on the platform, including discounts on deposits and withdrawals for Club subscribers. 
    • Club section of Discord: We are structuring the server in such a way that Club subscribers can join a reserved channel for Q&As with the team.

In addition to these token-related objectives, here is a brief overview of features under consideration and development for the first half of 2023: 

  • Moneybox: We are working on improving the current Moneybox, not only in terms of available cryptos, but also in terms of applicable automations.
  • Monthly club membership payment: currently, a club membership lasts for a minimum of 90 days during which YNG tokens remain locked. In order to manage membership more flexibly and to support tokenomics of the token, monthly payment of membership will also be activated as an option, again with YNG. During the first half of 2023, the first tests in this direction will be started.
  • Price movements alerts: In order to improve the monitoring of price movements of crypto holdings, we think it is essential to be able to be alerted as soon as a crypto reaches a certain price. For this reason, as anticipated months ago, we are finally structuring the functionality that will allow you to be alerted as soon as a held crypto reaches a price point. 

Related Article

Bot Only Euro: convert the cryptos you receive on your business account
b2b services
GMX is now available for purchase on Young Platform!

Download the Young Platform app

Downaload From Google PlayStoreDownaload From Apple Store