YNG Token: June-September 2022 Report
We report Young (YNG)’s first few months on the Market, with a focus on the Clubs’ performance and upcoming news!
Four months after the market launch of the Young (YNG) Token, we take stock of the distribution, sales and use cases of Young Platform’s token. In this report, which was compiled at the beginning of October 2022, you will find an overview of the first months, the updated distribution of Young (YNG) and the future goals of the project.
What is the YNG token
The YNG token is a utility token based on Ethereum’s ERC-20 standard. Utility tokens are cryptocurrencies designed to facilitate access to an ecosystem and its services. In fact, the YNG token is at the heart of the whole Young Platform project. You can receive some as a reward on Step, or use it to gain access to Clubs and take advantage of exclusive benefits. Developing a utility token like YNG was an opportunity to make the Young Platform community and users even more active and involved. You can find out about its tokenomics in detail, from full availability to use cases.
All the numbers of Young Platform Clubs
As we have just explained, one of the new features of the Young Platform ecosystem are the Clubs. They have been active since June 2022. By joining one of the four available Clubs, you get access to discounts, rewards and benefits. Over time, more and more benefits will be made available as the Clubs grow, step by step with the community. In winter 2022, the activation of the airdrop function is planned.
The clubs currently have 1019 members, divided into:
● 780 for the Bronze club;
● 121 for the Silver club;
● 81 for the Gold club;
● 37 for the Platinum Club.
Since Club membership requires a minimum of 1500 YNG, participation is a good benchmark to measure the success of the initiative and the satisfaction of loyal supporters. Another interesting statistic in this report is the Club drop-out rate. From an initial number of 720 active users, the user base now stands at 1019, indicating a growth of +41.5%. This number greatly influences the value of the YNG token, since the more tokens get locked into the Clubs by members, the lower sales get and thus downward price pressure lessens. This means that the larger the community gets, the more incentive it has to grow.
Distribution of the YNG token
As of the 30th May 2022, the total supply of YNG was 100M tokens, while the circulating supply was 16.73M. Today (October 2022), the circulating supply stands at about 18 million, which means that there has been a net increase of 1.7M tokens, or 7.6%.
These tokens were distributed via the Young Platform Step app in different ways:
● 56,399.04 through the completion of Quizzes by 97,446 users;
● 1,007,551.63 by obtaining rewards from 222,063 users;
● 638,684.83 through the use of the ‘Up&Down’ function by 223,035 users.
As anticipated in June, the YNG token market is run through an algorithm that defines the exchange rate by means of two underlying liquidity pools in EUR and YNG respectively. Initially, these pools contained:
– 1M Euro;
– 4M YNG.
Considering the sales and purchases of tokens handled in recent months, at the beginning of October 2022 the pools contained
– 789.7k Euro;
– 5.3M YNG.
With regard to activities on the YNG-EUR market, we feel it is important to provide those reading this report with a summary of what has been YNG’s market performance from June to date:
This data suggests that although the average price of tokens has fallen, they are still in high demand, given the high sales volumes. In the near future, we will implement buyback operations to better adjust the value of the tokens.
Finally, for the sake of transparency, we present you some of our future goals.
● The first one we can announce is something we already planned months ago, the implementation of airdrop events for our club members. The release of the first airdrop is planned for the last quarter of 2022.
● The second goal requires a long process that we have already started. It consists of including Young Platform and the YNG token on two of the largest aggregators in the world: CoinGecko and CoinMarketCap. Completion is expected by the end of 2022.
● The third goal we are planning is just as important: it consists of issuing debit cards to our users. The deadline for this project, at least in its initial phase, was planned for the last quarter of 2022. However, before presenting this project to our Club members, we want to wait for the completion of the infrastructure offered to us by the designated issuing partner. Therefore, we plan for the beta release for Club users to be available for the end of the first quarter of 2023. Due to this necessity, we have preferred to postpone the listing on third-party token exchanges as we believe that the low organic volume of YNG will not support the activities in question, but may harm the market for the token.
● The fourth objective we want to talk about is something that is, to say the least, fundamental to be able to support the activities already mentioned in terms of liquidity and the value of the tokens. In Q4 2022 we will announce the first series of buyback operations, aimed at discouraging excessive token presence in the market. The buyback is the re-purchase of YNG tokens by Young Platform to reduce the circulating supply. These operations will be accompanied by promotional campaigns to organically increase the volume of tokens.
● The remaining objectives are mainly dedicated to our community, and to improving the services and experiences for club members. Here are some of the activities we plan to implement:
– Monthly market reports, to present the up to date situation to our members
– Exclusive collaborations with influencers, with content reserved for Clubs;
– Discord Section dedicated to Clubs, for frequent Q&A sessions for members;
– Merchandising that will be sent according to the Club a member belongs to;
– In addition to the fee discount, a defined number of free deposits will be granted to club members.