Author: Team Young

The third quarter YNG Token report, with an in-depth look at Clubs and the latest news coming soon!

What happened in the last quarter? How many tokens have been issued, bought and sold, what goals have we achieved and what are the next steps? You can find a complete overview in this report, compiled in October 2023.

The numbers of Young Platform Clubs

YNG is Young Platform’s utility token and grants access to Clubs: the subscription plans that offer exclusive benefits dedicated to our biggest supporters. 

The Clubs, at the moment, consist of 1400 people, divided into: 

• 1031 for the Bronze Club;
• 167 for the Silver Club;
• 121 for the Gold Club; 
• 81 for the Platinum Club.

To join a Club, a certain amount of YNG must be blocked on the Young Platform exchange. The number of registered members is therefore important for analysing the distribution of the token, especially since the more people join a Club, the lower the selling pressure on YNG will be. What is the main consequence? A greater stability of the price of YNG. Since the last report, Club members have decreased by 9% but Platinum members have increased by 11%.

Distribution of the YNG token

The number of YNG in circulation at the end of June was about 22.7 million. The circulating supply at the beginning of October was about 23.1 million, which means that there was a net increase of about 400,000 tokens, or 1.7%. 

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

• 76,049 through the completion of Quizzes, Quests and Up&Down (prior to the implementation of the levels);
• 331,830 through the completion of the Levels.

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 token sales and purchases handled in the past months, as of October 2023, the pools contain:

• 771K Euro;
• 5.43M YNG.

This configuration is the result of purchases and sales during the third quarter, summarised below together with the price trend:

Goals achieved and next steps

During Q3 2023, we achieved a large number of goals and released as many new features. First of all, we successfully launched and concluded buyback operations, which, together with a modest amount of purchase volume, breathed new life into the Young token (YNG). In addition, our dedicated business services and the tax advice section of the site with expert accountants arrived. 

The community section also saw big news! Two new channels were opened: Telegram and WhatsApp, and activity on the Discord server increased. Finally, Club members can be, in part, satisfied; thanks to new benefits in the form of vouchers issued. Here are all the goals achieved during this quarter and the challenges that lie ahead for the next one.

Buyback

The buy-back operations were successfully completed. We purchased a total of €62,000 of tokens through spot trades and then supported the price through limit orders. Young’s (YNG) price increased by 15% from the beginning of July and by 40% from the February lows.

Listing

We are still considering listing the Young token (YNG) on other exchanges. We are currently in negotiations with several centralised exchanges but are also considering opening up to the decentralised market (DEX).

Token tracking (CoinMarketCap and CoinGecko)

The weekly reminders sent to CoinMarketCap and Coingecko have, unfortunately, not produced any more results than those achieved in Q2 2022. We are currently listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although, for the time being, no exchange volumes are available for both pages. The situation will probably unblock, at least as far as the token is concerned, when we list on another exchange.

Small balances

Spoilers! 

By popular demand, a new feature is coming soon, allowing you to convert small crypto balances into Young tokens. This way you can give new life to small amounts of cryptocurrency that you would not use.

Multi Network

This function, although it may seem secondary to some, is very important. Especially for those who intend to geek out with DeFi’s decentralised applications. It will soon be possible to deposit and withdraw Ethereum, USDT and USDC, also via the Arbitrum, Optimism and BSC networks. In this way you will be able to make the most of the opportunities offered by Web3 with very low deposit and withdrawal costs.

In the coming weeks, the Polygon zkEVM and Base networks, Layer 2, developed by Coinbase, will also arrive.

Telegram

We have launched a new Telegram channel! The main objective is to try to counteract the many attempts to defraud our users. In the current group, which is still open but will be permanently closed in a few weeks, malicious actors can view the phone numbers of members who have not specified within the app to be hidden and contact them privately. 

Join our Telegram channel!

Young Platform’s new Telegram channel solves this problem. It is to all intents and purposes a channel (and not a group where the admins are the only ones who can post) and therefore the username and phone number of all members is blacked out.

WhatsApp

We then also ventured into WhatsApp, which introduced Communities. These are larger and more customisable discussion groups than those used to communicate with friends or family. The Young Platform WhatsApp group will, for now, serve the same purpose as the Telegram channel. One more way to learn about all the news concerning our ecosystem and the crypto world.

Discord

Discord is the main place dedicated to our community, featuring a leaderboard where server members are ranked according to the XP (experience points) they possess. This will be used to reward the most active users of the server, those who are most committed to growing our ecosystem. During the quarter just ended, we prioritised other initiatives, but presumably some of the rewards in store for the community will come during this quarter. 

We have also created the channel reserved for our biggest supporters, the Platinum Club members, and we are working on creating those for other Club members as well.

Explore our Discord server

X

Twitter has changed its name, but still remains the main venue for promoting the YNG token. We have, to some extent, strengthened our collaboration with prominent members of the industry, who already support us, and we plan to enter into more. Unfortunately, it has not been possible so far to implement an automatic reward system (via the connection between X and Discord) due to the new policies of Elon Musk’s social network.

On our X profile we post daily content and memes, if you don’t follow us yet you should definitely do so!

Follow us on X

Fiscal Report

In May, we introduced for Italy and France one of the features we are most proud of. We are talking about the ‘Fiscal Report’, a document that simplifies filing crypto taxes, making it available for download in Pdf format. The Fiscal Report was developed in collaboration with Taxtris and is the first service of its kind offered by an Italian exchange. Please note that the Fiscal Report is discounted for Silver and Gold Club members, and free for Platinum Club members.

Vouchers and Benefits for Clubs

More amazing benefits for Clubs in the form of vouchers arrived in the third quarter of 2023, but this is no time to rest on our laurels. After We Road, a partnership with another famous brand is on the way this week. The theme of the collaboration is privacy, a concept very dear to us; but no more spoilers, at least for now!

Business services

Young Platform’s business services also opened up recently. In recent years, companies are beginning to understand how crypto is key to make their business competitive and scalable, while completing the long needed digital transition.

News on the way!

Finally, two more huge innovations await us in the coming weeks. The first is Young Platform Step, which will see the launch of a brand new education section that will allow users to get YNG in new ways. The second has to do with our exchange, where a feature never seen before in Italy is on the way.

A warm greeting from the Young Platform Team

The report for the second quarter of the YNG token, featuring an in-depth look at the Clubs and the latest news!

In June, the Young (YNG) token celebrated its first anniversary. What happened in the last quarter? How many tokens were issued, bought, and sold? What goals have we achieved, and what are the next steps? You can find a comprehensive overview in this report, prepared in early July 2023.

Numbers of Young Platform Clubs

YNG is Young Platform’s utility token, granting access to the Clubs: subscription plans offering exclusive benefits to our most dedicated supporters.

Currently, the Clubs include 1525 people overall, distributed as follows:

• 1099 in the Bronze Club;
• 220 in the Silver Club;
• 133 in the Gold Club;
• 73 in the Platinum Club.

To join a Club, it is necessary to lock a certain amount of YNG on the Young Platform exchange. For this reason, the number of members provides relevant data regarding the token distribution. In other words, the more people join a Club, the lower the selling pressure on YNG, as a greater quantity of tokens is locked. What is the main consequence? Greater price stability for YNG. Compared to the last report, Club membership has grown by 12%.

Distribution of the YNG Token

The number of YNG tokens in circulation at the end of March was approximately 22 million. The circulating supply at the beginning of July amounts to around 22.7 million, indicating a net increase of about 700,000 tokens, or 3.1%. 

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

• 15,840 through Quizzes won;
• 400,157 through completed Quests;
• 270,250 through Up&Downs won.

The YNG token market is managed through an algorithm that determines the exchange rate using two underlying liquidity pools, one in EUR and one in YNG. Initially, these pools contained:

• 1 million Euros;
• 4 million YNG.

Considering the token sales and purchases managed in previous months, the pools contained the following at the beginning of July 2023:

• 695.3K Euros;
• 6.01 million YNG.

This configuration is the result of purchases and sales made during the first quarter, summarized below along with the price trend:

Achieved Goals and Next Steps

We have accomplished numerous goals in this second quarter. We released the Fiscal Report in Italy, a tool that greatly simplifies the tax declaration of crypto assets. The new version of Step has arrived, and we have resumed listing other cryptocurrencies on our exchange. Additionally, we have completely revamped our Discord server and are about to release new benefits in the form of coupons. The spoilers end here; discover in detail all the goals we have achieved during this quarter and what lies ahead in the next.

Discord

Our Discord server was initially created primarily as an assistance channel, but given the tremendous potential of the platform, we have decided to completely restructure it. For a few weeks now, the Young Platform Discord server has been dedicated to our community. The keywords of the new version are simplicity, discussion, and gamification.

Users who are already on the server may have noticed the presence of a leaderboard, ranking server members based on their XP (experience points).

To earn experience points, for now, you can:

• Participate in conversations;
• Assist other users;
• Post memes on the dedicated channel;
• Guess the survey answers.

But we have many other ways in store to earn XP, including:

• Winning meme contests or quizzes;
• Interacting with our social media content;
• Inviting friends to join the server.

Now, let’s get to the most interesting part and answer the main question: what is the purpose of this ranking? We will use the leaderboard to reward the most active users of the server, those who are most committed to growing our ecosystem.

Some of the rewards that may arrive during this quarter include:

• YNG Airdrop;
• One month of free Club membership;
• Exclusive merchandise.

But the surprises don’t end there! We are creating an exclusive Discord role for Club Platinum members. In case you are unfamiliar with it, the role is like a pass that allows access to normally invisible sections. Thanks to this status, you can use the dedicated channel to communicate directly with our team and other major supporters of Young Platform.

Twitter

Twitter will become the primary social platform for promoting the YNG token. It will be the place where we strengthen collaboration with prominent industry members who already support us and establish new collaborations. Additionally, we are implementing an automatic reward system (connecting Twitter and Discord) to reward users who help us grow on the platform.

We post daily content and memes on our Twitter profile. Don’t forget to follow us!

Buyback

Buyback operations to incentivise the YNG token exchange will begin next week! Two different types of interventions will be executed. The first will be a “one-shot” repurchase operation aimed at balancing the amount of EUR allocated to the pool. The second is a mixed operation involving periodic token repurchases.

Through the first buyback, which will last four weeks, four weekly purchases of €15,500 will be made, totalling €62,000. Immediately after, we will place a limit order to use the remaining half. We have planned this type of buyback to support the price achieved through the first purchase and avoid the pump and dump phenomenon. If, at the end of the week, the limit order is not completed 100%, we will market buy the remaining token portion to complete the operation.

A portion of the tokens repurchased will be used to finance campaigns aimed primarily at rewarding the community and its most active members.

Fiscal Report 

In May, we introduced the “Fiscal Report” feature for Italy, which simplifies the declaration of capital gains and losses by providing the document for tax filing in PDF format. The Fiscal Report was developed in collaboration with Taxtris.

The New Version of Step

The release of the new version of Step, which we have been working on since last year, is closely tied to the future of our token. This update, through new token issuance methods, will gradually reduce the selling pressure on YNG, which is already much milder compared to the post-launch period.

Airdrops & Coupons

In the third quarter of 2023, other incredible benefits will be available to Club members in the form of coupons. The announcement of the first collaboration is imminent (presumably next week), so follow our blog and social channels.

Another goal we have is the redistribution of Young tokens repurchased through the Buyback. This will also be achieved through airdrops designed to reward members of our community.

Token tracking (CoinMarketCap and CoinGecko)

In this quarter, we have continued to prompt CoinMarketCap and CoinGecko every week. This activity has yielded some results, although to a lesser extent than expected. We are currently listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although trade volumes are not available for both pages at the moment. We are in contact with the respective teams and believe it will be possible to complete this activity by the end of this quarter.

YNG Listing

Thanks to the initiatives that have allowed us to mitigate selling pressure, we are evaluating listing our token on other exchanges. As mentioned in the previous report, we have engaged with several centralized exchanges. However, we do not expect to conclude this activity before the end of the quarter because we are simultaneously considering entering the decentralised market (DEX).

Earning Wallet

The Product team is working on the new version of the “Earning Wallet” feature, as The Product team is working on the new version of the “Earning Wallet” feature, as previously mentioned in our last report. Our goal is to provide a decentralised solution so that we can manage the service without the help of intermediaries or external providers. The technology solution to be integrated has already been identified; however, the implementation timeline is dependent on the outcome of regulatory bodies, namely the AdE (Italian Revenue Agency), which evaluates the tax and regulatory aspects, and the CONSOB (Italian National Commission for Companies and the Stock Exchange), responsible for implementing the Fintech decree.

Warm regards from the Young Platform Team

A retrospective on the start of the year for the YNG token, with an in-depth look at Clubs and the latest news

Let’s take stock of the Young (YNG) token distribution, sales and use cases nine months after its market launch. In this report compiled at the beginning of April 2023, you can find an overview of the clubs, the token’s up-to-date distribution in the first months of the year, and the project’s future goals. 

Participation in Clubs

The YNG token is Young Platform’s utility token whose main use case is to grant access to Clubs: subscription plans that offer exclusive benefits within the exchange. 

Currently, 1343 people participate in the Clubs, divided into: 

• 976 for the Bronze club;
• 196 for the Silver club;
• 112 for the Gold club;
• 59 for the Platinum Club.

To join a Club it is necessary to lock a certain amount of YNG into it, which is why the number of registered members gives us a relevant figure on the distribution of the token: the more YNG are locked (for a minimum of 90 days) in the Clubs, the less it will be sold, and consequently its market price will be sustained. Compared to the last report, the recorded growth of Clubs is +10.6%.

Distribution of the YNG token

The number of tokens in circulation at the end of January was 20.5M. The number of tokens in circulation at the end of March was about 22M, which means that there was a net increase of 1.5M tokens, or 7.3%. 

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

• 13,910.9 through the completion of Quizzes by 28,239 users;
• 1,299,439.24 through the winning of Challenges by 82,702 users;
• 243,275.65 through the use of the Up&Down function by 72,840 users.

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, the pools contained at the end of March 2023:

• 677.3k Euro;
• 6.17M YNG.

This configuration is the result of purchases and sales during the first quarter, summarised in the table below together with the price trend:

Future Objectives

During this first quarter we released some features anticipated in the previous report, such as free deposits for clubs and the market report.

Other projects, however, are in development: here are the updates. 

Airdrop & Voucher

We have officially launched the second coupon distribution campaign, as already anticipated in our last report. The promoter chosen for this initiative is Freename, a cutting-edge platform that allows you to create, buy and sell NFT and TLD domains. As with the previous campaign, we distributed coupons that can be used on the aforementioned platform to all Club members. We are confident that this partnership will help us offer our members the chance to discover new opportunities and make the most of blockchain technologies. 

The next quarter will be devoted to planning the next coupon distribution campaign, which we hope to announce soon. We continue to work hard to offer our members access to unique services and promotions to enrich the Club experience and keep their satisfaction levels high.

Token tracking (CoinMarketCap and CoinGecko)

Currently, we are still waiting for a response from CoinMarketCap and CoinGecko for our submission, which is still under evaluation. In the meantime, we are focusing our internal efforts on improving our token information tracking page.

Earning Wallet

The product team is working on the new version of the ‘Earning wallet’ functionality, as already mentioned in our last report. We are devoting special attention to the legal aspects, and if the assessments bring a positive outcome, we expect to release the functionality by the end of this quarter.

Buyback

During the first quarter of this year, we structured buyback operations to boost the exchange and volumes of the YNG token. Specifically, we identified two types of operations to be executed. The first is a “one-shot” buyback operation aimed at rebalancing the amount of EUR allocated to the pool compared to the amount present at the beginning of the year. The second is a mixed operation involving the periodic repurchase of tokens and/or the ‘Burn’ of it.

Specifically, the first model proposal confirmed by the company’s management takes the monthly buying and selling volumes and derives the delta. If the delta (Buying Volume – Selling Volume) is positive, it is proposed to buy through EUR a sum of YNG tokens. Conversely, if the delta is negative, it is proposed to ‘burn’ a sum of YNG tokens. In summary, the plan presented aims to stimulate the exchange and volumes of the YNG token in order to improve its overall performance. These operations will be presented and executed during this quarter and will be communicated on this Blog with the various details. 

Club Section of Discord

We are making progress in structuring our server to allow Club subscribers access to a confidential Q&A channel with our team. We are confident that we will be able to test a first version during this quarter. 

Join a Club!

Get started

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:

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. 

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