Category: Young Platform

The Q3 2024 YNG Token Report – Key highlights and next steps

The latest quarterly report for the YNG token is here, bringing you a full update on recent developments and future milestones. What’s been happening in this action-packed quarter? And where are we heading next?

The YNG Token Report is essential reading for anyone following the progress of Young Platform’s utility token. It outlines the major steps we’re taking to introduce YNG to the decentralised market. This quarter’s strategy hinges on three core initiatives: buybacks, regular liquidity injections, and both public and private sales. Full details on each can be found in the main report below.

What happened in Q3 2024?

Curious about what was achieved in Q3? The report details everything, including token issuance, purchases, sales, and the latest milestones achieved on the journey to decentralising YNG. In our roadmap to decentralised market entry, you’ll also find updates on the broader token project and the current stage.

For a complete overview, read on to explore this October 2024 report.

Young Platform Club metrics: Q3 2024

YNG is the utility token of Young Platform, which provides members with access to exclusive subscription-based “Clubs” that reward our most committed supporters with unique benefits.

Currently, the Clubs include 1,659 members, split as follows:

• Bronze Club: 1,172 members
• Silver Club: 224 members
• Gold Club: 131 members
• Platinum Club: 132 members

Membership in these Clubs requires a locked balance of YNG tokens on the Young Platform exchange. This membership distribution demonstrates the token’s user base and influences market dynamics; the higher the Club membership, the lower the selling pressure on YNG, ultimately supporting price stability.

Since the launch of Staking, YNG holders have gained an additional benefit: token rewards provided through staking, exclusively in YNG. Full details on staking benefits can be found later in the report.

Membership Trends

Comparing these figures with those from Q2 2024 shows a slight decline in Club members, down from 1,699 to 1,659:

• Bronze Club: 1,192 members
• Silver Club: 230 members
• Gold Club: 139 members
• Platinum Club: 138 members

This represents a 3% decrease in membership numbers. However, recent updates to our ecosystem could shift this trend. In early October, we launched staking with enhanced rewards for Club members, and exclusive content from the crypto and finance event DYOR24 will soon be available to our most dedicated supporters.

YNG Token distribution and circulating supply

In June, the circulating supply of YNG was approximately 23.6 million, and by September, it had risen to around 23.67 million, marking a net increase of approximately 68,356 tokens, or 0.33%.

These tokens were allocated through various activities:

• 18,202 tokens were distributed via Quizzes, Challenges, and Up&Down (pre-Level implementation).
• 50,153 tokens awarded through Level completions.

YNG’s market operates through an algorithm managing the exchange rate using two underlying liquidity pools in EUR and YNG. At the May 2022 launch, these pools contained:

• €1 million
• 4 million YNG

After accounting for buy and sell activities across Q3, by July 2024, the pools held:

• €655,740
• 6.45 million YNG

This configuration reflects the token’s buy and sell dynamics over the past quarter, including price performance data presented later in the report.

YNG Token emissions in 2023

What happened in Q2 2024 in terms of Tokenomics?

The structure of YNG emissions saw its first major shift last year with the Step 3.0 update and more recently, with the introduction of Staking. Regarding Step 3.0, we now have sufficient historical data to analyse its impact. For Staking, while still in the early stages, the initial results are aligned with our planned economic model, which we’ll explore further in this report.

As the chart illustrates, the latest Step update significantly curtailed YNG distribution, reducing new token emissions by 95%. A decrease in active users also influenced this outcome.

It’s important to highlight that YNG’s upcoming launch on the decentralised market will coincide with a full restructuring of its tokenomics. Specifically, our new features will channel token rewards exclusively to Club members, a model introduced with our latest Staking feature.

We anticipate a rise in YNG emissions starting in Q4 2024. However, increased Club membership and demand are likely to offset this, which could positively impact the token’s market dynamics.

YNG price analysis

YNG Price Trends in Q3 2024

Let’s examine YNG’s price movement throughout Q3 2024. Like Q2, the broader crypto market remained relatively stable over the summer, with Bitcoin trading within a narrow range of $67,000 to $55,000, showing no clear trend.

Similarly, YNG’s price exhibited low volatility, fluctuating slightly between $0.10 and $0.11.

Q3 2024 achievements

Our primary focus in Q3 2024 has been enhancing the Staking feature alongside ongoing developments in the YNG token project (which we’ll detail in a dedicated section). A key objective was to reintroduce the Earn feature, which we had paused in 2022, and to make significant strides toward regulatory compliance under the EU’s Markets in Crypto Assets (MiCA) framework, partially enacted in late June.

This report provides an excellent opportunity to summarise our recent work. Let’s review the initiatives undertaken in 2024 to increase the value of our Clubs and, in turn, boost YNG’s appeal.

Staking on Young Platform

A key focus of Q3 2024: Staking

The highlight of Q3 2024 has been the rollout of our Staking feature. Though there are many exciting changes compared to the Earn function active on Young Platform until the end of 2022, the main objective remains: allowing users to earn rewards on their crypto assets easily and simply. Whether you’re a seasoned investor or a newcomer to the crypto world, Staking offers a straightforward way to put your assets to work and maximise returns.

Staking on Young Platform brings two primary benefits:

• Simplicity: Earn rewards without needing to navigate the complexities of decentralised protocols.
• Accessibility: Start with as little as €50, making staking available to users with smaller portfolios.

A unique aspect we want to emphasise in this report is that Staking represents the first feature developed under YNG’s new economic model, which will be discussed in detail later. Beyond the standard rewards, our most loyal members receive additional YNG token bonuses.

We aim to engage and reward Club members by providing enhanced benefits within our ecosystem. The following YNG bonus rewards are available depending on the Club membership level. To calculate the total value of these boosts, simply add the percentage below to the standard staking APY. The maximum additional percentage varies depending on the staked asset:

• Bronze Club: up to +5%
• Silver Club: up to +15%
• Gold Club: up to +30%
• Platinum Club: up to +70%

Check out our dedicated guides for a more in-depth look at how staking works and how to make the most of this feature!

DYOR24: a successful event

Last week, we hosted DYOR24, a free online event that brought together Italy’s leading crypto and finance experts in one virtual space. It was a tremendous success! Our team’s efforts were validated by the fantastic feedback we received regarding the quality and accessibility of our speakers. At Young Platform, we’ve always aimed to foster an environment where people can explore, discover, and ask questions without hesitation, and DYOR24 embodied this mission in every session.

But there’s more! In the coming days, DYOR24 will become an exclusive benefit for Club members, who will gain access to recordings of every guest session. This first online event will transform into a professional course, with experts stepping into the role of “instructors” to deliver over 24 hours of in-depth lessons on a range of critical topics across crypto and finance.

New benefits for Club members

In recent months, we’ve introduced two additional perks for our Club members through exclusive vouchers:

• Saily: In September, we launched Saily, an international eSIM service enabling seamless internet access worldwide. Developed by Nord Security, the creators of NordVPN (a brand we already partner with), Saily is perfect for staying connected no matter where you are.
• Tiqets: We recently announced our partnership with Tiqets, a service that provides discounted and queue-free access to museums, attractions, and activities worldwide—from New York to Tokyo, Rome to Paris.

These new benefits, alongside our collaborations with WeRoad, Saily, and now Tiqets, offer Club members a fully enhanced travel experience. With WeRoad, members can explore the world through exciting group trips. Saily ensures they stay connected online, and Tiqets allows them to make the most of their travel experiences quickly and conveniently.

More partnerships on the horizon

The new benefits don’t stop here. We are talking with other prominent brands to continue providing our members with increasingly valuable and exclusive benefits. Stay tuned to our blog and social media channels to be the first to hear about what’s next!

Exciting developments ahead!

Here’s where things get really interesting. As hinted earlier, Q3 2024 saw us focus on Staking and early groundwork for our upcoming Payment Account feature. Meanwhile, the YNG token has remained at the core of our efforts, with significant progress and a clear roadmap for its future—a main focus of this report.

Payment account & Card

As mentioned in the previous report and our dedicated AMA, we’ve been working on something special, a long-term project we’re thrilled to bring back into focus thanks to new opportunities that allow us to expand our vision.

This upcoming feature merges the best of traditional and digital finance into one seamless experience, elevating your daily interactions to something truly revolutionary. Rather than simply providing a tool, we aim to introduce a feature that integrates fully with our ecosystem, setting us apart from competitors. Our goal is to launch the Payment Account and its accompanying Card by the end of Q1 2025, and we are positioning the Clubs and YNG token to play a central role in this ecosystem.

New Staking developments

The Staking feature, launched on 7 October, is just the beginning. In addition to app integration and the ability to stake Solana (SOL), we’re actively working to expand staking options across a broader range of cryptocurrencies, enabling users to earn rewards on more assets they hold.

As always, we welcome user feedback to guide us in implementing new staking options that best meet our community’s needs.

Tokenomics: the evolution of Young (YNG)’s Economic Model

In Q3, we reviewed and refined the documents created in Q2, incorporating valuable feedback from fund managers and advisors. Alongside these refinements, we developed an enhanced economic model for YNG, positioning it as a core driver of engagement within our ecosystem and directly rewarding user participation.

A live session initially planned for our Platinum Channel members was postponed over the summer due to essential revisions, but it will now be rescheduled following the AMA for this report to cover all the latest updates.

With the recent launch of staking, many of you have noticed that YNG has evolved beyond its previous role as a simple reward in Step. YNG will be integrated across most of our platform’s features, incentivising activities like learning, trading, and transactions and making Club membership more appealing.

New YNG Model: incentives for platform engagement and Club Membership

Our revised YNG model is designed to reward user activity and promote Club membership. Every interaction on the platform—whether educational, trading, buying, or selling—earns users rewards, thus enhancing the value of joining our Clubs. This approach draws in new users and encourages our existing community to participate more deeply, fostering organic growth, a balanced token economy, and long-term sustainability.

Key features of the new model and the upcoming steps towards decentralised market entry include:

Reward Structure

Our reward system aims to attract new users and boost community engagement. By offering a variety of incentives linked to user actions, we are promoting Club participation and building a more vibrant, dynamic community. Here’s an overview of our primary reward structures:

• Learn Reward: Users earn YNG by engaging with educational content and games on the platform. This initiative rewards learning and commitment, helping users expand their financial knowledge while strengthening their connection to our ecosystem.
• Staking Reward: Club members who use our staking feature (or staking services from third parties like LIDO, available through the platform) receive additional YNG rewards. This mechanism encourages Club participation and engagement with our ecosystem’s features without substantially increasing token circulation.
• Card Cashback: Transactions made through the upcoming “Payment Account & Card” feature will earn users cashback in YNG. This reward structure is designed to maximise the benefits of everyday transactions and encourage the use of the payment account.
• Exchange Cashback: Users will also receive cashback in YNG on trading fees, which is designed to boost trading activity and increase platform interaction.

Each of these reward structures is designed to make YNG a central and valuable asset within our ecosystem. They fairly reward users while encouraging them to explore and use the platform’s full suite of features.

YNG Treasury

The YNG Treasury is a fundamental pillar of the token’s economic model, designed to ensure stability and support long-term growth. It will accumulate some fees generated from YNG reward-based platform activities and funds raised in upcoming sales stages. These funds will be strategically allocated to activate the stabilisation mechanisms described below, ensuring sufficient liquidity to maintain balance in the token market.

Additionally, the treasury will serve as a reserve to fund YNG development, marketing, and promotional initiatives, supporting the expansion of the ecosystem. Prudent management of treasury funds will sustain a long-term, balanced model, encouraging organic community growth and reinforcing YNG as a valuable asset for users. We are committed to maximum transparency in treasury fund use, providing periodic updates to allow the community to monitor and assess treasury operations.

Stability mechanisms

The economic model for YNG includes various mechanisms designed to stabilise and sustain the token in the long term. Our strategy seeks to balance YNG demand and supply dynamically, ensuring price stability and fostering community engagement. Here are the primary tools to achieve this balance:

1. Club entry token rebalancing: This will be the first mechanism activated, with a start date announced after consulting Club members. The mechanism periodically adjusts the number of YNG tokens required for Club access based on price fluctuations. If YNG’s price rises compared to the previous period, the token requirement will decrease by 50% of the price increase. Conversely, if the price decreases, more tokens will be required without an additional 50% on the rise.

Example: If YNG’s price rises by 10%, the token requirement drops by 5%. If the price falls by 10%, the token requirement increases by 10%. This adjustment will start from the current entry requirements, based on the original listing price of €0.24, balancing accessibility with user commitment while rewarding early adopters who join Clubs before new features arrive.

2. Add Liquidity: The Add Liquidity function ensures two conditions are met before adding EUR and YNG tokens to the liquidity pool:

• Monthly Budget: Ensures sufficient monthly treasury or revenue funds are allocated to liquidity.
• YNG Availability in Treasury: Confirms the treasury holds enough YNG for liquidity addition.

When both conditions are satisfied, liquidity is added to the pool, helping to stabilise or boost liquidity and mitigate significant price fluctuations for YNG.

3. Buyback: The Buyback function is also regulated by the monthly budget, allowing the platform to purchase YNG from the market using treasury EUR. This reduces YNG’s circulating supply and supports its price. A buyback occurs only when adequate funds in the treasury cover the transaction amount, ensuring controlled management of YNG supply and price stability over time.

The coordinated implementation of these mechanisms is designed to ensure stable YNG liquidity, promote organic community growth, and support the ecosystem’s evolution. Our model is built around Club membership growth, retention rates, and market dynamics, which we will continuously monitor. Adjustments to rewards and stabilisation mechanisms will be made to maintain economic stability.

Roadmap to the Decentralised Market

Before delving into our roadmap, let’s take a moment to reflect on what we’ve achieved since Young Platform’s founding in 2018. Over the years, we’ve built a robust ecosystem for YNG, navigating regulatory challenges, earning our community’s trust, and setting the stage for a sustainable decentralised market. Each phase has been part of a well-defined strategy designed to stabilise the token, drive platform growth, and deliver real value to our users.

Phase 1: YNG Airdrop

Completed in June 2022, this phase marked the beginning of Young Platform products and the buy-sell availability of YNG at a fixed price of €0.24. The goal was establishing a stable foundation for YNG, adhering to regulatory requirements and building a solid platform for subsequent developments.

Phase 2: Community Market Pair

Currently underway, this phase introduced a proprietary Automated Market Maker (AMM), enabling the community to participate directly in a controlled and stable market environment. This phase has absorbed initial token sales and monitored user behaviour, creating a foundation for sustainable market management.

Phase 3: Engage to earn and decentralised transition

Scheduled for early 2025, Phase 3 will bring YNG into the decentralised market. This transition will coincide with the launch of our new reward structure, designed to incentivise user engagement and deepen community interaction.

Preparations for Decentralised Launch

To support Phase 3, we’ve outlined a series of preparatory steps to guide YNG into the decentralised market between Q4 2024 and Q1 2025:

• Pre-TGE Buyback: This phase involves purchasing YNG tokens “on the market” to rebalance existing liquidity pools. The aim is to establish a strong price foundation for YNG before the official decentralised market launch. To simplify communication, we’re referring to the end of this launch campaign as the TGE (Token Generation Event) within our operational plan.
• Private Sale: Select YNG tokens will be offered to venture capitalists, attracting strategic investors to support the project’s growth. Funds will bolster the treasury, finance development initiatives, and support buyback programmes. Private Sale participants will receive tokens on a structured vesting schedule over four years.
• Suspension of YNG Trading on Young Platform and IDO Preparation: Before the IDO, YNG on Young Platform trading will be temporarily paused to facilitate a smooth transition to the decentralised market. During this stage, the IDO reference price will also be established.
• IDO Sale: A portion of YNG tokens will be distributed through an IDO platform to increase the project’s visibility in the retail decentralised market. Funds raised will support liquidity management, contributing to token stability.
• TGE and Decentralised Market Launch: This final stage will involve creating liquidity pools for YNG using decentralised protocols. Existing centralised pools will be migrated, and liquidity will be enhanced with funds raised in prior stages to ensure a strong foundation at launch. This step will consolidate YNG’s presence in the market, encouraging sustainable growth and greater accessibility.

That’s all for now—stay tuned on our channels!

The services offered, and the YNG token are and will remain available in compliance with applicable regulations, particularly the Markets in Crypto-Assets (MiCA) framework. We are committed to ensuring that every aspect of the project aligns with regulatory requirements, fostering a transparent and responsible approach towards our community and investors. Additionally, the company reserves the right to modify the services and YNG token features outlined in this document in response to regulatory developments and/or market conditions. Any updates will be communicated promptly to keep all users informed.

Get ready for an unforgettable adventure because we’re about to elevate your cultural experiences to a new level.

Say goodbye to the hassle of choosing between endless options, wasting time at ticket counters, or standing in long lines. And no more worrying about losing money if you change your mind at the last minute—this new perk makes exploring culture simple, quick, and risk-free!

Introducing Tiqets, the platform that lets you discover museums and attractions around the globe with no queues. From aquatic activities in Dubai to distilleries in Dublin, stadiums in London, and day trips in Las Vegas, not to mention the Vatican Museums—there’s something for everyone!

Whether you’re an art lover or an adrenaline junkie, Tiqets lets you book tickets to the world’s top attractions with just a click, avoiding long lines and keeping everything conveniently on your smartphone. And of course, we’ve prepared an exclusive benefit for Club members, but that’s not all!

What is Tiqets?

If you haven’t heard of Tiqets, you’re in for a treat. Tiqets is an online booking platform that opens the doors to the world’s most incredible museums and attractions. From New York to Tokyo, with stops in Rome and Paris, Tiqets connects you to global culture in the easiest, most stress-free way.

• 100% Flexibility: Change of plans? No problem! With Tiqets, you can cancel reservations up to 24 hours before entry for most attractions.
• Stress-Free Bookings: No hassle, no lines. Book with ease and get everything straight to your phone.
• Unique Experiences: From iconic attractions to the world’s best museums, Tiqets offers only the best.

Special Perks for Club Members

Here’s the exciting part: if you’re a member of our Club, you get a special discount on 10 orders. Yes, you read that right—not just 10 tickets, but 10 complete orders! Every time you book for yourself, friends, or family, you’ll enjoy a discount on every ticket in that order.

Here are the details:

• BRONZE and SILVER Members: 10% discount
• GOLD and PLATINUM Members: 12% discount

This discount is available without a minimum spend and without discount limits, as it can be combined with other promotions available on the website.

Tiqets for the Community

We’ve created something special for all Young Platform Community members: a 5% discount without order limits. Like with the Clubs, the discount will apply to all tickets in any purchase.
Copy and paste the code YOUTIQ5 at checkout!

Please note: read the next paragraph carefully to apply the discount correctly, and remember that it’s valid until December 31, 2025.

How It Works

1. Go to Tiqets.
2. Choose the activity you want, select the number of tickets and the date.
3. Enter your discount code in the “Have a promo code? Enter it here” field at checkout.
4. Complete your payment, and you’re ready to go!

Important Notes:

• The discount applies to the standard retail price and will be applied to the final price shown when booking.
• The offer is only valid through the Young Platform URL: https://www.tiqets.com/it/?partner=youngplatform
• The coupon can be used up to 10 times (10 transactions), with no minimum spend or discount limits.
• The offer can be combined with other promotions on the site.
• The discount is not valid on Tiqets Packages or Bundles (which include multiple individual products).
• Coupons are non-transferable and cannot be converted into cash or used on previous purchases.
• If you need assistance during booking, check the dedicated page: Tiqets Support.

What are you waiting for? Don’t miss out on this unique opportunity to explore the world’s cultural wonders while saving money and avoiding stress. Check out their Instagram for more ideas on how to turn your free time into unforgettable adventures: @Tiqets on Instagram.

Get ready to travel, explore, and have fun like never before!

Join a Club!

Start now

The crypto world knows no borders. Thanks to Saily and the Young Platform Clubs, you can break down barriers and browse for free wherever you are.

There are countless crypto hubs worldwide: the United States, Hong Kong, Singapore, Lisbon, and Lugano. On its long journey towards adoption, the money of the future shares a characteristic with the generation that uses it most: it is global. For this reason, those working in this sector and those driven by passion might travel far and wide to attend events, summits, conferences, or hackathons.

However, there’s a slight problem: crypto and blockchain require an internet connection to function and be used. But don’t worry, if you’re part of the Young Platform Clubs, we’re here to help with a solution offered in partnership with Saily.

Scopri Young Platform

What is Saily, and how does it work?

Saily is an international eSIM service created by Nord Security, which developed NordVPN. Although these two services—VPNs and eSIMs—may seem very different, they share the same goal: to allow users to browse the internet reliably, even when far from home. Saily offers hundreds of flexible data plans for travelling in over 150 countries, a quick setup procedure, and 24/7 chat support.

The data plans offered by Saily vary, and the features that differ depending on the chosen solution are twofold:

• The duration: the number of days the eSIM remains active after activation.
• The amount of GB the plan provides: 1, 3, 5, 10, and 20 GB.

When you choose an eSIM on Saily, you can’t change the duration, as it is automatically associated with the amount of GB. Solutions that include 1 GB of mobile data often have a duration of 7 days, while if you opt for a 3 GB plan or higher, you can use the eSIM for 30 days.

Thanks to some key features, Saily is establishing itself as a leading brand in this young sector. Firstly, its affordability. The price of Saily’s eSIMs is approximately 15% lower than that of its main competitors. 

Additionally, thanks to the Top-Up function, Saily doesn’t require downloading a new eSIM whenever you change countries or run out of GB. Instead, you can add a new data plan from the same or another country to the SIM you already have. This feature is incredibly convenient for those embarking on a road trip. 

How does the benefit work?

This time, we haven’t just offered you discounts; if you’re part of our Clubs, you can activate an eSIM utterly free of charge! Here’s a detailed look at the type of eSIM you can activate at no additional cost, depending on your Club membership.

• Bronze: 1GB plan (7 days) free;
• Silver: 1GB plan (7 days) free;
• Gold: 3GB plan (30 days) free;
• Platinum: 5GB plan (30 days) free.

How to apply the code?

First of all, join a Club or upgrade to the most advantageous one using the Young Platform app.

• Go to the Saily website.
• Select the country where you want to browse and the data plan that best suits your needs. NB: The promo code will only apply correctly if you select the exact plan offered as a gift. So, if you need more GB, make two separate purchases to add more GB on top of those provided.
• Click on “Proceed to Payment.”
• Click on “Have a promo code?”
• Enter the code received via email.
• Check that the code has been accepted. By entering the promo code, no payment will be requested, and the purchase will be automatically completed.

The promo codes have no expiration date. However, once the code is redeemed during the eSIM purchase process, you have 30 days to activate it.

Additionally, the purchase will be visible on your account through the Saily app. Simply log in with the same account you used during the purchase.

For any questions or concerns, you can refer to their official website: support.saily.com

Join a Club!

Start now

Let’s summarise the Q2 2024 YNG token report. What happened in this news-packed quarter? What are the following steps to be taken?

What happened in the last quarter? What were all the targets achieved in Q2 2024? How many tokens were issued, bought and sold, and what are the next steps? A complete overview in this report, compiled in July 2024.

The numbers of Young Platform Clubs in Q1 2024

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

The clubs currently consist of 1,699 people, divided into: 

• 1256 for the Bronze Club
• 195 for the Silver Club
• 123 for the Gold Club 
• 125 for the Platinum Club

To join a Club, a certain amount of YNG must be blocked on the Young Platform exchange. Therefore, the number of registered members is essential for analysing the distribution of the token, especially since the more people join a Club, the lower the selling pressure on YNG will be. The main consequence? A more stable price of YNG.

If we compare these figures with those of the past, Q2 2024 was flat from the point of view of Young Platform Club adoption. At the end of Q1 2024, there were 1,687 members, divided into:

• 1238 for the Bronze Club
• 199 for the Silver Club
• 122 for the Gold Club 
• 128 for the Platinum Club

As a result, club membership has remained virtually the same, with a weak growth rate of around 0.7%. However, given the market performance of the past months, we can be quite optimistic for the near future. Despite the general bearish movement, which, as anticipated, also affected YNG, the number of members in the Clubs has, albeit slightly, grown.

Distribution of the YNG token

The number of YNG in circulation in April was about 23.5 million. The circulating supply in July was about 23.6 million, meaning a net increase of about 78,449 tokens or 0.33%. 

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

• 19,473 through the completion of Quizzes, Challenges and Up&Down (before the implementation of the levels).
• 58,975 through the completion of the Levels.

The YNG token market is managed via an algorithm defining the exchange rate through two underlying liquidity pools, EUR and YNG. At launch in May 2022, these pools contained:

• 1 million
• 4 million YNG

Considering the sales and purchases of tokens handled in recent months, as of July 2024, the pools contain:

• 669,000 Euro
• 6.32 million YNG

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

YNG’s emissions in 2023

What happened during the second quarter of 2024 from the point of view of tokenomics? How the token is issued changed last year after the 3.0 Step update. Now that a bit of history is available let us see how the introduction of XPs aimed at limiting YNG inflation has affected it.

As can be seen from the graph, thanks to the latest Step update, we were able to severely limit the distribution of YNG. The issuance of new tokens was reduced by 95%, and a reduction in active users also caused this effect.

The price of YNG

In terms of price action, the second quarter of 2024 was in line with the crypto market’s performance. 

The YNG token in the first quarter of 2024, also thanks to the launch of the new Smart Trades feature, rose from the €0.10 level to the €0.13 level. In the following months, however, thanks to the retracement of most cryptocurrencies on the market, it returned to support in the €0.10 area. However, from the beginning of July onwards, it seems to have regained some strength.

The main catalyst that could bring YNG back to the vicinity of the resistance that rejected it during April is the launch of the decentralised market, scheduled for the coming months. The following paragraphs provide all the details on this issue.

Targets achieved in the second quarter of 2024 

During Q2 2024, we mainly focused on taxation, mainly because the deadline for declaring cryptocurrencies was 30 June 2024. In addition, we carried out all the necessary activities to comply with the European crypto regulation, Market in Crypto Assets (MiCA), which partially came into force at the end of June. This report is an excellent excuse to summarise the work done over the last three months. Let’s look in detail first at all the steps taken in 2024 to increase the attractiveness of our YNG token.

The Fees and Reports Functionality

The central topic of Q2 2024 was the crypto declaration. Compared to previous years, mainly due to the Agenzia delle Entrate, circular 30E and the Italian Legge di Bilancio  for 2023, the obligation to declare one’s crypto was explicitly highlighted. Mainly due to two issues, as the documents mentioned above state:

• Meet regulatory requirements for combating money laundering and terrorist financing.
• Determine the taxes due based on the potential income generated.  

How did we enable our users to comply with the latest regulations as easily and intuitively as possible? Above all, how have we tried to make our YNG token more central, also regarding this issue?

The flagship feature, revamped from 2023, is the Tax Report. This time, however, it has been placed within a larger section, which we have decided to call ‘Taxes and Reports‘, built to become the only medicine needed against the declaration ‘headache’, and consists of these services:

• The Young Platform Tax Report was updated for the 2024 declaration – valid for the income declaration in Italy.
• The Tax Report Integrated with Okipo (exchange, wallet and third blockchain) – valid for the declaration of income in Italy.
• The Young Platform Transaction Report
• Stamp duty 
• The consultancy service with our accountants – valid service for the declaration of income in Italy.

To ensure the best possible experience for members of the Young Platform Clubs, populated by our most loyal supporters, we applied graduated discounts for each service in the ‘Fees & Reports’ section.

The following discounts have been applied to the
Tax Report, consisting of a practical PDF with a clear and simple outline of all the cryptos you own and the data you need to fill in your tax return, including the facsimiles of Form RW and Form RT, compared to the starting price of €29

•  Club Bronze: 10%.
•  Club Silver: 20%.
•  Club Gold: 40%.
•  Platinum Club: 80%.

The same percentages were also applied to Okipo’s Integrated Report. This document is designed for Young Platform users who also use other exchanges, own NFTs, have cryptocurrencies on DeFi platforms or simply store their crypto-assets on wallets outside of Young Platform:

• Club Bronze: €54 (instead of €229 per fiscal year).
• Club Silver: €49 (instead of €229 per fiscal year).
• Club Gold: €44 (instead of €229 per fiscal year).
• Platinum Club: €39 (instead of €229 per fiscal year).

Listing of the Young Token (YNG)

Some of the most interesting news, as far as the last quarter is concerned, concerns our YNG token. In contrast to what we wrote in the previous report, where we assumed that we would start trading on decentralised exchanges by the end of the third quarter of 2024, the set-up has changed slightly. 

First of all, we have decided to place this activity within the evolution process of our products, the main points of which you will find at the end of this Report. In addition, we intend to include, before the opening of the Liquidity Pools, two sales phases (one private and one public). There are three main reasons for this decision: 

• strengthen YNG’s liquidity;
• increase the budget to support the project (to be allocated mainly to development and marketing in order to achieve the ambitious internal goals we have set ourselves);
• maximize interest around the event: in this way, we expect to be able to reach a wider audience of crypto users who are active in the decentralised market but are not yet familiar with our ecosystem.

In any case, the work that will allow us to expand into the decentralised market has officially begun, after the company’s management approved the operational plan. This foresees YNG landing on the decentralised exchange (DEX) by the end of 2024. 

In addition, we have started to dialogue with several decentralised blockchain protocols, specifically some Layer 2s of Ethereum. This activity has several objectives. First of all, it aims to identify the ecosystem that best matches our principles and values since we want to open the pools on at least one other blockchain besides Ethereum, where the deployment of YNG took place. We also need to define, together with the stakeholders, the incentive programme for those who will use our token. 

In the first few days after the ‘green light’, we worked on the necessary documentation to tackle the next steps, which we will present to the Platinum Channel members of our Discord server in the coming weeks. If you are a club member but are not yet in the dedicated channel, join and check your mail. You should have received a form!

As already mentioned, work on the ‘token project’ is being carried out in a manner consistent with that on the corporate roadmap, as we intend to make YNG increasingly central within our ecosystem. As was already the case with the Smart Trades feature, in fact, each new feature will introduce new benefits for club members, incentivising users who are not members to join.

Discord Leaderboard

The first round of prizes for Discord users is on its way! These days, we are collecting all the necessary data to send out the prizes at the beginning of September.

If you are registered on Young Platform, you should have received a notice about it. For those who don’t know what it is, it is the Young Platform community’s common space where you can exchange opinions and thoughts about your journey in the crypto world.

OK, but what is the communication for? Within the server, there is a leaderboard in which members are ranked according to the XP (experience points) they have earned through their activity. In order to reward the most active members, however, we need to link their username to their Young Platform account. If you are not yet part of this exciting group, you have to join! After all, an adventure becomes much more exciting when shared.

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News on the way!

Now ‘comes the good stuff’ and even some spoilers. 

As anticipated, during the second quarter of 2024, we focused a lot on the fiscal and regulatory aspects of our industry, given the various deadlines that were looming. At the same time, however, we were also able to plan for the future, setting new and ambitious goals for the coming ones. Check out the main ones.

Staking, we’re almost there!

At the end of June, the European Securities and Markets Authority (ESMA), the body that regulates financial markets and instruments for the European Union, commented on this issue by publishing a Q&A on its official website. One of the questions in the document concerned staking, specifically whether or not MiCA prohibits such activity. ESMA’s answer was quite clear: MICA does not prohibit staking and does not assume that a licence is required to offer it, provided that those providing the service, the so-called crypto-asset service providers (CASPs), act in a manner compliant with the regulations and are liable to their clients for any loss of crypto-assets attributable to them.

For this reason, we immediately set to work on integrating this service along with the ever-present benefits for our Club members, due out by the end of Q3 2024. 

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Account & Card

As many of you may have noticed, we are gathering your feedback and opinions through a form and one-to-one interviews to decide our next big innovation. Your ideas are crucial in shaping our future.

We have something special in the works, a project that has been part of our plans for a long time. Recently, we decided to take it up again, thanks to new opportunities that allow us to think big.

Imagine a novelty that allows you to combine the best of traditional and digital worlds, a feature that does not merely offer a simple tool but aims to transform your daily experience into something revolutionary. We want to differentiate ourselves from our competitors and create something unique, not just an accessory but a valid extension of our ecosystem.

We aim to launch this novelty by the end of the first quarter 2025. We are working on various ideas to reward our Club members and further enhance the YNG token, perhaps with incentives to increase your engagement and rewards.

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