To request the closure of a stake, the stake must have an ACTIVE status. It is impossible to close stakes still in the activation phase. Depending on your needs, you can choose to close one, several, or all stakes simultaneously.
Note You will no longer receive rewards once the closure procedure has been initiated.
What is Meant by “Closing Time”?
The closing time refers to the period required to unlock the staked funds on the blockchain and transfer them to your Main Wallet, according to the specific blockchain protocol rules. During this unlocking phase, no further rewards will be accrued. For details about the length of the closing period, refer to the Fees and Pricing page.
Unlocking the Funds
Once the unlocking process is complete, the funds staked and the rewards accumulated up to the time of the closure request will be transferred from the Staking Wallet to the Main Wallet. The destination wallet will depend on the cryptocurrency you have staked, for example, the Ethereum Main Wallet for ETH. By accessing the different wallets, you can view the transactions related to the transfer of cryptocurrencies.
The credit of YNG Tokens for Club Members
If you are a member of a Young Platform Club, the YNGtokens accrued up to the time of the stake closure will be credited to your Main YNG Wallet. Unlike staking rewards, distributed periodically, Club rewards are credited in one lump sum at the time of stake closure.
Stake Status
Once the stake has been closed, its status will change from CLOSING to CLOSED. You can view this change in the Activity section and the Stake History section on the specific Staking Management page. During the stake-closing process, the following phases are executed:
Closure Request: The date on which the user requested the closure of the stake.
On-chain Unlocking: The point at which the staked cryptocurrencies are unlocked from the blockchain, marking the end of active staking.
Transfer of Funds and Rewards: The funds and rewards resulting from staking are transferred to the cryptocurrency’s Main Wallet.
Credit of YNG Rewards: If the user is subscribed to a Young Platform Club, the extra YNG rewards will also be credited to the YNG Wallet.
This way, the closing process ends with all cryptocurrencies and rewards being available in the user’s Main Wallet.
Closing One or More Stakes
If you have multiple active stakes in the same cryptocurrency, you can select one or more stakes to close or close them all simultaneously, depending on your needs.
How to Close a Stake
Here are the steps to close one or more stakes:
Access the “Staking” section from your homepage or from the specific cryptocurrency wallet.
Choose the cryptocurrency from which you wish to request closure from the list of active stakes.
Click the “Close Stake” button.
Select the stake or stakes you wish to close.
After selecting, click “Continue” and verify that the number of selected stakes and the amount of cryptocurrency to be unlocked are correct.
Carefully read the summary of information: once the closure is confirmed, the operation cannot be undone.
When you decide to close a staking position on Young Platform, it’s important to consider the fees. The fees are applied to the rewards generated, calculated as a percentage, and deducted directly at the time of transfer to the Main Wallet. These fees may vary depending on the cryptocurrency used, the staking provider, and market conditions. If the rewards do not exceed the minimum fee, it will be deducted from the staked amount to reach the minimum. Young Platform ensures transparency by providing clear fee details within the staking Settings.
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.
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 andthe 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
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 thedistribution 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 ourYNGtokenmorecentral, 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 principlesand 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.
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.
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.
Young Platform updates the Smart Trades functionality to ensure a trading environment that is compliant with MiCA regulations.
The company has decided to modify the pairs in the Smart Trades functionality, migrating from the crypto-USDT pair to the crypto-USDC pair.
With this update, we aim to inform our users about the strategic decisions taken by Young Platform following the entry into force of European Regulation No. 2023/1114 of 31 May 2023 concerning Markets in Crypto-assets (MiCA), effective from 30 June 2024.
These decisions reflect the need to comply with the Italian government’s recent approval of the Legislative Decree of 25 June 2024. This decree aims to align the national regulatory framework with the provisions of the MiCA Regulation and ensure coordination with existing regulations in Italy, particularly the Consolidated Banking Act (TUB) and the Consolidated Finance Act (TUF).
8 July 2024: new Smart Trades strategies with Crypto-USDC pair
Starting on 8 July 2024, Young Platform will implement a significant change in the Smart Trades strategies offered to users, utilising the crypto-USDC pair. Therefore, from 8 July to 15 July, adding new funds to strategies already active or created during this timeframe will not be possible.
This strategic decision is to comply with the MiCA Regulation, which promotes security and transparency in the cryptocurrency sector.
USDC’s adoption as the reference stablecoin in the new Smart Trades strategies is motivated by its growing adoption and complete adherence to the regulatory requirements of the MiCA Regulation. USDC is widely recognised for its stability and regulatory compliance, making it an ideal choice for users seeking safety and reliability in their trading operations.
Young Platform has always placed great emphasis on compliance and protecting the interests of its users. This new implementation represents a further step forward in ensuring a secure, transparent, and compliant trading environment. Our platform continues to evolve to meet the needs of a constantly changing market, offering innovative and regulatory-compliant solutions.
15 July 2024: conversion of USDT to USDC in active Smart Trades
Starting from 15 July 2024, Young Platform will convert all USDT to USDC in Smart Trades strategies activated before 8 July 2024 for free. The user will not incur any fees for this conversion.
This initiative is part of our ongoing commitment to ensuring compliance with regulations and providing an efficient and advantageous service for users. The free conversion eliminates additional costs for the user, facilitating the transition to a compliant and consolidated stablecoin like USDC.
USDT, PAX Gold, and DAI will not be delisted
Young Platform does not plan to delist USDT, PAX Gold, and DAI until further notice. We are actively collaborating with the foundations of these stablecoins to support their compliance with the MiCA Regulation. By the end of July, we will provide updates on the availability of these currencies on our platform.
Moreover, we will closely monitor any regulatory updates or communications from the stablecoin issuers and promptly inform users of relevant news.
Conclusion
Young Platform remains firmly committed to ensuring a safe, compliant, and advantageous trading environment for all users. The new Smart Trades strategies with the crypto-USDC pair and the free conversion of USDT to USDC are concrete steps towards regulatory compliance and protecting users’ interests. We thank everyone for their understanding and cooperation during this transition phase.
Communication to Young Platform Users Regarding MiCA Regulation and USD Coin
Following our communication on June 29, we want to update you on the compliance of stablecoins on Young Platform concerning the MiCA Regulation.
USDC Stablecoin Compliance
We are pleased to inform you that the USDC stablecoin is now fully compliant with the MiCA Regulation. The USDC and EURC White Papers, available here, provide further details.
As of 1 July 2024, USDC will be issued as an EMT (Electronic Money Token) under Article 3 of the MiCA Regulation. USDC will remain available on the Young Platform without interruptions or modifications.
Official Website: Take a look at the Circle and USDC websites.
For all information requests and subpoenas from law enforcement, send an email to [email protected].
Updates on Other Stablecoins
Regarding the other token (USDT, PAX Gold, and DAI), we await official communications from their respective issuers about their compliance with MiCA. In the meantime, Young Platform has taken the following measures to ensure compliance with the new European regulation:
Continuous monitoring of official communications from the issuers.
Timely updates to users regarding any news on the compliance of the stablecoins.
We will keep you informed with a new communication shortly about the next steps regarding these stablecoins.
Thank you for your attention, and please stay tuned for further updates.
We are approaching a pivotal stage in the world of cryptocurrencies: the entry into force of European Regulation No. 2023/1114 of 31 May 2023 concerning Crypto-Asset Markets (MiCA). In particular, the first block of the relevant European legislation will come into force on 30 June, which will significantly impact stablecoins and the broader digital asset market across the European Economic Area (EEA). Specifically, under the MiCA Regulation, authorised stablecoins must meet stricter reserve requirements, governance, and transparency requirements. Furthermore, on 25 June 2024, the Italian government approved the Legislative Decree to align the national regulatory framework with the MiCA Regulation, aiming to ensure coordination with existing sector provisions in Italy (particularly with the TUB and TUF).
What changes for Users?
With the entry into force of the MiCA Regulation, Young Platform is working to ensure that all cryptocurrencies offered on our platform comply with the MiCA Regulation, implementing a series of measures to protect Users and create an even safer and regulated environment.
Stablecoin: The MiCA Regulation introduces new rules for Stablecoins, which must meet specific requirements to be offered to the public. For reasons better explained below, Young Platform is already working to comply with this new regulation. Still, no changes are planned to the offering of Stablecoins on our platform. We will continue monitoring regulatory developments and guidance from competent authorities and promptly inform Users of any updates.
Greater transparency (Articles 27, 29, and 40 MiCA): We will provide more detailed information on the cryptocurrencies offered, including associated risks and specific characteristics of each token. In particular, we will focus on Asset Reference Tokens (ART) and Electronic Money Tokens (EMT), for which MiCA establishes specific requirements (Articles 16 and 48 MiCA):
a) ART Tokens: According to Article 3(6) of MiCA, these are “a type of crypto-asset that is not an electronic money token and aims to maintain a stable value by referencing another value or right or a combination of the two, including one or more official currencies.” The MiCA Regulation requires platforms like Young Platform to obtain written consent from the issuer of the ART token before offering it to the public (Article 16 MiCA) and to comply with specific transparency and communication obligations (Articles 27, 29, and 40 MiCA).
b) EMT Tokens: According to Article 3(7) of MiCA, these are “a type of crypto-asset that aims to maintain a stable value by reference to the value of an official currency.” The MiCA Regulation establishes stricter requirements for EMT token issuers, which must be authorised as credit institutions or electronic money institutions (Article 48 MiCA) and must also publish a White Paper containing detailed project information (Article 51 MiCA). Platforms offering EMT tokens must also comply with specific rules on communication and marketing (Article 53 MiCA).
Clear communications (Articles 29 and 53 MiCA): Our communications will be even more transparent and informative, in line with MiCA requirements on marketing and advertising. We will provide all the necessary information to make informed decisions. In particular, regarding EMT tokens, our marketing communications will comply with MiCA’s specific provisions for this type of token.
Dedicated support: Our Customer Support Team is available to answer any questions or concerns you may have regarding MiCA and its implications.
What changes for Spot Trading services, purchasing Stablecoins with Fiat Currency, and Smart Trades?
Although the MiCA Regulation has introduced specific requirements, particularly for Asset-Referenced Tokens (ART) and Electronic Money Tokens (EMT), it does not provide a definitive and exhaustive list of which cryptocurrencies fall into these two categories.
This means that issuers themselves have not openly declared with certainty whether their Tokens should be considered EMT or not. Consequently, Young Platform is in the position of having to independently interpret the regulation and is awaiting definitive clarification from the relevant authorities.
To date, Young is doing its best to contact all Token issuers that may fall into the aforementioned categories, asking them whether they are working to comply with the new obligations for ART and EMT issuers. Due to the absence, as mentioned, of a precise classification of these types of Tokens and considering the various possible interpretations of the regulation, Young Platform has not made any changes to its Spot Trading service for Users or, for the same reasons, to the service of purchasing Stablecoins with Fiat Currency or the Smart Trades service. It should be noted that in the first week of July, we will send Users a new update regarding the classification of EMTs and ARTs, to provide the latest data on issuers who have decided to regularise their Tokens and to specify how these issuers intend to operate. Furthermore, the same communication will further clarify how Young Platform intends to manage Tokens not authorised under the MiCA Regulation.
Certainly, the Company will continue to monitor regulatory developments and guidance from competent authorities constantly, and we will promptly inform Users of any updates and/or changes to the service.
Finally, we invite you to consult the official MiCA summary prepared by public authorities, available at this link.
If you have any questions or doubts, please do not hesitate to contact our customer service. We are here to help you navigate this new regulatory landscape and make the most of the opportunities offered by the MiCA Regulation.
The update of the P&L (Profit and Loss) feature on Young Platform is designed to provide you with a clear and detailed view of your cryptocurrency portfolio’s performance. This article will explain all the features that make the P&L function an essential tool for monitoring and analysing your profits and losses.
What is the Profit and Loss feature?
The P&L feature is the barometer of your cryptocurrency portfolio. It intuitively displays the wallet’s overall performance, from realised gains to potential ones. This helps you make more informed decisions, setting orders based on data presented in simple pie charts, saving you time.
Profit and Loss is located within the Analytics section. Thanks to a convenient menu, you can quickly view data and charts by clicking icons. Let’s examine all the new sections.
Total yield is the core of the Profit and Loss feature. It shows you the total sum of your profits and losses in percentage and monetary terms (€). This function considers all value changes in your crypto, thus both realised and unrealised gains and losses.
By “unrealised”, we mean the counter value of the cryptocurrencies you own but have not yet converted into euros. Only when you sell them does that profit or loss become “realised”. The values shown here are net of fees.
If you have only deposited fiat without placing orders, the values reported here will be zero. However, if you have deposited crypto, profits or losses will be recorded as the price fluctuates.
The breakdown by categories, in the section immediately below, shows how your capital is distributed among different strategies: Spot, Moneyboxes, and Smart Trades. In this case, it is the total latent profit of your cryptos. At a glance, you know which strategy is yielding the best results.
Volume Analysis
Monitor your portfolio’s volumes by following deposits, withdrawals, and purchase, sale, and exchange orders. For complete control over your operations, you can select the month and transaction category you wish to view in the chart.
Crypto Allocation
The cryptocurrency distribution chart shows the percentage breakdown of your portfolio among the different cryptocurrenciesheld. Each chart segment represents a specific cryptocurrency, highlighting its proportion relative to the total portfolio. This lets you quickly see which cryptocurrencies make up the most significant part of your overall portfolio and evaluate whether to add or shift capital based on those generating a gain or a loss.
Transactions
Summarises the total transaction volumes. This summary is useful for evaluating a potential upgrade to a higher identity verification level or enrolling in a Club that offers fee discounts tailored to our needs.
Balance Distribution
The balance distribution chart, across different strategies, shows how your portfolio’s capital is allocated among various strategies. Each chart segment represents a specific strategy, highlighting its proportion relative to the total balance. This lets you quickly see which strategies constitute the most significant part of your portfolio, facilitating the analysis and management of diversification, risk, and returns associated with each strategy.
Portfolio Diversification
The chart shows the division of your capital among euros, cryptocurrencies, and stablecoins. Each chart segment represents one of these categories, highlighting their proportion relative to the total portfolio. Cryptocurrencies are subject to volatility and can vary significantly in value, while stablecoins tend to have a stable value as they are pegged to a fiat currency or a physical asset like gold.
Definitions and Examples
Focusing on some key terms is necessary to better understand actual profits and losses or whether the decisions made have proved successful generally.
Unrealised Gain
Unrealised gain (or loss) indicates the growth or decline in the value of the cryptocurrencies in the portfolio, calculated on the difference between the purchase or deposit price and their current value. If sold or converted, such gain (or loss) becomes “realised” net of fees.
Example:
You buy 0.5 BTC at 15,000 EUR (30,000 EUR per 1 BTC).
The current value of 0.5 BTC is 17,500 EUR (35,000 EUR per 1 BTC).
The total gain or loss generated by the portfolio through sales or conversion transactions is calculated based on the purchase and sale prices of the cryptocurrencies at the time of the operations. Transaction fees are included in the calculation as a loss.
Example:
You buy 0.5 BTC at 15,000 EUR (30,000 EUR per 1 BTC).
You sell 0.5 BTC at 17,500 EUR (35,000 EUR per 1 BTC).
The purchase price represents the actual cost of buying a cryptocurrency, including only those bought through Young Platform and not those deposited or withdrawn from/to external wallets.
Example:
You buy 0.4 BTC at 12,000 EUR (30,000 EUR per 1 BTC).
You have already deposited 0.3 BTC in your wallet at 9,600 EUR (32,000 EUR per 1 BTC) (this is not included in the purchase price calculation).
Purchase price considered only for BTC purchased on Young Platform = 30,000 EUR per 1 BTC.
Average Price
A LIFO (Last In, First Out) methodology calculates the average purchase price. It is assumed that the units sold or withdrawn are the last ones bought or deposited, with variations in the average price of the assets with each transaction.
Example:
Case 1: only purchases
You buy 0.3 BTC at 9,000 EUR (30,000 EUR per 1 BTC).
You buy 0.2 BTC at 7,000 EUR (35,000 EUR per 1 BTC).
Initial average price = (9,000 EUR + 7,000 EUR) ÷ 0.5 BTC = 32,000 EUR per 1 BTC.
Case 2: sale (LIFO method calculation)
You sell 0.3 BTC.
BTC sold at 35,000 EUR per 1 BTC (0.2 BTC = 7,000 EUR) and part at 30,000 EUR per BTC (0.1 BTC = 3,000 EUR).
The remaining average price after the sale = (9,000 EUR – 3,000 EUR) / 0.2 BTC = 30,000 EUR per BTC.
Case 3: new purchases
You buy 0.4 BTC at 16,000 EUR (40,000 EUR per BTC).
Updated average price = (6,000 EUR + 16,000 EUR) / 0.6 BTC = 36,667 EUR per BTC.
Case 4: subsequent sale
You sell 0.3 BTC.
BTC sold at 40,000 EUR per BTC (0.3 BTC = 12,000 EUR).
Remaining average price = (6,000 EUR + 4,000 EUR) / 0.3 BTC = 33,333 EUR per BTC.
Case 5: deposits and withdrawals
You deposit 0.3 BTC at 9,600 EUR (32,000 EUR per BTC).
Updated average price = (6,000 EUR + 9,600 EUR) / 0.6 BTC = 26,000 EUR per BTC.
You withdraw 0.3 BTC.
BTC withdrawn at 32,000 EUR per BTC (0.3 BTC = 9,600 EUR).
The remaining average price = (6,000 EUR) / 0.3 BTC = 20,000 EUR per BTC.
Conclusion
With the update of the Profit and Loss feature on Young Platform, monitoring and analysing the performance of your cryptocurrencies is simpler and more accessible. The interactive charts allow you to keep a clear and intuitive view of your gains and losses. Whether you are a beginner or an expert in the crypto world, this new feature will help you better manage your portfolio and make more informed decisions.
You can now purchase zkSync on Young Platform Pro! Everything you need to know zkSync is now available on Young Platform Pro and is ready to buy, hold, and sell.
We resume our listings with ZK, one of Ethereum’s most promising Layer 2 solutions and one of the most advanced projects in scalability.
zkSync: everything you need to know
zkSync is an Ethereum Layer 2 solution that enables users to execute transactions more quickly and cheaply. The Matter Labs team founded it in 2020, aiming to enhance scalability through Zero-Knowledge Rollup technology.
zk-rollups group transactions are executed on the network in batches and sent to the main blockchain in a compressed format. This maintains Ethereum’s security and decentralisation while reducing transaction costs. This technology was developed to solve major issues with the Ethereum network, which can often become slow and expensive when congested.
In just a few months since the launch of the leading network, zkSync Era, it has attracted many users and a significant amount of Total Value Locked (TVL). ZK, zkSync’s cryptocurrency, is the network’s governance token, allowing holders to participate in essential decisions for the protocol’s future.
zkSync was launched via an airdrop in June 2024, distributing 3.7 billion tokens to users who had used the protocol in the preceding months. From its launch, the zkSync network has hosted some of the most promising and popular decentralised applications (dapps) like Uniswap and Curve Finance, along with native DeFi platforms like Sync Swap and Holdstation.
As previously mentioned, this Ethereum Layer 2 is one of the most promising in the crypto world. Over the past years, it has raised nearly $500 million through various funding rounds. Venture capital firms investing in the project include Andreessen Horowitz (a16z), DragonFly Capital, ConsenSys, and Alchemy, some of the most prominent funds in the sector.
How to Use zkSync on Young Platform?
Here are all the features available for zkSync (ZK) on Young Platform Pro:
Purchase and sale with USDT.
Network deposit and withdrawal.
What are you waiting for? Access the Young Platform app or web version to purchase the cryptocurrency of this Ethereum Layer 2.
Attention! All CEX withdrawals for Zk Sync (ZK) are disabled until 12 p.m. UTC tomorrow, June 18, 2024.
Starting today, you can purchase a new crypto on Young Platform Pro: find out all the information about Bittensor (TAO)!
From now on, you can buy and sell Bittensor (TAO) on Young Platform! A blockchain protocol dedicated to artificial intelligence models. Deposits and withdrawals are not available for this cryptocurrency. For more information, read our Terms and Conditions.
Bittensor (TAO): what do you need to know?
Bittensor (TAO) aims to decentralize and democratize access to artificial intelligence. This protocol enables collaborative, decentralized AI models and thus aims to overcome the limitations of centralized ones. The active consensus mechanism on this network is managed by a Proof-of-Intelligence algorithm composed of nodes that evaluate each other’s contributions according to utility and quality standards.
How to use TAO on Young Platform Pro
Here are all the features available for Bittensor (TAO) on Young Platform Pro:
Buying and selling with USDT
What are you waiting for? Access the app or the web version of Young Platform to purchase this innovative cryptocurrency! Attention! Bittensor (TAO) can only be bought and sold but not withdrawn or deposited to and from Young Platform.
The first quarter of 2024 for the YNG token has been eventful. Let’s review what happened and what steps we should take next.
What Happened in the Last Quarter? What were the achievements in Q1 2024? How many tokens were issued, purchased, and sold, and what are the next steps? You can find a comprehensive overview in this report drafted in April 2024.
Young Platform Club Numbers for Q1 2024
YNG is the utility token of Young Platform and provides access to Clubs: subscription plans offering exclusive benefits to our biggest supporters.
As of now, the Clubs consist of 1,687 members divided as follows:
Bronze Club: 1,238 members
Silver Club: 199 members
Gold Club: 122 members
Platinum Club: 128 members
To join a Club, it is necessary to lock a certain amount of YNG on the Young Platform exchange. The number of members is crucial for analyzing the token distribution, especially as more people joining a Club reduces the selling pressure on YNG, leading to greater price stability.
Comparing these figures with the past, Q1 2024 has seen significant positive developments in terms of Club adoption on Young Platform. At the end of 2023, the numbers were:
Bronze Club: 1,011 members
Silver Club: 190 members
Gold Club: 121 members
Platinum Club: 115 members
Consequently, Club memberships have grown by 17%, with Platinum membership increasing by approximately 11%. This growth makes us optimistic about the future, especially with many new initiatives planned for our most loyal supporters in the coming months.
YNG Token Distribution
As of January, there were approximately 23.3 million YNG tokens in circulation. By April, this number had increased to about 23.5 million, a net increase of approximately 182,937 tokens or 0.8%.
These tokens were distributed through the Young Platform Step app in various ways:
39,379 through completing Quizzes, Challenges, and Up&Down (before the implementation of levels)
143,558 through completing Levels
The YNG token market is managed by an algorithm that defines the exchange rate based on two underlying liquidity pools, one in EUR and the other in YNG. Initially, these pools contained:
1 million Euros
4 million YNG
Considering sales and purchases of tokens in recent months, as of March 2024, the pools contained:
747,000 Euros
5.65 million YNG
This configuration results from purchases and sales made during the third quarter, summarized below along with the price trend:
YNG Issuance in 2023
What happened during the first quarter of 2024 from the perspective of tokenomics. The way the token is issued changed last year following the Step 3.0 update. Now that some historical data is available, let’s see how the introduction of XP has limited the inflation of YNG.
As evident from the graph, the latest Step update has significantly curtailed the distribution of YNG. The issuance of new tokens has decreased by 93%.
YNG Price
From a price action perspective, the first quarter of 2024 has been positive. The YNG token has reversed the downward trend that began in August 2023, surpassing the €0.14 level. In recent weeks, following a shakeup that affected the entire market, YNG experienced a slight correction and is currently at €0.125.
The last rally of the Young token was mainly driven by the growth in Club adoption, coinciding with the launch of the new Smart Trades feature. Discover how this influenced the developments in the following paragraphs.
Achievements in the First Quarter of 2024
During Q1 2024, we reached a significant number of goals and released many new features. This report is an excellent excuse to summarize the work done over the last three months. Let’s look in detail at the initiatives undertaken in 2024 to increase the appeal of our token.
Smart Trades
The milestone of this quarter was the Smart Trades trading feature. A set of trading indicators operates autonomously without human intervention, utilizing mathematical models and pre-programmed instructions.
This feature is particularly useful for reducing drawdowns in one’s portfolio during market crashes. Although we are in a bull market phase, the price of most cryptocurrencies does not only rise but is also subject to more or less violent shakes. This functionality, built to automatically detect market trend changes, can be a valuable ally in shielding from crashes or leveraging them to increase the balance of one or more cryptocurrencies.
Initially available only to members of the Young Platform Clubs, Smart Trades was later opened to all users. Moreover, the number of strategies that can be activated simultaneously is, and will always be, proportional to the Club membership level.
Smart Trades have attracted attention! This is clear if we analyze the latest price movement of the Young token (YNG) and the number of Club members. As previously mentioned, since the launch of the feature, Club memberships have grown by 17%, from 1,437 to 1,687.
Since joining the group of our biggest supporters requires owning and locking a different amount of Young tokens, the launch of the Smart Trades feature has obviously also influenced the price of YNG.
Given the market rebound, one of our main goals for the last quarter was to expand the range of tokens and cryptocurrencies available for purchase on our exchange as much as possible. In 2024, so far, the following have been listed on Young Platform:
THORChain (RUNE)
Aptos (APT)
Jupiter (JUP)
Internet Computer Protocol (ICP)
Stacks (STX)
Filecoin (FIL)
Tron (TRX)
Near (NEAR)
Sei (SEI)
Starknet (STRK)
Sui (SUI)
Dymension (DYM)
Injective (INJ)
Fetch ai (FET)
Immutable (IMX)
Flare (FLR)
To allow our users to expand their portfolios, some of these cryptocurrencies are purchasable and sellable in trade-only mode and cannot be deposited or withdrawn from our platform, as they are currently not supported by our custody provider. This temporary arrangement aims to accelerate the listing process on Young Platform and increase, consequently, our users’ satisfaction level, they will be able to withdraw and deposit the cryptocurrencies in question once our custody partner integrates them.
Over the coming months, we will continue to expand the token offering on Young Platform to allow our users to intercept, well in advance, the new market trends. If you would like to be able to purchase one or more specific cryptocurrencies on our exchange, you can suggest them through our Discord server!
Missions
Another activity that we have carried forward during the last quarter is the Missions. A feature designed to make trading on Young Platform increasingly engaging! Currently, taking action on our platform allows you to earn “gems,” which you can exchange in the shop for discounts on trading commissions.
We plan to expand the use cases of “gems” and thus offer increasingly more benefits to users who frequently use our exchange.
During the first quarter of 2024, we also updated our commission model, pursuing the goal of making Young Platform more competitive in the market and more attractive to traders and investors. To design the new fee model, we also listened to your opinion, through a survey extended to the entire Community.
In this sense, the main goal remains the one announced in the previous report: to start trading on decentralized exchanges (DEX)by the end of the first half of 2024. The operational plan for this activity is almost ready and will be presented to the company’s management in the coming weeks, to start work between the end of this quarter and the beginning of the next. The mission, in this sense, is to allow our users to explore the on-chain world without having to leave our ecosystem.
This vision is part of a broader evolutionary model that we have been pursuing since the very first day of our story: to guide the user by hand on the journey to discovering this incredible sector. From the very first approach with Young Platform Step and our educational content, through the purchase or sale of digital assets, to the exploration of the on-chain, and therefore decentralized, world.
In this sense, we are preparing a Live dedicated to our biggest supporters, the members of Club Platinum, to collect feedback and suggestions. If you are part of this group but are not yet in the dedicated Discord channel, join and check your emails, you should have received a form!
Young Platform Pro
In recent months, however, we have not neglected Young Platform Pro, our platform dedicated to crypto traders. The team has worked with the aim of introducing some fundamental improvements for those who intend to analyze the price of cryptocurrencies using a professional approach.
In this sense, we have, first of all, renewed our partnership with TradingView, the most used platform to analyze the charts of major assets, including cryptocurrencies. This means that on Young Platform Pro, our exchange dedicated to crypto traders, users have at their disposal all the most famous tools of this powerful, sophisticated, and complete platform; in particular, indicators, tools, sliders, and drawing tools.
The news for our exchange dedicated to traders does not end here. We are conducting a series of interviews to collect suggestions from the most active traders to make Young Platform Pro increasingly a protagonist within our ecosystem.
New Features Coming Up!
In the coming weeks, we expect many new features, some of which have already been anticipated in the previous points of this report. Discover the main ones in detail!
Taxes & Report: the new service for crypto declaration
The milestone for the second quarter of 2024 certainly concerns taxation, given that it is an aspect that we consider fundamental for every investor who wants to operate in compliance with current laws. These have changed frequently in recent years, and it is therefore not taken for granted to know the current situation or to stay updated on all the news.
For this reason, the Tax Report, a product that has been extremely well received by our community, will not only be re-proposed but improved. The goal of this initiative is to make the “Taxes & Report” service the only product necessary to correctly include cryptocurrencies within one’s tax declaration. This is because, in its final version, it will allow exporting all the essential data to compile the document in compliance with regulations, not only the activities carried out on the products of our ecosystem but also all transactions executed on-chain.
Currently, only for our Club members and with a 10% discount, is the presale of the new Tax Report open. This means that, for the next few weeks, only our most loyal supporters will be able to purchase the new Report usable only for transactions carried out on Young Platform and Young Platform Pro. Here are the discounts applied to each Club.
For members of the Bronze Club: 10%;
For the Silver Club: 20%;
For the Gold Club: 40%;
For the Platinum Club: 80%.
Until the end of the presale (Club discount + 10%):
For members of the Bronze Club: 20%;
For the Silver Club: 30%;
For the Gold Club: 50%;
For the Platinum Club: 90%.
If, however, you use other exchanges, wallets (for example Metamask), or third-party blockchains to manage your cryptocurrencies, we are developing a specific service for you. Thanks to a collaboration with an important Italian partner, it will be possible to connect external wallets in addition to that of Young Platform and import transactions carried out on various platforms. This will allow you to create a single PDF containing all the aggregated data necessary for the compilation of your tax declaration.
We therefore recommend that users who also use other crypto exchanges or wallets wait to purchase the Report, given that the one currently in pre-sale will only be usable for transactions carried out on Young Platform.
The aforementioned discounts for the Clubs refer only to the Tax Report dedicated to transactions carried out on Young Platform and not to the Report, due out in May, which will allow connecting external exchanges and wallets. This is because, as anticipated, we use an external partner to offer this service to our users.
In any case, the cost established by the provider we collaborate with is among the most competitive on the market, and Club members will be able to access other discounts currently being defined.
In the next quarter, we will also focus on the flagship product of the quarter that has just ended. The Smart Trades feature is still in an embryonic state and will see a series of improvements. First of all, the range of available indicators will be expanded, but not only that! We are evaluating the inclusion of more complex and articulated strategies, whose main purpose will be to allow users to increase the balance of users cryptocurrencies thanks to the opportunities that present themselves on the market.
