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New Club benefit: Unstoppable Domains

Many benefits are coming to the Young Platform Clubs. Today, we reveal the first one: Unstoppable Domains

Unstoppable Domains is a solution for Web3 domains, also called NFT domains. If you don’t know what it is about, it is a very interesting trend and we have touched on the topic in recent Academy articles:

If you too are now all about Web3 domains; the good news is that from today, you will also have access to this technology on Young Platform thanks to two new features. 

New feature on Young Platform Web for Unstoppable Domains

Thanks to a dedicated integration, it is now possible to search and purchase Web3 domains from Unstoppable Domains directly from the desktop version of Young Platform.

How does it work? As of today, the 26th October, you can explore Unstoppable’s offer directly from the Home section on the web version of the exchange. In addition, crypto withdrawals to Unstoppable domains have been activated, as they function exactly like wallet addresses. 

The search and purchase functionality of your Web3 domain is only available on desktop, because it is certainly more convenient to make such a purchase while sitting at your computer rather than on a small mobile device. Read the guide.

But don’t be in a hurry to buy your first domain on blockchain, because in a few days, unmissable promotions will be underway!

New benefit for Clubs

This will be a temporary, one-time benefit. By joining (or remaining) in a Club from the 31st of October to the 28th of November you will receive a free Unstoppable Domains voucher by email. You can apply this voucher to your Unstoppable account to purchase a Web3 domain at a bargain price.

Naturally, the higher your Club level, the greater the credit given to you by the voucher will be.

If you are already in a Club and are interested in a coveted domain, you may want to increase your Club membership level for higher credit. The Club you joined on the 31st of October will count.

On the other hand, those joining clubs for the first time will receive credit according to the first club they join between the 31st of October and 28th of November. 

  • Bronze: $60
  • Silver: $70
  • Gold: $90
  • Platinum: $110

More details in the 31st of October launch article.

Once you have your voucher, stay in the Club to get access to all the other benefits. We have great news in store!

How to prepare for a voucher

1) First of all, make sure that you have a working email address and that you receive emails from Young Platform correctly, as this is how you will receive your voucher. To do this, check that the addresses [email protected] and [email protected] are accepted in your mailbox, and that they do not end up in spam or get blocked. Contact support in case of problems. 

2) If you are not yet a Club member, you can start purchasing the YNGs required for membership.

If you are already part of a Club, you have less than a week to make a deposit and purchase the YNGs needed to increase your benefits level by the 31st of October. We always remind you that these YNG are not spent, but locked until you decide to unsubscribe. Find out more about Clubs. 

3) Inform yourself with the articles dedicated to NFT domains and Web3 on the Academy and Blog, to discover all the opportunities you will have access to by participating in this advantageous event.

The golden rule: everyone is only entitled to one voucher. 

This is a unique opportunity and we can’t wait to get started!

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YNG Token: June – September 2022 Report

Token Young (YNG): updates and news Q2 2024

We report Young (YNG)’s first few months on the Market, with a focus on the Clubs’ performance and upcoming news!

Four months after the market launch of the Young (YNG) Token, we take stock of the distribution, sales and use cases of Young Platform’s token. In this report, which was compiled at the beginning of October 2022, you will find an overview of the first months, the updated distribution of Young (YNG) and the future goals of the project.

What is the YNG token

The YNG token is a utility token based on Ethereum’s ERC-20 standard. Utility tokens are cryptocurrencies designed to facilitate access to an ecosystem and its services. In fact, the YNG token is at the heart of the whole Young Platform project. You can receive some as a reward on Step, or use it to gain access to Clubs and take advantage of exclusive benefits. Developing a utility token like YNG was an opportunity to make the Young Platform community and users even more active and involved. You can find out about its tokenomics in detail, from full availability to use cases.

All the numbers of Young Platform Clubs

As we have just explained, one of the new features of the Young Platform ecosystem are the Clubs. They have been active since June 2022. By joining one of the four available Clubs, you get access to discounts, rewards and benefits. Over time, more and more benefits will be made available as the Clubs grow, step by step with the community. In winter 2022, the activation of the airdrop function is planned.

The clubs currently have 1019 members, divided into:

●     780 for the Bronze club;

●     121 for the Silver club;

●     81 for the Gold club;

●     37 for the Platinum Club.

Since Club membership requires a minimum of 1500 YNG, participation is a good benchmark to measure the success of the initiative and the satisfaction of loyal supporters. Another interesting statistic in this report is the Club drop-out rate. From an initial number of 720 active users, the user base now stands at 1019, indicating a growth of +41.5%. This number greatly influences the value of the YNG token, since the more tokens get locked into the Clubs by members, the lower sales get and thus downward price pressure lessens. This means that the larger the community gets, the more incentive it has to grow.

Distribution of the YNG token

As of the 30th May 2022, the total supply of YNG was 100M tokens, while the circulating supply was 16.73M. Today (October 2022), the circulating supply stands at about 18 million, which means that there has been a net increase of 1.7M tokens, or 7.6%.

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

●     56,399.04 through the completion of Quizzes by 97,446 users;

●     1,007,551.63 by obtaining rewards from 222,063 users;

●     638,684.83 through the use of the ‘Up&Down’ function by 223,035 users.

As anticipated in June, the YNG token market is run through an algorithm that defines the exchange rate by means of two underlying liquidity pools in EUR and YNG respectively. Initially, these pools contained:

–       1M Euro;

–       4M YNG.

Considering the sales and purchases of tokens handled in recent months, at the beginning of October 2022 the pools contained

–       789.7k Euro;

–       5.3M YNG.

With regard to activities on the YNG-EUR market, we feel it is important to provide those reading this report with a summary of what has been YNG’s market performance from June to date:

Token Young YNG Report June September 2022

This data suggests that although the average price of tokens has fallen, they are still in high demand, given the high sales volumes. In the near future, we will implement buyback operations to better adjust the value of the tokens.

Future Objectives

Finally, for the sake of transparency, we present you some of our future goals.

●     The first one we can announce is something we already planned months ago, the implementation of airdrop events for our club members. The release of the first airdrop is planned for the last quarter of 2022.

●     The second goal requires a long process that we have already started. It consists of including Young Platform and the YNG token on two of the largest aggregators in the world: CoinGecko and CoinMarketCap. Completion is expected by the end of 2022.

●     The third goal we are planning is just as important: it consists of issuing debit cards to our users. The deadline for this project, at least in its initial phase, was planned for the last quarter of 2022. However, before presenting this project to our Club members, we want to wait for the completion of the infrastructure offered to us by the designated issuing partner. Therefore, we plan for the beta release for Club users to be available for the end of the first quarter of 2023. Due to this necessity, we have preferred to postpone the listing on third-party token exchanges as we believe that the low organic volume of YNG will not support the activities in question, but may harm the market for the token.

●     The fourth objective we want to talk about is something that is, to say the least, fundamental to be able to support the activities already mentioned in terms of liquidity and the value of the tokens. In Q4 2022 we will announce the first series of buyback operations, aimed at discouraging excessive token presence in the market. The buyback is the re-purchase of YNG tokens by Young Platform to reduce the circulating supply. These operations will be accompanied by promotional campaigns to organically increase the volume of tokens.

●     The remaining objectives are mainly dedicated to our community, and to improving the services and experiences for club members. Here are some of the activities we plan to implement:

– Monthly market reports, to present the up to date situation to our members

– Exclusive collaborations with influencers, with content reserved for Clubs;

– Discord Section dedicated to Clubs, for frequent Q&A sessions for members;

– Merchandising that will be sent according to the Club a member belongs to;

– In addition to the fee discount, a defined number of free deposits will be granted to club members.

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Young Platform supports the Ethereum Proof-of-Work (ETHW) airdrop

Young Platform supports the ETHW airdrop

Young Platform supports ETHW’s airdrop. When will it be distributed? Who is entitled to it?

After the activation of Ethereum’s The Merge update, a group of miners performed a hard fork, creating a new blockchain on which mining can continue. This alternative blockchain, called Ethereum Proof-of-Work, has its own new token, ETHW. It will be distributed via airdrop to all those who owned Ether before The Merge.

When will ETHW’s airdrop be released?

Excluding possible delays by the Custody Provider relied upon by Young Platform, which is carrying out checks and monitoring the blockchain created from the hard fork, we expect to airdrop the ETHW tokens over the next 15 days, during which a date will be announced as soon as it is certain. The airdrop will be carried out in a 1:1 ratio, meaning that for every ETH held prior to the activation of The Merge, one ETHW will be released.

There are currently no plans to list the ETHW token. However, the Young Platform team is considering it. A possible listing will be announced with advance notice!

Who can participate in the airdrop?

The distribution of the ETHW token is calculated on the basis of the snapshot taken on  the 15th September 2022 at 06:42 UTC. This corresponds to the time when The Merge update was activated.

To check whether you are entitled to ETHW airdrop on Young Platform, please refer to these three different cases. If on the 15 September 2022, at 06:42 UTC:

1. You had ETHs in your Spot Wallet

You will receive the ETHWs you are entitled to directly in your Spot Wallet.

2. You had ETHs active in your Earning Wallet

If you had not deactivated the Earning Wallet functionality for your ETHs by the 15th of September 2022 06:42 UTC, your right to receive the ETHW airdrop depends on the outcome of the analysis that Young Platform’s Earning Wallet Provider is performing on the new blockchain created from the fork. You will be able to receive ETHW in proportion to your Ether in the Earning Wallet only if the Ethereum Proof-of-Work blockchain is supported by Copper (the Custody Provider) within 30 days after the hard fork. Moreover, the new blockchain must simultaneously meet at least two of the three requirements explained below. 

The three requirements, two of which must be met by the Ethereum Proof-of-Work blockchain, are:

  1. Hash Power: the average hash power mining of ETHW on the 30th day following the occurrence of the Hard Fork (calculated as a 30-day average on such date) is at least 5% of the hash power mining of ETH on the day preceding the Hard Fork (calculated as a 3-day average of the 3 days preceding the Hard Fork).
  2. Market Capitalization: the average market capitalisation of ETHW (defined as the total value of all ETHW) on the 30th day following the occurrence the Hard Fork (calculated as a 30-day average on such date) is at least 5% of the average market capitalisation of ETH, calculated as a 30-day average on such date.
  3. 24-Hour Trading Volume: the average 24-hour trading volume of the ETHW on the 30th day following the occurrence the Hard Fork (calculated as a 30-day average on such date) is at least 1% of the average 24-hour trading volume of ETH (calculated as a 30-day average on such date).

The fulfilment of the requirements and the consequent right to receive the airdrop will be promptly communicated according to the required timeframe for the analyses (approximately one month).

3. You deactivated the Earning Wallet functionality for your ETHs before the 15th of September 2022

If you deactivated the Earning Wallet functionality for your ETHs before the 15th of September 2022 06:42 UTC, but your ETHs were not yet transferred from the Earning Wallet to your Spot Wallet, you are still entitled to the airdrop. You therefore fall under case 1 “You had ETH in your Wallet”.

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The Merge and Young Platform: what will happen to your ETH?

The Merge and Young Platform: deposits, withdrawals and airdrops

Get ready for The Merge: everything you need to know about the impact of the Ethereum update on Young Platform

*Updated 14/09/2022: new features for the Earning Wallet functionality.

As an additional security measure for the funds of Young Platform users and in agreement with our partner provider of the Earning functionality, the Earning Wallet functionality will also be suspended during The Merge. All information can be found in the last paragraph of this article. 

The Merge, the update that will make Ethereum a Proof-of-Stake blockchain, is just around the corner. This is one of the biggest and most impactful updates in the entire crypto industry. In fact, Ethereum is the blockchain on which most of DeFi and NFTs are built and Ether, its coin, is the second largest crypto by market cap.

You may have wondered if the activation of the historical update will have consequences for your ETH. Here is what will change on Young Platform with The Merge.

Temporary suspension of ETH deposits and withdrawals

Deposits and withdrawals of Ether (ETH) and ERC-20 tokens on Young Platform will be suspended as of the 14th of September 2022 (10 pm UTC).

We recommend that you complete your transactions in advance of this date so that deposits and withdrawals are properly processed. Deposits made close to this date may not be counted in a possible Ethereum hard fork.

Your tokens will remain safe in your Wallet and during The Merge you will not have to perform any specific operation. Everything will be handled by Young Platform. You are free to convert your Ether before The Merge but this is not a necessary action. Likewise, your ETHs locked in the Earning Wallet section will not be affected by the Ethereum update.

Temporary suspension of MATIC, AVAX and FTM deposits

Deposits of Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM) will also be suspended from the same date and time : the 14th of September 2022 (10 pm UTC)

Will there be a new Ethereum 2.0 token? What will happen to my ETHs after The Merge?

After the activation of The Merge update on the Ethereum blockchain, two possible scenarios could occur:

1. No new token will be created:

The Ethereum blockchain will switch to the Proof-of-Stake mechanism without a hard fork. In this case, there will be no substantial changes for ETH holders and Young Platform will rehabilitate deposits and withdrawals as soon as possible;

2. A new token will be created:

During The Merge, the Ethereum blockchain could undergo a hard fork and thus split and create a new token. In this scenario, one chain will operate under the new Proof-of-Stake consensus mechanism, while the other will retain Proof-of-Work. In this case Ether (ETH) will be assigned as the coin of the new Ethereum 2.0 Proof-of-Stake blockchain. Meanwhile the new token (ETHPOW) will replace the ETHs of the Proof-of-Work chain and will be distributed via an airdrop.

The distribution of the new token will be calculated on the basis of a snapshot concurrent with the activation of The Merge. A snapshot means that establishes which users possess ETH and in what quantity.

So, what will happen on Young Platform at this point? Should Ethereum’s hard fork occur, detailed updates on how the new token will be airdropped and what is new for the exchange will follow.

The hard fork and the creation of the new token are currently only a possibility, not a certainty.

In any case, before deciding whether to support the new token, Young Platform will subject it to all the verification procedures typical of any listing. Announcements regarding the new token will be made in a dedicated announcement.

What will happen to the Earning Wallet with The Merge? (Updated 14/09/2022)

From the 14th of September 2022 (10 pm UTC) onwards, and until further notice, it will not be possible to activate a new Earning with the Earning Wallet functionality or to deactivate an already active Earning. 

This means that during the suspension period:

  1. You will not be able to stake or unstake your cryptos in the Earning wallet until the end of this period
  2. Automatic renewals will be disabled until the end of this period
  3. The counting of rewards related to activated Earnings will continue uninterrupted.

In summary, you have these options: 

  1. Activate new Earnings before the 14th of September 2022 (10 pm UTC), your rewards will continue being counted as normal;
  2. Deactivate your already active Earnings before the 14th of September 2022 (10 pm UTC) to unstake your cryptos and send them to your Spot Wallet. Caution: if you deactivate an Earning before the end date indicated on the app, you will lose the accumulated reward.
  3. Keep your Earnings active and continue to claim rewards

Follow the activation of The Merge on the Young Platform Blog, if you have further questions, please contact the Support Centre.

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FAQ: the future of the YNG token

YNG Token: FAQs and roadmap on the Young Platform token

What will be the next challenges for the YNG token? What does the Young Platform team have in store for its project?

With all the excitement of YNG’s first week in the marketplace, came avalanches of questions about the future of the token and the entire ecosystem. In this article, you will find a list of the hottest questions the community asked the Team about the YNG token during this launch period. Here’s everything you never dared to ask about YNG. Check out the trivia and the roadmap of Young Platform’s token!

Listing, Market and so on…

Why does the price of the YNG token now fluctuate?

After its launch on the market on the 1st of June, the price of the YNG token began to vary according to supply and demand in the market. You can check its price in the Markets section of Young Platform.

This means that the value of YNG is no longer fixed at 0.24€, but it varies depending on how many people want to buy, sell or hodl it.

Thus, the Euro value of the YNG rewards you receive in the Step wallet now also vary according to the market price.

When will YNG be listed on other exchanges?

Listing procedures on other exchanges have been initiated, but we are waiting for the right moment. The summer has proven to be a historically difficult period for the launch of new projects and for markets in general.

The good news? We are working with the largest international exchanges, also with a view to running promotions in collaboration with them.

Can YNG be deposited and withdrawn on other exchanges?

As long as YNG is not listed on exchanges other than Young Platform, YNG cannot be deposited on other exchanges. ‘Listing’ is in fact also understood as the ability to technically ‘support’ a token, i.e. to make an exchange compatible with a currency.

Currently, you can only withdraw YNG to self-custody wallets, which can be apps like Metamask or devices like Ledger.

When will YNG be listed on aggregators such as CoinMarketCap or CoinGeko?

We have sent request to both of these providers to list the Young Platform exchange and the YNG token. They are currently being processed. It should be kept in mind that longer due diligence is required for centralised exchanges, however as soon as we are provided with the first listing date, it will be communicated.

Will it be possible to convert YNG to cryptos?

Yes, there are plans to add pairs with the most popular cryptos in the future, also with the aim of facilitating those who operate primarily through crypto.

Who are YNG’s market makers?

Market makers are usually liquidity providers that support exchanges by facilitating trade, as they are always willing to buy or sell to match market supply and demand.

The only market maker for YNG at present is Young Platform itself. In this respect, Young Platform tries to match supply and demand by keeping the supply of YNG balanced. That said, the company may still undertake buybacks, i.e. strategic purchases of YNG, but these will be notified in advance and the amount will not be put back into circulation in the short term.

Price changes are caused purely by ‘natural’ supply and demand fluctuations consisting of user sales and purchases.

Will tokens used to register for Clubs be returned?

After 90 days of minimum subscription duration, you can freely request your YNG back from the Club section, however, this means unsubscribing and thus forfeiting your Club benefits. 

What will happen to Young Platform Step?

There may be some rebalancing with regard to the quantification of rewards in YNG, depending on its price. However, no changes are expected in the short term. Any changes will be as gradual as possible, so as not to affect your experience with Step that you know and love.

 

YNG and Ethereum

What will happen to YNG after the completion of the transition to Ethereum 2.0?

Theoretically, nothing should happen to impede the experience with YNG and the Ethereum ecosystem, because even if something were to go wrong, it would impact the entire Ethereum ecosystem, i.e. almost the entire DeFi and NFT sector. This is why the upgrade is taking a long time: the Foundation is making sure that everything takes place in a safe and controlled manner.

Ethereum 2.0 will only provide advantages for the use of ETH and ERC-20 tokens such as YNG; namely in terms of the speed and convenience of transfers on the blockchain.

Will you lower fees for Ethereum?

In the event of a decrease in the price of Ethereum Gas, thus in the cost of transactions, the fees for withdrawals from Young Platform via the Ethereum network will also be revised.

What is the correlation between YNG and Ethereum?

The price of YNG is in no way directly related to that of ETH. You can see this by looking at the first-day performance of YNG on the market. YNG’s price increased and ETH’s price moved in the opposite direction.

The only link between YNG and ETH is structural and technical, in the sense that YNG is compatible with the Ethereum ecosystem, being an ERC-20, i.e. a token based on software created by the Ethereum team.

Thus, for example, a possible congestion of the Ethereum network may also slow down YNG transfers between wallets.

How do you check for YNG ‘holders’ on Etherscan?

Etherscan is the most popular blockchain explorer for Ethereum. Here you can see all transactions that are executed in real time on its network and other on-chain and market data.

Since YNG is an ERC-20 token, i.e. a token based on the Ethereum protocol, you can look up its smart contract and transactions on sites like Etherscan.

Just search for ‘YNG’ in the search bar and you will arrive at its page. Below the basic token data, you will find a table with all the transactions executed for YNG, the Holders and other analytics. Holders are simply the wallets that hold YNG, and are anonymous.

Before the listing, there were few holders because it was Young Platform that held them for users. In fact, being a centralised exchange, it is ‘custodial’, i.e. it takes care of the safekeeping of your cryptocurrencies by facilitating your experience with crypto wallets.

Now after the market launch of YNG, you can see that ‘holders’ are increasing because it is now possible to withdraw YNG on other Ethereum-compatible wallets.

YNG’s roadmap

When will YNG’s Earning service be available?

Currently, YNG Earning is not yet planned, as this also takes into account the current limitations of Italian legislation. However, we will soon start adding other cryptocurrencies available for the Earning Wallet in agreement with the provider Tesseract and according to users’ preferences.

Are airdrops already planned?

We are in contact with several crypto foundations, and a new airdrop is planned in the near future. The requirements for airdrops are usually set by the Foundation or the project company, as they donate their tokens. What is certain is that by being a member of a Club, the airdrop you are entitled to is increased. You can find all information about Young Clubs and you can register from the Young Platform app, under ‘CLUBS’ in the top right-hand corner.

Are you thinking of creating a Young Platform debit/credit card?

We are working on the project with several providers, with the intention of implementing a cashback model in YNG, related to clubs. The idea is to arrive at the end of the year with a first release or with a certain date for the release.

When will the next Club advantage be released?

We hypothesise a correlation between cashback with Young Platform’s card and Clubs, thus higher benefits for the higher-level Clubs. For the rest, no spoilers!

When will it be possible to transform micro-imports (a.k.a. ‘dust’) into YNG?

It is one of the next features planned for the token, however, there is no definite date yet.

Joining the Community

Why choose YNG?

YNG was not created for speculative purposes, neither as a payment currency nor to represent shares in the company in any way. Our CFO was very clear: “YNG was born as a utility token, that means it makes sense within the Young Platform ecosystem.”

The usefulness of the token is made clear by the Clubs: by locking YNG and joining a Club, you get benefits on buying and selling fees, Earning rewards, airdrops and much more in the future.

Depending on which features you use the most, you will choose whether to join a club, to simply keep your YNGs waiting for other features, or to exchange them.

How do I access Young Platform’s Discord?

As part of the token launch and product expansion, we created a Discord server, which we will maintain and develop during this year.

The point of the server is to allow the community already present on Telegram to evolve. The Telegram channel is currently a channel where it is possible to confront other users or the team itself and receive assistance. On Discord, this is much simpler, as its multiple functionalities allow, among other things, topics to be split up into several dedicated channels, making it easier for everyone to find information.

Register for Discord via the desktop app, the web version or the mobile app, and enter the Young Platform server.

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The Young Token (YNG) lands on Young Platform!

Young Platform’s European project is being released on the open market! YNG is the emerging utility token that underpins an entire community

It is with great excitement that we announce the release of Young (YNG), Young Platform’s proprietary token. Clamoured for by our users and after a successful Community Sale, the 100% European token is ready to be traded on Young Platform and Young Platform Pro. 

From a technical point of view, YNG is a ‘utility token‘, i.e. a token that has a well-defined purpose within a system. The newly released token is the foundation on which the life of the Young Platform ecosystem is built. 

But the usefulness of a token also lies in the impact it has on a community. Thanks to Web3, and more so than in any phase of the internet and the history of human ingenuity ; its possibilities, its realisation, its future are in the hands of communities. We at Young Platform know very well the visionary power of shared ideas, just a couple of years ago a group of friends decided to bring cryptocurrencies to Italy with a ‘young’ project. Of course, the emerging token YNG owes its name to its ecosystem, but even before that to an adjective that encapsulates the whole approach of the project. Being ‘young’ has nothing to do with age, it is an optimistic attitude and openness to new things. The YNG token is the past, the present but above all the future of the projects that Young Platform has in store to add value to the crypto landscape.

What is YNG?

YNG is a utility token based on the ERC-20 standard. Before today, the token was not on the market and could be obtained in two ways. The main function of the YNG token has always been as a reward for challenges and quizzes in the Young Platform Step app, YNG could also be bought or sold at a fixed price of 24 cents to access discounts. Now that the price is unlocked, the market decides the value of the outgoing token, following the law of supply and demand. 

What’s its purpose? YNG’s value

The token is the glue that binds the Young Platform ecosystem. From the exchange, to Young Platform Pro, to the Academy, to Step, and finally the community. Young Platform’s goal is to offer a comprehensive and competitive suite, perfect for both experienced users and those taking their first steps into the crypto world. Experienced traders can use their YNGs for discounts and increased rewards, while newbies can earn YNGs while learning the fundamentals of crypto. That’s the value of the YNG token: it really is for everyone! Whatever your knowledge of the industry, YNG is a great resource to facilitate your crypto experience. Buying and locking YNG means joining the ecosystem of a 100% European , supervised and transparent exchange. Trade crypto, learn the blockchain, put your knowledge to use – all in an ‘easy’ and above all fun way: YNG will always be on the side of the community!

In short, YNG allows Young Platform users to enjoy a number of benefits reserved for those who decide to block a certain amount. To block your YNG, simply go to the Club section of Young Platform. Depending on the number of tokens you block, you have access to a Club that offers you benefits such as commission discounts as well as higher rewards from staking and airdrops. 

The Clubs are intended to make Young Platform an accessible and convenient exchange platform, and are available in four levels:

What pairs are available for YNG?

  • EUR – YNG

Want to know more?

Read the YNG whitepaper!

Join the community of a 100% European exchange, stake your favourite cryptos, trade YNG, BTC, ETH and more with freedom and security. Crypto Made Easy! 

N.B. Fee discounts are applied to all buy and sell orders. If these orders are executed on the Pro Platform, the discount is applied up to a maximum of €50,000 volume in the last 30 days. Standard buy and sell commissions will apply if the maximum is exceeded in this timeframe. These can be found on the Commissions and Prices page.

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YNG’s tokenomics explained step by step

yng token

Like any self-respecting token, YNG is governed by a specific issuing and distribution plan. Discover its tokenomics!

The Tokenomics is the business card of every cryptocurrency, it indicates its characteristics and all its strengths. If you want to know the mission, vision and economic mould of a crypto project, its tokenomics is the right document to consult. The tokenomics of YNG Token is always available in the whitepaper and in the Academy. In this article you will find all the main information on the YNG tokenomics explained step by step!

Category: What type of token is YNG?

YNG is Young Platform’s utility token. By definition a utility token is designed to access specific services in a crypto ecosystem, the YNG token serves to enhance the user experience of Young Platform’s products. All of Young Platform’s products revolve in fact around YNG, in each of which the token has a different function. For example, on Young Platform Step, users receive YNG as a reward for crypto-related quizzes and challenges. This was the first function of YNG, the token has been distributed for free since January 2019. YNG is a token based on Ethereum’s ERC-20 standard, the most widely used to develop utility tokens. YNG is a token, not a coin, precisely because it does not live on its own blockchain but relies on a third-party chain.

Total supply: how will the YNG token be distributed?

One of the key points to consider in the tokenomics of a cryptocurrency is its total supply. From this figure, one can tell whether the number of tokens, or coins, in question is set to increase indefinitely or not. In the case of YNG, the smart contract provides for a limited supply of 100 million tokens. This means that the number of tokens cannot be exceeded under any circumstances. The Young Platform team decided to allocate these 100 million YNG for different purposes:

1. Rewards in the Young Platform product ecosystem (63.6%)

63.6 percent of the total supply of YNG goes to Young Platform users in the form of rewards. How can YNG be obtained as rewards? E.g. on the Young Platform Step app to encourage in-depth knowledge of the crypto sector, or on Young Platform as an additional reward for activities related to the Earning Wallet feature and all future initiatives.

As of the 30th of May 2022, 7.3 million YNG have already been distributed for this purpose. The remaining 56,3 million will be distributed from now onwards.

2. Sale (17.6%)

A small percentage of YNG’s total supply was reserved for sales. This is because the choice was made to favour internal incentives within the platform itself and the user experience. With the Community Sale in May 2022, 6.9 million YNG were sold/purchased while 10.75 million are in the Treasury, divided between market makers, Venture Capital and listing procedures.

3. Young Platform Team (10%)

A portion of the YNG tokens will be distributed to Young Platform employees starting in 2023. Young Platform is growing as a company thanks to people, so the YNG token will be a reward for the work of individuals who make a difference and support the company with their skills.

4. Advisors (5%) and Stakeholders (3.8%)

Young Platform also receives input and support from people outside the company. An incentive mechanism for advisors and stakeholders has been devised for this purpose.

The YNG Liquidity Management System

To regulate the liquidity of the YNG-EUR market pair on the Young Platform exchange, an algorithm will be used based on the same mathematical formulas that are normally used to manage the liquidity pools of decentralised exchanges based on automated market makers. In the specific case of YNG, the same formula will be used that allows the liquidity pool of Uniswap to function: K = x * y, where ‘x’ represents YNG tokens and ‘y’ the Euros in the pool. The purpose of this formula is to calculate the right proportion between the number of tokens bought or sold and their price; and also to keep the product between the amount of tokens in the pool and the amount of Euros constant over time. Based on this formula, the Young Platform pool will initially contain 1,000,000 EUR and 4,166,666 YNG. Contrary to DeFi protocols, there will be no major variation in the liquidity contained in the Young Platform pool for the short-medium term, however any changes in the total liquidity will be promptly communicated. This mechanism will in fact only serve to ensure adequate liquidity on our exchange through a sufficient number of limit orders on our order book, while the price of YNG will be determined by supply and demand.

Supporting the market cap with buybacks

In order to reduce the circulating supply and increase the market capitalisation, especially in the first phase after the listing of YNG, Young Platform reserves the right to use the buyback mechanism. This means that in order to support the performance of the YNG token, the company could buy back a certain amount of tokens, which would then either not be put back on the market or be burnt. Buybacks will always be announced well in advance through the official channels of Young Platform, as well as how the purchased tokens will be used.

Circulating supply as of 30 May 2022

Circulating supply represents the number of tokens that are available for purchase and sale at any given time. As of 30 May 2022, there were 16.73 million YNG tokens in circulation. Specifically, 7.1% of the circulating supply of YNG were in Step’s wallets, 63.2% in Young Platform’s wallets, 23.9% in the Liquidity Pool needed to support the Order Book, 1.2% was for external advisors, and 4.6% was distributed to stakeholders in 2019 through the crowdfunding campaign.

All use cases of the YNG token

We said that YNG is a utility token, but what exactly is its utility? Before the listing, YNG was always distributed via airdrop as a reward for quizzes and challenges on Young Platform Step. In addition, YNG holders were entitled to receive discounts on exchange service fees. After the listing, the airdrop on Step slowed down to curb the inflation, but the benefits of owning the YNG token multiplied! By locking in part of your YNG, you’re able to access the Young Platform Clubs. By joining one of the 4 Clubs, you secure exclusive treatment and all the best promotions on Young Platform products.

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The Clubs are open: experience Young Platform as a protagonist

YNG Token: Opening of the exchange’s crypto Clubs

The Clubs are open, have you already chosen which one to join? Prepare your YNG and discover all the benefits

Today is a momentous day for Young Platform: on the eve of the YNG token launch, the Clubs open the doors to the community. Each Club is like a pass to experience all the new features and functionality of Young Platform, present and future. Bronze, Silver, Gold or Platinum… each precious metal represents a Club. Which team do you want to join?

Today Young Platform is adorned with bronze, gold, silver and platinum, but what is really valuable is its community! Since the earliest human civilisations, these metals were used as a symbol of prestige and recognition. From now on, belonging to a Club can offer you a privileged position among YNG holders. Now that you’ve bolstered your YNG stocks with the Community Sale (or are planning to refresh your wallet with a bit of ‘young’ flair), you can make the most of them by joining Clubs. The best way to experience the Young Platform community as a protagonist!

At Young Platform we often use playful and witty metaphors, as we like to think that even complex topics can be learned with a light hearted approach.. Light-heartedness yes, but not superficiality! With the Clubs we want to give that sense of belonging that unites the community a chance to emerge. Indeed, we think it is crucial, as the community grows, to maintain that sense of team and family that has brought us this far.

How do the Clubs work? 

Each Club requires a minimum quota of YNG tokens to be locked for membership. This ranges from a minimum of 1,500 YNG for the Bronze Club to a maximum of 25,000 YNG for the Platinum Club. The locking required to become a Club member is different from staking: it does not earn any rewards, lasts a minimum of 90 days and can only be done with YNG that can be used within your Spot Wallet. Therefore YNG tokens received via Community Sale Cashback cannot be used immediately to join Clubs. 

Club membership lasts for 90 days, at the end of this period you can decide whether to unsubscribe by unlocking your tokens. Otherwise your membership will be renewed automatically. 

Which Club is for you?

Are you a Bronze or Silver type? Is Gold your Club? Or maybe Platinum? Each Club has its own characteristics, and the more precious the metal of your club is, the more you’ll benefit from the various advantages. Here you will find the complete guide and description for each Club. 


If right now you don’t have enough YNG to join one of the Clubs, don’t worry! As of tomorrow, YNG trading is open permanently and you can buy the tokens you need to join the Club that’s right for you. Memberships are open anytime starting now, check out the ‘Clubs’ section in the Young Platform app.

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Young Platform supports LUNA 2.0’s airdrop

Airdrop LUNA 2.0: Young Platform supplies the new tokens

LUNA holders on Young Platform will be able to participate in the airdrop of tokens on the new Terra 2 chain. Find out the details!

After the collapse of UST and LUNA, Do Kwon and the Terra community developed and approved a plan to rebuild a blockchain and compensate UST and LUNA holders. The old LUNA and UST tokens will be called LUNA Classic (LUNC) and UST Classic (USTC), the new token will keep the name LUNA. Details about the airdrop can be found in this article.

LUNA 2.0 airdrop on Young Platform

This airdrop is technically quite complex, so Young Platform plans to support LUNa’s airdrop only in the near future. This means that the distribution of the new tokens to Young Platform users will not take place at the same time as the official airdrop . As soon as further details are available, instructions on how to participate in the LUNA 2.0 airdrop will be announced. 

PLEASE NOTE: In order to facilitate all management operations related to the LUNA 2.0 Airdrop, LUNA deposits and withdrawals are blocked as of 5pm UK time on the 26th May 2022 (today) until further notice. 

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After an amazing Community Sale: listings and clubs

YNG Token: after the Community Sale comes the listing

In this Community Sale, everyone has shown their affection and support for the YNG token, find out the new listing date! 

When you finally learned what Bitcoin was, you couldn’t wait to explain it to your neighbour too. When you won your first prediction on Ethereum, you thought about adding “trader” to your Instagram bio… On your tenth correct quiz, you organised a crypto-themed game night for your friends. Admit it, over the years Step has hyped you up! As you played, walked around and discovered that cryptos are not such an untameable subject, your YNG wallet swelled just like your knowledge base. The YNG token has always been there to reward you!

YNG has seen us walk the streets of the crypto world and learn, one step at a time, about all its values and the potential of a technology that is changing the world. We rediscovered our curiosity, our willingness to learn and take notes by reading Academy articles (with such commitment we may not have even used for school). Why did we decide to launch the YNG token on the market? Because it is a sign of a passion that unites a community, which for four years has welcomed all the Quests on its path.

Something tells us that we were not wrong. With this Community Sale, we were overwhelmed by a realisation: the Young Platform community wants YNG and YNG is here to stay. At the beginning of this journey, we had set our sights on the goal of 6 million tokens purchased in Community Sale, having reached this figure we would decree a great success. But we have gone far beyond our goals: to date, 6.4 million tokens have been purchased and we have distributed a total cashback of YNG 436,000, and now the listing awaits. The excitement is through the roof, so all we have to do is start the countdown. 

Update: New date for listing 

On the 1st of June, 2022 at 12 noon CET, YNG will finally be released to the market and available for buying and selling. After the listing, you will find a different YNG token, but what will remain unchanged is the lively and passionate spirit of its holders.

As with all tokens, the value of YNG is not decided at the drawing board or even constant over time. Indeed, the price of YNG will be susceptible to market trends and the logic of supply and demand. Simply put, the price of YNG will depend on how many people buy it and how many sell it. The more people want to buy it, the more its price will increase. Conversely, the more people sell it, the more the price of YNG will fall. We know, the crypto market is volatile, but tokens backed by a strong community are destined for great things!

In conjunction with the listing, the sale and purchase of the YNG token, which was temporarily suspended from the 25th of May, will be reactivated, while the transfer of the token from Step to Young Platform is still active.

Clubs will start working on the 31st of May

Now that you are ready to begin your adventure in the YNG marketplace, you may want something more: clubs. Subscriptions open the 31st of May, but how does it work? To join the Bronze Club you need to block 1,500 YNG, 5,000 YNG for the Silver Club, 10,000 YNG for the Gold Club and 25,000 YNG for the Platinum Club. Blocking YNG for Clubs is different from blocking YNG for staking, in fact in the former case you do not get rewards but benefits. Once you join the Clubs, you cannot cancel your membership for 90 days. After these three months, you can choose to unsubscribe, otherwise, you will continue to enjoy the benefits. These are divided into several categories: fee discounts and increased rewards from staking and airdrops. But in the future there will be many more!