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Solana launches a smartphone for crypto and blockchain

Blockchain in the palm of your hand? Solana announces the development of a flagship Android smartphone integrated with crypto

Want to always have blockchain and crypto at your fingertips? Solana, in collaboration with OSOM, has announced a brand new Android smartphone with cutting-edge technical features, fully integrated with the crypto world. The mobile phone, called the Solana Saga, is designed to make access to Web3 simple and straightforward. The Solana Saga is a future-proof device, find out what the Solana smartphone, the Android mobile phone designed for crypto and Web3 enthusiasts, is all about!

An Android smartphone for crypto and Web3: this is what Solana Saga is and how it works

Did you buy a smartphone with 5G thinking it was state-of-the-art? Technology has just churned out something even more futuristic! In collaboration with Osom, Solana has announced Saga, a crypto- and Web3-proof Android smartphone integrated with blockchain and compatible with all decentralised applications. The manufacturing company, Osom, is a start-up created by some employees of the now defunct company Essential, which designed smartphones dedicated to privacy and security. Now they have decided to push the boundaries: here is Solana Saga!

The technical features of the Solana Saga are respectable and are no match for other top-of-the-range devices. The 6.67-inch OLED screen has a refresh rate of 120Hz, ensuring no blurring even in the most frantic videos. It also has 512 GB of memory, and 12 GB of RAM to run even the heaviest dApps. Highlights are the 50 MP main camera and the excellent Snapdragon 8 Plus Gen1 processor, which is the latest addition to the market and guarantees user privacy. In fact, thanks to the capabilities of this processor, Solana Saga is able to keep private keys and seed phrases safe, but at the same time make them interact with decentralised applications should the need arise. Solana works to ensure that your privacy is not compromised!

Solana also put another important building block on the theme of increasing the accessibility and usability of its network in March 2022, with the partnership between Dialect (Web3 messaging protocol) and Solana Mobile. The goal of the collaboration? To launch a Whatsapp-style, but decentralised, open source messaging application for the Solana Saga Android smartphone.

All this technological power will be used to make decentralised applications and the Web3 work stably and smoothly. Solana Saga  will be integrated with the Solana blockchain and all other realities of the new Internet, thanks also to the new open-source marketplace that will be installed on the device. Solana Mobile Stack replaces the Play Store (installed by default on Android smartphones), allowing developers to develop their own decentralised applications and publish them on the open-source marketplace. “The world needs hardware companies that focus on supporting Web3,” reported Jason Keats, CEO and founder of Osom. “Building the ecosystem of the future without being tied to the past is really exciting.”

Why buy a Web3 and crypto-proof smartphone? Solana’s founders answer

Is Solana’s smartphone, an Android phone integrated with crypto and Web3 really necessary? According to the founders of Solana, definitely yes! Indeed, they hope to be pioneers and lay the foundations for a revolution that is now imminent. “Almost 7 billion people use smartphones worldwide and more than 100 million of these people own digital assets, and these numbers will continue to grow,” said Anatoly Yakovenko, one of the founders of Solana, confidently. ‘Solana Saga wants to create a standard for all hardware devices that interface with Web3’. Yakovenko’s words are clear: the question to ask is not whether a smartphone integrated with blockchain is useful, but when we will all get to have one in our pockets!

“We chose the name Saga because we believe the crypto story is still in its infancy,” said Raj Gokal, co-founder of Solana. “This smartphone is a step forward in history, and we believe it is critical to improving the understanding and adoption of this new technology,” he continued. Thanks to Saga, understanding and using the blockchain will be as easy and intuitive as downloading an app from the Play Store or making a payment using your smartphone’s NFC.

Privacy and technological innovation: Solana Saga is an Android smartphone projected into the future and integrated with Web3 and crypto. It could be the first in a long line of next-generation mobile phones. Imagine transferring cryptocurrencies, paying for pizza and shopping online all from the same interface and in a completely decentralised manner. Does the future of blockchain pass through smartphones? We will find out in March 2023, when Solana Saga finally hits the market!

Solana Saga pre-sale 

It is already possible to pre-order the Solana smartphone. To do so, simply log on to this site, enter your details and pay a deposit of 10 percent of the final price of the smartphone, exactly $100. Solana has announced that pre-ordering the device will provide additional benefits, including limited edition NFTs, merchandising and other benefits that are as yet undisclosed. 

Users interested in obtaining one of the first examples of Solana’s Android smartphone were able to purchase an NFT called the ‘Saga Pass’, which grants them the right to be the first to receive the Saga, as well as the right to airdrop and participate in exclusive events. These NFTs went on sale on 31 October 2022. 

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Meta and The Fabricant, 2 ways of understanding digital fashion

The future of fashion is digital. The dilemma: will blockchain be involved, yes or no? All the most famous brands are converting to the combination of NFTs and fashion!

For fashion brands, the Metaverse is proving to be an opportunity to experiment with expressive languages and to think up new products. More and more brands are developing digital collections, including Zara, Lacoste, Adidas and Gucci. However, not all of them choose to make digital fashion on blockchain: The Metaverse has different forms and can be centralised or decentralised. This duplicity also describes two different ways of understanding digital fashion. For some companies, such as Meta, virtual fashion is not in the form of NFT while for others, such as The Fabricant, digital fashion is to be built on a blockchain. Let’s take a look at these two different approaches to digital fashion!

Meta: a Metaverse dressed in Balenciaga, Prada and Thom Browne

Mark Zuckerberg, CEO of Meta (formerly Facebook), announced a few days ago during a live broadcast on Instagram that the digital clothing boutique ‘Avatar Store’ for the Metaverse ‘Horizon Worlds’ is about to open. The launch will be celebrated by partnering with some high fashion brands namely Balenciaga, Prada and Thom Browne. “I’m really grateful and proud that these brands are joining us to kick-start fashion in the Metaverse,” Zuckerberg said. The digital fashion marketplace for all Meta and Facebook users will be available next week, starting in the US, Canada, Thailand and Mexico. Initially, garments for sale on the Avatar Store will be priced between $2.99 and $8.99. Balenciaga, Prada and Thom Brown will therefore be the first brands to sell in Meta’s marketplace. However, Zuckerberg’s idea is to start a marketplace in which everyone, not just designers by training, can make and sell digital fashion. At the moment, it has not yet been revealed how the rewards will be distributed between the Meta marketplace and the virtual haute couture creators.

The Fabricant and the decentralised fashion model

What is The Fabricant? The answer is ‘a Digital Fashion House’, one of the pioneer projects of digital fashion on blockchain. The Fabricant is not a real fashion NFT marketplace, but a virtual fashion incubator. The platform is built on Flow, a blockchain chosen by the founders for its sustainability and speed. Compared to Meta, we are dealing here with NFT fashion, a case of decentralised digital fashion built on the blockchain. The creators of The Fabricant do not create simple garments as digital objects but real NFTs. For The Fabricant’s team, blockchain is ideal for building the fashion of the Metaverse. First of all because it is able to give value to the data and ownership of digital objects. According to co-founder Adriana Hoppenbrouwer-Pereira, The Fabricant is “creating a business for the time when our digital wardrobe will be our wardrobe“. Having a set of clothes in the Metaverse will not be such an absurd concept when there will be more and more digital experiences on offer. Changing one’s clothes and adapting them to each occasion will become as spontaneous as changing clothes in real life: one outfit for the gym and one for an elegant dinner. When this happens, there will be so many digital clothes to make that only blockchain will be the right tool to scale production.

Blockchain is also beneficial for the digital fashion industry because it keeps track of royalties and distributes them equally between creator and owner. In an interview, Hoppenbrouwer-Pereira said that blockchain and the Metaverse will bring fashion back to its dimension of play and fun. Dressing in the Metaverse will be a modular experience, highly creative and expressive of people’s personalities.

What makes an NFT fashion really useful?

NFT fashion must be fully adaptable to the avatars of the various metaverses and transferable between them to be of real use. The Fabricant’s challenge at the moment is to translate its fashion creations into the styles of the major virtual worlds. The Sandbox for instance is more pixelated than Decentraland, the same NFT outfit must be able to be worn anywhere. The other side of this challenge is to provide a cross-chain experience where NFTs built on a blockchain like Flow can be transported and used anywhere. Especially on Ethereum where the main metaverses are developed.

 

Are the metaverse and digital fashion worlds really just around the corner?

In order to conceive the usefulness of digital fashion, you may first ask yourself whether the Metaverse is really a technology capable of predominantly entering our lives. The success of the Metaverse will be dictated by its ability to attract attention and engage users. However, we are only at the beginning. one can consider that Decentraland hosted 40,000 people at its first Metaverse Fashion Week. The results in this respect look promising, the record of MANA‘s metaverse is very high for the blockchain to be able to accommodate so many users. Fashion companies that have chosen NFTs on The Fabricant include Adidas, Under Armour and Puma.

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Navigating the Bear Market in a crypto company

Young Platform looks beyond the current market trend and continues with its recruitment plan. We’re here to explain why this is not a crazy move

The days at Young Platform move quickly. So too does the world of crypto. With everything moving at the speed of light, we try to keep up and make this universe accessible to everyone. It all starts with our colleagues in front of the coffee machine. We all work in crypto, but we specialise in many different areas. The Trading room shares crypto memes with the Social network team and the Developers listen to behind-the-scenes gossip coming from Customer Support. In this environment, we also see our wallets slipping more and more into the red. With a pat on the back, we say to newcomers: “first time?”. Your first bear market, just like your first Bitcoin, will never be forgotten.

The economic conditions in recent months have changed rapidly. The crisis in the crypto market (and beyond) is leading many companies in the sector to cut their recruitment. For some, the answer to this crisis is to cut labour costs through layoffs, and some may even regret having hired too much when the market was growing.  But at Young Platform, our hiring plan is tight and we intend to stick to it. It is not a reckless choice, and we are here to explain why. By the end of 2022, 52 more colleagues will have joined and maybe a single coffee machine will no longer be enough.

Bear markets pass but Young Platform’s mission remains

At Young Platform there are many open positions, a bear market (however long it lasts) will not stop our growth. We have decided to switch the perspective by taking advantage of this delicate moment to think outside the hype that overwhelms us when the market is going strong. We can ask ourselves with a clear mind: How are we working? Why do we do what we do? Young Platform’s mission will always remain the same: to facilitate the use and understanding of crypto and blockchain technology. We know what these tools can do for the world as we know it. We know that they can improve people’s lives. That is why in the face of it all, we have to keep building, and even in current conditions, the team needs to expand.

An example of this spirit is the listing of our token. YNG was launched on the market even when the market itself was not the most welcoming. Is that a bold move? No, the same reasoning also applies here: bear and bull markets will succeed each other, but the values behind Young Platform and its community will remain unchanged.

The invaluable value of the Young Platform team

When you join Young Platform you’ll have a lot to learn. You don’t have to be a great expert to start, but crypto education is a necessary tool and it has become our bread and butter. When you join Young Platform, you are aware that the industry is evolving and you cannot stand still. That’s why the talent Young Platform gathers comprises some of the most curious and active minds around. The Young Platform team is always ready to take cues from the swirling crypto world and to get involved at the most challenging of times. Working in crypto is not a job like any other, and it’s our mission that guides us through the difficulties. The inestimable value of Young Platform’s team lies in confrontation that leads to growth. Between the corridors of our office and our video calls that connect colleagues all over the world, peer-to-peer education is key. There is no such thing as crypto education.

The capital increase and our recruitment plan

On the 13th of June 2022 Young Platform closed a €16 million investment round led by Azimut, one of Europe’s leading independent asset managers. Banca Sella and United Ventures also participated in the round. This support for Young Platform’s growth will be visible in its recruitment plan. The forecast is to have a team of 110 crypto workers by the end of 2022.

You can view our open positions.

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Young Platform is officially registered with the OAM

Young Platform: registration with the Organismo Agenti e Mediatori

Young Platform is among the first Italian companies in the crypto industry registered with the Organismo Agenti e Mediatori

With the 13th of January, 2022 decree of the Italian Ministry of Economy and Finance, a requirement was issued for companies operating in the cryptocurrency sector in Italy to register with the Organismo Agenti e Mediatori (OAM) and provide quarterly reports. The registry for virtual currency operators was made public on the 27th of May, 2022, and Young Platform is the first officially registered company out of 14 on this date, as indicated by the registration number “PSV1.” Another 28 companies have pre-registered. 

What is the Organismo Agenti e Mediatori?

The OAM is the body that brings together professionals in the field of financial activities and credit brokers operating in Italy. The mission of the OAM is to protect consumers by guaranteeing the professionalism of companies and overseeing that their work complies with current regulations. The Organismo Agenti e Mediatori collects reports of information and data from professionals and companies. Specifically, for virtual currency operators, it will collect quarterly data on operations carried out in the territory of the Italian Republic. 

Why is registration with the OAM important?

Being registered with the registry for virtual currency operators is a prerequisite for legally providing crypto services in Italy. In fact, the exercise of services on Italian territory related to the use of cryptocurrencies and the provision of digital wallets (wallets) is reserved exclusively for registered entities. With its registration with the OAM, Young Platform is in line with the legislative decree and will be subjected in full transparency to the necessary controls to ensure a positive experience for users.  

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Young Platform: new €16 million investment round from Azimut

The fintech company Young Platform closes a €16m investment round led by Azimut to simplify and expand the access to the world of cryptocurrencies

Milan, 13 June 2022 – Azimut, one of the leading independent asset managers in Europe with over EUR 83 billion total assets, participated as lead investor in the EUR 16 million capital increase of Young Platform, an Italian fintech platform that simplifies the access to the world of cryptocurrencies.

Among Italy’s leading fintech scale-ups, Young Platform aims to simplify the access to the world of cryptocurrencies through a digital product platform and intensive educational and popularization activities on blockchain technology and its applications. Among the top three cryptocurrency trading platforms in Italy with 36% market share, the company had over 1 million users at the end of the first quarter of 2022, equal to 11 times the previous year’s volumes. It aims to become a smart digital bank with a focus on new digital services. 

Azimut’s EUR 11 million investment was made through a consortium formed by the Digital Asset Opportunity Fund VCC, launched in collaboration with SBI and SYGNUM, the Azimut Digitech Fund created through a partnership with GELLIFY, and the Luxembourg-based vehicle Azimut Direct Investment Young Platform SCSp. This allowed the Group’s High Net Worth (HNW) customers, served by the network of financial advisors and wealth managers in Italy, to gain exposure to a constantly growing sector.

A pool of investors including Banca Sella, United Ventures and Abalone Venture also participated in the Azimut-led round to support the international expansion of Young Platform.

The cryptocurrency market almost tripled its capitalization in 2021, from $772 billion on the 1st of January to $2.19 trillion on the 31st of December (CoinMarketCap data) and is entering a new phase of development with growing interest from retail investors, as well as institutional investors. In particular, young Italians are among the most enthusiastic in Europe with 14% between the ages of 18 and 34 stating that they have bought or sold cryptocurrencies. Globally, more than a third of millennials believe cryptocurrencies will soon replace cash and cards (Deutsche Bank data).

The new capital investment will support Young Platform’s development plans, starting with the expansion of the team, from 41 to 110 members by the end of 2022, and geographic expansion into new markets such as Spain and France. 

Giorgio Medda, Chief Executive Officer and Global Head of Asset management & Fintech at Azimut Group, comments: “Despite the volatility, cryptocurrencies are emerging as a new asset class reflecting a new digital dimension of the economy that will be increasingly significant for generations Y and Z. Young Platform has developed crypto exchange capabilities in combination with gaming and educational verticals that are particularly valuable as we plan to grow a market segment for a new generation of investors who are looking to the future with financial perspectives based on non-traditional instruments. The Young Platform team uniquely combines technological capability and vision. From our perspective as global venture capital investors, with the experience of SBI and the support of GELLIFY, we believe there is great potential for its development in the European markets. This investment aims to be the cornerstone for the development of joint projects through which we can integrate blockchain and decentralized finance into our asset management platform as new investment and operational opportunities in the digital transformation of our industry, transcending market dynamics in the short term.”

Andrea Ferrero, CEO of Young Platform, comments: “We want to help people seize the new opportunities that technology offers to the world by attracting the best talent from technology and finance, or any other industry where the smartest people in the world are to be found, and grooming them to be innovative in this new industry. There are no defined rules in this industry, which means we can help write them. This is a huge chance that requires extremely creative problem solving and a true desire to change the status quo in every aspect, from marketing to tech to customer support and design.”

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FAQ: the future of the YNG 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 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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Terra 2 is coming, find out how the new LUNA airdrop works

LUNA Airdrop 2.0: how it works and how to get it

It’s official: the new Terra 2 chain will be released on the 27th of May! Find out everything about the new chain wanted by Do Kwon and how the LUNA 2.0 airdrop works

Do Kwon’s proposal passed: a new Terra is on the way. With 66 percent of votes in favour, the community voted in favour of the creation of a new chain. The old LUNAs will be called LUNA Classic (LUNC) and the migration will take place on the 27th of May, through an airdrop that will try to give back to the LUNAtics what they deserve. Find out all about the release of Terra 2, how LUNA 2.0’s airdrop works, and how to get it!

What is LUNA 2.0, the new chain proposal from Do Kwon

After the collapse of LUNA and UST, the crypto community found itself in dire straits. Terra’s founder, Do Kwon, came up with a proposal to create a new chain from nothing. The proposal in question, published on Terra’s Agora, received 66% positive votes despite the fact that some members of the Terra community spoke out against the idea.

Despite criticism from some users, Do Kwon has found support from the majority of the community in creating a fork of Terra. Terra 2 will not exactly be a ‘hard fork’ similar to Ethereum’s actions after the 2017 attack. Instead of “resetting” the blockchain to a time before the collapse (7th of May, in this case), Do Kwon will create a new blockchain from scratch, but without the UST algorithmic stablecoin.

With this fork, Terra’s founder wants to recreate the blockchain by eliminating the weak point that led the old chain to collapse, namely UST. Terra 2 will become a strong DeFi ecosystem with all the dapps already ready to be implemented.

How LUNA 2.0’s airdrop works

The airdrop of the new LUNAs will be gradual and will mainly reward those who held LUNA and UST before the collapse. Before launching the new chain, the developers will take a snapshot (at 8:59pm UK time on Thursday 26 May) of all tokens in the old chain and then distribute the new LUNAs on the updated version. The new LUNAs received will automatically be staked.

Do Kwon’s plan is for the new chain to start from a ‘virgin’ state, i.e. block 0, with a circulating amount of tokens equal to 1 billion. How does the airdrop of LUNA 2.0 work? The new tokens will be distributed in this way:

–       35% of the initial tokens will be divided among all LUNA holders before the crash. This means that as much as 350 million of the new LUNAs will be reserved for LUNAtics who purchased the tokens before 7 May, and held them even during the crash. Wallets with less than 10,000 LUNAs will get 30 per cent of their share immediately, and 70 per cent will be returned gradually over two years. Whales, on the other hand, will have worse conditions, and will get all the LUNA they are entitled to over four years.

–       15% of the LUNAs will be reserved for those who held aUST (i.e. USTs locked on Anchor Protocol) before the collapse. In this case, however, whales will have a maximum of 500,000 LUNA, to give priority to small UST holders.

–       15% of the initial tokens of the new chain will be reserved for those who bought USTs after the 7 May collapse.

–       10% of the new LUNAs will go to those who bought LUNAs after the collapse, and will be returned gradually over a period of two years.

–       Finally, the remaining 30% will end up in the community pool, to support the effort of dapp developers and ensure that the new chain maintains its value as a DeFi ecosystem.

The system is quite complex but Do Kwon thinks this is the best way to compensate LUNAtics fairly and to recreate a functional and effective network in the DeFi landscape.

In the proposal, Terra’s founder writes that the LUNA airdrop will take into account all on-chain assets (including, for example, LUNAs in staking or those on some centralised exchanges), except for a few specific ones due to technical reasons. For example, USTs and LUNAs ‘transferred’ with a bridge to other blockchains will not be part of the airdrop unless they are returned to the original chain (e.g. Terra’s official wallet, Terra Station). LUNAs blocked in the most popular DeFi protocols will also be returned. For more information, please refer to Do Kwon’s official proposal, which is constantly being updated.

Criticisms for LUNA’s fork go beyond the community

The collapse of LUNA and UST has obviously divided the crypto community. Although many support Terra’s fork, not everyone believes that the airdrop of LUNA 2.0 is the best solution to repair the damage caused by the collapse. Criticism, especially on Twitter, abounds: but it is not only the users who oppose Do Kwon’s and the rest of the community’s decision.

Lido Finance, one of Ethereum’s most important liquid staking protocols, refused to support Terra 2.0. Lido’s DAO voted ‘no’ decisively, with 95 per cent voting. Less than 5% of the participants were in favour of bringing Lido Finance onto the new Terra chain.

Despite the fact that Lido Finance had a locked-in value of almost $10 billion on Terra before the collapse of LUNA and UST, the DAO practically rejected Do Kwon’s proposal. “We will think about it after the launch, first it is better to see if Terra 2.0 is a legitimate project and supported by the community. At the moment there are too many doubts about the new chain,’ wrote one of the users against Terra 2.0.

The 27th of May will be a date that will go down in history not only for Terra, but for the entire crypto world. Only one day to go until the decisive date: will airdrop be enough to win back the market’s favour?

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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!