The report for the second quarter of the YNG token, featuring an in-depth look at the Clubs and the latest news!
In June, the Young (YNG) token celebrated its first anniversary. What happened in the last quarter? How many tokens were issued, bought, and sold? What goals have we achieved, and what are the next steps? You can find a comprehensive overview in this report, prepared in early July 2023.
Numbers of Young Platform Clubs
YNG is Young Platform’s utility token, granting access to the Clubs: subscription plans offering exclusive benefits to our most dedicated supporters.
Currently, the Clubs include 1525 people overall, distributed as follows:
- 1099 in the Bronze Club;
- 220 in the Silver Club;
- 133 in the Gold Club;
- 73 in the Platinum Club.
To join a Club, it is necessary to lock a certain amount of YNG on the Young Platform exchange. For this reason, the number of members provides relevant data regarding the token distribution. In other words, the more people join a Club, the lower the selling pressure on YNG, as a greater quantity of tokens is locked. What is the main consequence? Greater price stability for YNG. Compared to the last report, Club membership has grown by 12%.
Distribution of the YNG Token
The number of YNG tokens in circulation at the end of March was approximately 22 million. The circulating supply at the beginning of July amounts to around 22.7 million, indicating a net increase of about 700,000 tokens, or 3.1%.
These tokens have been distributed through the Young Platform Step app in various ways:
- 15,840 through Quizzes won;
- 400,157 through completed Quests;
- 270,250 through Up&Downs won.
The YNG token market is managed through an algorithm that determines the exchange rate using two underlying liquidity pools, one in EUR and one in YNG. Initially, these pools contained:
- 1 million Euros;
- 4 million YNG.
Considering the token sales and purchases managed in previous months, the pools contained the following at the beginning of July 2023:
- 695.3K Euros;
- 6.01 million YNG.
This configuration is the result of purchases and sales made during the first quarter, summarized below along with the price trend:
Achieved Goals and Next Steps
We have accomplished numerous goals in this second quarter. We released the Fiscal Report in Italy, a tool that greatly simplifies the tax declaration of crypto assets. The new version of Step has arrived, and we have resumed listing other cryptocurrencies on our exchange. Additionally, we have completely revamped our Discord server and are about to release new benefits in the form of coupons. The spoilers end here; discover in detail all the goals we have achieved during this quarter and what lies ahead in the next.
Discord
Our Discord server was initially created primarily as an assistance channel, but given the tremendous potential of the platform, we have decided to completely restructure it. For a few weeks now, the Young Platform Discord server has been dedicated to our community. The keywords of the new version are simplicity, discussion, and gamification.
Users who are already on the server may have noticed the presence of a leaderboard, ranking server members based on their XP (experience points).
To earn experience points, for now, you can:
- Participate in conversations;
- Assist other users;
- Post memes on the dedicated channel;
- Guess the survey answers.
But we have many other ways in store to earn XP, including:
- Winning meme contests or quizzes;
- Interacting with our social media content;
- Inviting friends to join the server.
Now, let’s get to the most interesting part and answer the main question: what is the purpose of this ranking? We will use the leaderboard to reward the most active users of the server, those who are most committed to growing our ecosystem.
Some of the rewards that may arrive during this quarter include:
- YNG Airdrop;
- One month of free Club membership;
- Exclusive merchandise.
But the surprises don’t end there! We are creating an exclusive Discord role for Club Platinum members. In case you are unfamiliar with it, the role is like a pass that allows access to normally invisible sections. Thanks to this status, you can use the dedicated channel to communicate directly with our team and other major supporters of Young Platform.
Twitter will become the primary social platform for promoting the YNG token. It will be the place where we strengthen collaboration with prominent industry members who already support us and establish new collaborations. Additionally, we are implementing an automatic reward system (connecting Twitter and Discord) to reward users who help us grow on the platform.
We post daily content and memes on our Twitter profile. Don’t forget to follow us!
Buyback
Buyback operations to incentivise the YNG token exchange will begin next week! Two different types of interventions will be executed. The first will be a “one-shot” repurchase operation aimed at balancing the amount of EUR allocated to the pool. The second is a mixed operation involving periodic token repurchases.
Through the first buyback, which will last four weeks, four weekly purchases of €15,500 will be made, totalling €62,000. Immediately after, we will place a limit order to use the remaining half. We have planned this type of buyback to support the price achieved through the first purchase and avoid the pump and dump phenomenon. If, at the end of the week, the limit order is not completed 100%, we will market buy the remaining token portion to complete the operation.
A portion of the tokens repurchased will be used to finance campaigns aimed primarily at rewarding the community and its most active members.
Fiscal Report
In May, we introduced the “Fiscal Report” feature for Italy, which simplifies the declaration of capital gains and losses by providing the document for tax filing in PDF format. The Fiscal Report was developed in collaboration with Taxtris.
The New Version of Step
The release of the new version of Step, which we have been working on since last year, is closely tied to the future of our token. This update, through new token issuance methods, will gradually reduce the selling pressure on YNG, which is already much milder compared to the post-launch period.
Airdrops & Coupons
In the third quarter of 2023, other incredible benefits will be available to Club members in the form of coupons. The announcement of the first collaboration is imminent (presumably next week), so follow our blog and social channels.
Another goal we have is the redistribution of Young tokens repurchased through the Buyback. This will also be achieved through airdrops designed to reward members of our community.
Token tracking (CoinMarketCap and CoinGecko)
In this quarter, we have continued to prompt CoinMarketCap and CoinGecko every week. This activity has yielded some results, although to a lesser extent than expected. We are currently listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although trade volumes are not available for both pages at the moment. We are in contact with the respective teams and believe it will be possible to complete this activity by the end of this quarter.
YNG Listing
Thanks to the initiatives that have allowed us to mitigate selling pressure, we are evaluating listing our token on other exchanges. As mentioned in the previous report, we have engaged with several centralized exchanges. However, we do not expect to conclude this activity before the end of the quarter because we are simultaneously considering entering the decentralised market (DEX).
Earning Wallet
The Product team is working on the new version of the “Earning Wallet” feature, as The Product team is working on the new version of the “Earning Wallet” feature, as previously mentioned in our last report. Our goal is to provide a decentralised solution so that we can manage the service without the help of intermediaries or external providers. The technology solution to be integrated has already been identified; however, the implementation timeline is dependent on the outcome of regulatory bodies, namely the AdE (Italian Revenue Agency), which evaluates the tax and regulatory aspects, and the CONSOB (Italian National Commission for Companies and the Stock Exchange), responsible for implementing the Fintech decree.
Warm regards from the Young Platform Team