The third quarter YNG Token report, with an in-depth look at Clubs and the latest news coming soon!
What happened in the last quarter? How many tokens have been issued, bought and sold, what goals have we achieved and what are the next steps? You can find a complete overview in this report, compiled in October 2023.
The numbers of Young Platform Clubs
YNG is Young Platform’s utility token and grants access to Clubs: the subscription plans that offer exclusive benefits dedicated to our biggest supporters.
The Clubs, at the moment, consist of 1400 people, divided into:
- 1031 for the Bronze Club;
- 167 for the Silver Club;
- 121 for the Gold Club;
- 81 for the Platinum Club.
To join a Club, a certain amount of YNG must be blocked on the Young Platform exchange. The number of registered members is therefore important for analysing the distribution of the token, especially since the more people join a Club, the lower the selling pressure on YNG will be. What is the main consequence? A greater stability of the price of YNG. Since the last report, Club members have decreased by 9% but Platinum members have increased by 11%.
Distribution of the YNG token
The number of YNG in circulation at the end of June was about 22.7 million. The circulating supply at the beginning of October was about 23.1 million, which means that there was a net increase of about 400,000 tokens, or 1.7%.
These tokens were distributed via the Young Platform Step app in different ways:
- 76,049 through the completion of Quizzes, Quests and Up&Down (prior to the implementation of the levels);
- 331,830 through the completion of the Levels.
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 token sales and purchases handled in the past months, as of October 2023, the pools contain:
- 771K Euro;
- 5.43M YNG.
This configuration is the result of purchases and sales during the third quarter, summarised below together with the price trend:
Goals achieved and next steps
During Q3 2023, we achieved a large number of goals and released as many new features. First of all, we successfully launched and concluded buyback operations, which, together with a modest amount of purchase volume, breathed new life into the Young token (YNG). In addition, our dedicated business services and the tax advice section of the site with expert accountants arrived.
The community section also saw big news! Two new channels were opened: Telegram and WhatsApp, and activity on the Discord server increased. Finally, Club members can be, in part, satisfied; thanks to new benefits in the form of vouchers issued. Here are all the goals achieved during this quarter and the challenges that lie ahead for the next one.
Buyback
The buy-back operations were successfully completed. We purchased a total of €62,000 of tokens through spot trades and then supported the price through limit orders. Young’s (YNG) price increased by 15% from the beginning of July and by 40% from the February lows.
Listing
We are still considering listing the Young token (YNG) on other exchanges. We are currently in negotiations with several centralised exchanges but are also considering opening up to the decentralised market (DEX).
Token tracking (CoinMarketCap and CoinGecko)
The weekly reminders sent to CoinMarketCap and Coingecko have, unfortunately, not produced any more results than those achieved in Q2 2022. We are currently listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although, for the time being, no exchange volumes are available for both pages. The situation will probably unblock, at least as far as the token is concerned, when we list on another exchange.
Small balances
Spoilers!
By popular demand, a new feature is coming soon, allowing you to convert small crypto balances into Young tokens. This way you can give new life to small amounts of cryptocurrency that you would not use.
Multi Network
This function, although it may seem secondary to some, is very important. Especially for those who intend to geek out with DeFi’s decentralised applications. It will soon be possible to deposit and withdraw Ethereum, USDT and USDC, also via the Arbitrum, Optimism and BSC networks. In this way you will be able to make the most of the opportunities offered by Web3 with very low deposit and withdrawal costs.
In the coming weeks, the Polygon zkEVM and Base networks, Layer 2, developed by Coinbase, will also arrive.
Telegram
We have launched a new Telegram channel! The main objective is to try to counteract the many attempts to defraud our users. In the current group, which is still open but will be permanently closed in a few weeks, malicious actors can view the phone numbers of members who have not specified within the app to be hidden and contact them privately.
Join our Telegram channel!
Young Platform’s new Telegram channel solves this problem. It is to all intents and purposes a channel (and not a group where the admins are the only ones who can post) and therefore the username and phone number of all members is blacked out.
We then also ventured into WhatsApp, which introduced Communities. These are larger and more customisable discussion groups than those used to communicate with friends or family. The Young Platform WhatsApp group will, for now, serve the same purpose as the Telegram channel. One more way to learn about all the news concerning our ecosystem and the crypto world.
Discord
Discord is the main place dedicated to our community, featuring a leaderboard where server members are ranked according to the XP (experience points) they possess. This will be used to reward the most active users of the server, those who are most committed to growing our ecosystem. During the quarter just ended, we prioritised other initiatives, but presumably some of the rewards in store for the community will come during this quarter.
We have also created the channel reserved for our biggest supporters, the Platinum Club members, and we are working on creating those for other Club members as well.
Explore our Discord server
X
Twitter has changed its name, but still remains the main venue for promoting the YNG token. We have, to some extent, strengthened our collaboration with prominent members of the industry, who already support us, and we plan to enter into more. Unfortunately, it has not been possible so far to implement an automatic reward system (via the connection between X and Discord) due to the new policies of Elon Musk’s social network.
On our X profile we post daily content and memes, if you don’t follow us yet you should definitely do so!
Follow us on X
Fiscal Report
In May, we introduced for Italy and France one of the features we are most proud of. We are talking about the ‘Fiscal Report’, a document that simplifies filing crypto taxes, making it available for download in Pdf format. The Fiscal Report was developed in collaboration with Taxtris and is the first service of its kind offered by an Italian exchange. Please note that the Fiscal Report is discounted for Silver and Gold Club members, and free for Platinum Club members.
Vouchers and Benefits for Clubs
More amazing benefits for Clubs in the form of vouchers arrived in the third quarter of 2023, but this is no time to rest on our laurels. After We Road, a partnership with another famous brand is on the way this week. The theme of the collaboration is privacy, a concept very dear to us; but no more spoilers, at least for now!
Business services
Young Platform’s business services also opened up recently. In recent years, companies are beginning to understand how crypto is key to make their business competitive and scalable, while completing the long needed digital transition.
News on the way!
Finally, two more huge innovations await us in the coming weeks. The first is Young Platform Step, which will see the launch of a brand new education section that will allow users to get YNG in new ways. The second has to do with our exchange, where a feature never seen before in Italy is on the way.
A warm greeting from the Young Platform Team