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Token YNG: 2nd Quarter 2023 Report

Token Young (YNG): updates and news Q4 2024

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

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

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New levels available on Step: let the games resume!

20 new levels on Step mean more rewards you can reap and more fun. But there’s more

As anticipated during the announcement of Step 3.0, we have also planned something for the app’s most loyal players. Here are all the news and some clarifications on the updates.

The news

As of today, those who have reached level 50 can continue to earn experience points and go up another 20 levels!

So the total number of levels available on Step is 70.

To view the levels click on the blue hexagon at the top left of the homepage, then click on ‘Show levels’.

NB: For technical reasons, XPs accumulated after level 50 before today’s date were not counted, so that you may redeem rewards for the subsequent levels.

There is one extra piece of news: at the community’s request, we have added the new 1-hour Duration to Up&Down, with the corresponding reward of 25 XP.

Frequently asked questions about Step 3.0

We would like to take this opportunity to clarify a few points you have asked us about Step’s innovations.

1. The transfer of YNG

Currently, it is only possible to transfer YNG tokens to Young Platform if you have at least 45 YNGs, which at the time of writing corresponds to just €5. 

These numbers are not random: €5 is the minimum amount allowed for the sale of YNG. Consequently, facilitating the transfer of a lower amount, such as 30 YNG (€3) could mislead many people making their first transfer.

Indeed, consider that the transfer of YNG is not reversible: you cannot send them back to Step if you change your mind. 

Thus, transferring €3 in YNG to Young Platform for the first time would mean that you would not be able to convert them into Euro and thus not even be able to withdraw it to your bank account or card (the minimum withdrawal is €21.99).

However, some of you, including those who already have YNG on the exchange, have expressed the need to transfer even smaller amounts. Once again, we listened. This is why we will be testing the lowering of the minimum threshold in the coming weeks to see the extent of the negative and positive effects for users.

2. The rewards of previous levels

Some people, who arrived on Step 3.0 with levels higher than the first, asked us why they did not receive the rewards of the previous levels.

Virtually, these people have already received the rewards due them during Step 2.0, using all the features, and have also had the opportunity to collect far more YNG than what can be obtained through levels, as opposed to new users.

How did we give these Levels? We simulated the experience that each of the users accumulated by actually using the app, and assigned a level proportional to the tokens obtained. So it is as if Step always had some sort of system based on Levels and XP.

In this way we give newcomers to the community the opportunity to obtain YNG, but without penalising the price of the latter. Indeed, if excessively distributed, it risks inflation and thus devaluation.

Enough chit-chat! Time to play and level up on Step.

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Optimism (OP): buying on Young Platform is now possible!

You can now buy Optimism (OP) on Young Platform! Here’s all you need to know

On Young Platform and Young Platform Pro comes Optimism (OP), available immediately for purchase, custody and sale.

We continue the summer listings with another Ethereum Layer-2 project (the first was Arbitrum). So let’s see what you need to know about Optimism, and how you can use it on Young Platform.

Optimism (OP): all you need to know

Let’s start with a bit of history: the idea of building Optimism was born within the ETH community, and even more precisely by collaborators of the Ethereum Foundation. It was in this environment that the members of the first core research team met. These are the people who invented the optimistic rollup.

In fact, this is the first protocol to use these rollups to execute Ethereum transactions in a fast, convenient, congestion-free manner, in a word: scalably.

OP is the network token with which you can participate in the governance of the project. In other words, if you have OP you can contribute to decisions on Optimism updates and the use of community funds, using tokens to vote.

In concrete terms, what are the main advantages of using Optimism (OP) for you? 

  1. Transferring OP and other ERC-20 tokens via the OP Mainnet instead of the Ethereum network will cost you less, especially at times when the latter is particularly busy.
  2. You can use the main Dapps built on Ethereum (and others) while spending much less for token swaps or other transactions
  3. If you do not like something about Optimism, you can use OP to propose and vote for changes to its ecosystem. You have the right to speak up!

How to use Optimism (OP) on Young Platform?

Here are all the features available for Optimism (OP) on Young Platform and Young Platform Pro:

  • Buying and selling with EUR and USDT
  • Recurring purchase
  • Depositing from another wallet or sending via the Optimism network
  • Creating a Single Coin Moneybox or Bespoke Bundle

Discover the Optimism (OP) market on the app or on the web and try out the 35th cryptocurrency listed on the exchange: now you can buy it!

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What is Young Platform Step and how does it work? The complete guide

What is Young Platform Step and how does it work? Discover the app that lets you learn all about the crypto world by playing!

With Young Platform Step you can discover what the crypto world is and how it works in the easiest and most fun way: collect experience points and level up to get the YNG token! 

But what is it? It’s the token of the Young Platform ecosystem, with real value in the market. On Step you can set aside your first YNG tokens and get lots of free resources to learn the basics of the crypto world, step by step!

How does a blockchain work? What is Bitcoin for? What are NFTs? Step gets down to business and answers all your questions, simply and clearly. But it doesn’t end there! Once you’ve got your first YNGs, you can transfer them to the Young Platform exchange where you can take advantage of the crypto industry’s leading services with an extra edge. So find out what Young Platform Step is and how it works and all the games available!

What games are there on Step?

There are several features on the app to gain experience points (XP) and level up. Let’s see what each Young Platform Step game is and how it works:

1. Quests

In the Step Home, you can find Quests related to each feature, each with a different colour. Quests allow you to earn experience points every day: check the deadline, and use the features to complete them and redeem XP.

2. Claim

Young Platform Step counts all your steps (if connected to Google Fit or Health). In the ‘Step’ section, with the ‘Claim’ button, you can redeem and accumulate them to participate in the step quests in the Home (you recognise them because they are the ones in yellow). The fuchsia quests, on the other hand, do not count steps but all the times you redeem them. Remember to redeem the steps every time you accumulate 4,000 steps, otherwise the count will stop.

3. Rankings 

In the ‘Steps’ section of the app you will find step rankings! The challenge is to beat other users in the community at who can accumulate the most steps in an interval of time. You can join an existing ranking or create one: each one has a limited duration and number of places. To participate, you have to pay a small share of your YNG and the sum of the shares of all participants will be distributed to the winners. Furthermore, the more rankings you win, the more you progress in the blue quests.

4. Quizzes

On Young Platform Step, in the Education section, you can learn everything about the crypto world, from the basics to the more advanced aspects thanks to specific Young Platform Academy articles divided into 6 categories:

  • Blockchain to learn what the underlying cryptocurrency technology is and how it works;
  • Cryptoeconomics to discover the specific features and characteristics of the crypto economy;
  • Cryptocurrencies to delve into which are the main ones on the market, from their tokenomics to their uses; 
  • Crypto Heroes to get up close and personal with the protagonists of the crypto world, from Vitalik Buterin to the mysterious Satoshi Nakamoto;
  • Easy Economics to explore basic economic concepts;
  • Trading to learn about the theory and practice of this activity.

But how does it work and what is Education on Young Platform Step? Simple: each article is associated with a quiz that allows you to gain XP if you guess the correct answers. NB: To take the quiz, you have to spend one life and are given 5 lives by default. 

When you run out of lives, you can recover them by waiting for the indicated time, or by watching one of the advertising videos, or even with the Unlimited lives boost (explained below).

Step is also your one-stop shop for the latest news and updates from the crypto world, selected for you day by day directly from the Young Platform Blog.

4. Up&Down

In the Up&Down section you can try to guess whether the price of a crypto will go down (down) or up (up) by choosing a time interval between 3, 6 or 12 hours. 

Every time you place a forecast you consume a life, like for Quizzes.

For each right forecast you gain XP, the wider the time interval you choose, the greater the number of XP. 

Step counts all your correct forecasts advancing in the green quests. Put your market knowledge to the test!

What is Unlimited Lives and how does it work?

On Young Platform Step the Unlimited Lives is the life boost that allows you not to lose any lives for 1 hour. You can then use it to do more than 5 Quizzes or more than 5 Forecasts in a row. 

To get it, just go to the top bar where the lives icon is, click on it and select ‘Get unlimited lives’ to buy it for 1YNG.

Alternatively, you can obtain it upon reaching certain Levels: check when you’ll receive Unlimited lives by selecting the Level icon in the top bar and clicking on ‘Show Levels’.

Once you have the boost, you have to redeem it to activate it and use it.

The Marketplace

On Young Platform Step you can also find the Marketplace, which allows you to receive cashback in YNG of up to 20% on purchases from selected shops such as Nike, Guess or Decathlon. 

The Profile

Your progress is easily visible in the top bar of the app, but if you enter your Profile it’s a whole different story. Your Level, Available Lives, YNG received and XP accumulated are easily viewable, and over time your personal section will become more and more detailed and full of victories. Choose from the Avatars available to customise your profile!

How to transfer YNG to Young Platform

Here’s what Step is and how it works: by playing and levelling up you get your first YNGs, which will accompany you into the real crypto market.

So, once you’ve completed your levels and obtained the minimum amount of YNG, you can transfer them to the Young Platform app and get benefits by joining Clubs or use them for buying and selling. Young Platform is in fact an exchange where you can buy and sell major cryptocurrencies. To transfer YNG from Step to the exchange you need to link the two accounts, complete a minimum deposit of 20 Euro and a minimum crypto trade of 20 Euro. The next day you can create a gift card from Step and send the tokens to Young Platform. You can find the process explained in detail here.

To learn more about what Young Platform Step is and how it works, check out all the dedicated Support Guides.

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Transfer YNG from Step to Young Platform

transfer yng

YNG token transfer is instant and free with Gift Cards!

To transfer the YNGs obtained with Step to Young Platform, simply create a Gift Card to be redeemed on the exchange.

Gift Card creation and redemption are immediate, so you will have your tokens immediately available in your wallet balance, with no waiting time.

How to transfer YNG?

First of all, consider the amounts allowed:

  • The minimum amount for each transfer is 5 YNG
  • The maximum amount per transfer is YNG 125 in 30 days.

If it is your first transfer, follow these steps on Young Platform, otherwise skip to the operations to do on Step.

Start with Young Platform:

  • Create an account and verify your identity;
  • Go to the Profile, under ‘Connections’ link your Step account;
  • Make a minimum deposit of €20 (in Euros);
  • Make a first cryptocurrency purchase, for a minimum amount of €20; 
  • After completing these mandatory steps, it will be possible to request the first transfer of YNGs.

Now back to Step:

  • Log in to Step and click on your YNG balance visible in the top bar;
  • Select ‘Transfer’;
  • Continue with the procedure;
  • Choose the amount of YNG to be transferred;
  • Confirm sending;
  • Select ‘Open Young Platform’ to redeem the Gift Card automatically;
  • You will immediately receive the tokens on the Exchange Wallet

If you do not click on ‘Open Young Platform’ or do not redeem the gift card immediately, you can do so later manually:

  • Log in to Step and click on your YNG balance visible in the top bar;
  • Select ‘Transfer’;
  • Under ‘Your Gift Cards’ click on the last one created
  • Press ‘Redeem on Young Platform’.

Finally, remember that it is only possible to transfer YNG from one Step account and only to a linked Young Platform account.

Any doubts? Read the complete guide!

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Young Platform Step: invite friends and get rewards

refer friends step

The guide to inviting your friends on Young Platform Step and getting rewards

Did you know that Young Platform Step has a referral program? Invite friends and acquaintances to the app and receive rewards for helping to expand the beautiful Step community. Here’s everything you need to know!

How to invite friends to Step?

Start on the Step Home:

  • From the menu, on the top right, got to the Profile section
  • Tap on the ‘Invite your friends’ banner:
  • Press the ‘Invite’ button;
  • An explanation page will open, where you will then find the ongoing and completed invitations;
  • Press the ‘Invite your friends’ button to proceed;
  • Choose how to send the invitation message and to whom;
  • Once you have sent the link to download Step, you can check the status of the invitation on the invitation page, as indicated above;
  • The invited friend will have to download Step, sign up and complete the Welcome Tutorial;
  • After that the Invitation will be completed and you will receive 1YNG.

Invite friends: how to get the rewards

On Young Platform Step, the invite friends feature requires some extra care in order to secure the rewards. Indeed, you can only receive YNG if the invitee successfully completes the obligatory actions, but some details are also up to you.

Here are two important points:

  1. Before you start, make sure you have updated Step to the latest version available on the Store
  2. Tell your friend to click on the invitation link both to download Step from the store and after installing it, before signing up.

Important: If the invitee does not click on the invitation link again after the installation of Step, the invitation will not be detected and consequently you will not receive the reward!

How to ensure that the link was used for signup? 

If the invitee has signed up via the link, the invitation will appear pending. If, on the other hand, it does not appear in the list within the app, it means that they did not use the link correctly.

What to do if the invitee has signed up, but the invitation does not appear in your history?

If you can, stop your friend so that they do not accumulate unnecessary experience on the app. In any case, send them the link again, tell them to follow it and sign up with a different email. 

When the invitation appears as pending, the invitee can complete the welcome tutorial and consequently the Invitation will be marked as completed and you will get your YNG.

How come the invitee signs up correctly but the invitation is not tracked anyway? 

If these indications do not work, the only explanation is the following: some devices do not support invitation tracking, e.g. Android devices that do not support Play Services or have a custom ROM. 

That’s all for this guide: log in to Young Platform Step now and invite your friends to share your successes!

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Step Quests: how do they work?

Step Quests are a series of objectives to challenge yourself and earn experience points (XP) so you can level up

You can find the Quests in the Hub section, under “Goals”.

They all generally have the same basic mechanism: progress is tracked automatically based on the actions you take on the app, and they all have a deadline after which progress is reset.

Once 100% complete, tap on the button to redeem XPs.

Let’s now go over the different types of Quests!

Collect XP by walking

The Steps, Claims and Rankings quests allow you to gain XPs by walking. The great thing is that the same steps that move you up the Rankings help you progress through the quests and vice versa. Actions are in fact cumulative between quests: you can manage the claims you make to complete as many quests as possible in combination!

Steps

To complete this type of quest, you must make the claim of the indicated amount of steps.

Example: To complete the first 5000 step quest, you can either make claims of 4000 steps+1000 steps or you can make 4 claims of 1500 steps and so on. It is recommended to always make claims after 1500 steps in order to avoid recalculations that could prevent redemption.

20,000 steps in less than a day is not for everyone. Will you make it?

Claims

To complete this type of quest, you must tap the claim button as many times as indicated.

Can you really make 10 claims in 7 hours? We’ll see!

Rankings

The colour of the sky is associated with quests on the Rankings: the more you win, the more XP you gain.

What can we say, if you win five in four days you will be our Hero!

Collect XP with Up&Down

Walking is so exhausting! Let’s take a break and check the markets.

With the Forecast quests you can really put your predictive skills to good use: if you are lucky or an expert in technical analysis, you will climb the levels in no time.

It doesn’t matter what currency, it doesn’t matter how you get your forecasts right, as long as you win, Step gives you more XP!

These are all the quests on Step: start now and challenge your limits!

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Up&Down: what it is and how it works

Up&Down on Step

With the ‘Up&Down’ game on Young Platform Step you can make forecasts on the cryptocurrency market without spending a penny

With Young Platform Step you learn so much more than theory! You also have the opportunity to test your skills on the market without actually having to buy every time. 

So choose a cryptocurrency and examine its trend: will the price go up or down? Make your choice, wait for it and if you are right, you receive experience points (XP) to level up. 

Discover the 3 steps to play Up&Down on Step!

Choose a cryptocurrency

You have at your disposal some of the most interesting coins on the market:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Polkadot (DOT)
  • Ripple (XRP)
  • Solana (SOL)

Choose between UP and DOWN

Once you have chosen a currency, you can consult its market data in detail: the current price and the percentage change in price over 24h are previewed. 

Then there is the linear or candlestick chart, over no less than 5 periods: 6 hours, 1 day, 1 week, 1 month and 1 year.

As you scroll down you will see the Stats, which will show your wins on that coin, and how the rest of the community is currently forecasting, i.e. the percentage of UP or DOWN predictions currently being made.

You can use this information in two ways: you can either blindly follow your mates hoping that their predictions are accurate (beware of the herding effect) or you can consider it just one of several confirmations needed to decide the trend.

In any case, you have nothing to lose: you can try as many times as you want to hone your instincts, and if the going gets tough, start studying!

Academy is packed with material on technical analysis used by traders. It doesn’t hurt to keep up with the news either: our Blog is perfect for staying on the pulse every day about the events that move the cryptocurrency market.

Make the forecast

Have you decided whether the crypto will go UP or DOWN?

Press one of the two buttons, then choose the duration. The duration indicates after how long the prediction will expire, which is the same time you will see whether the coin went UP or DOWN.

Example: It is 9 a.m. and BTC is at 20,000. I choose UP and select 3 hours. If at 12 noon BTC is worth more than €20,000, I win!

By tapping the ‘Forecast’ button and confirming, you will lose a life and the prediction will begin.

If you run out of lives you can wait for them to recharge, or watch a video advertisement if available, or purchase Unlimited Lives. With unlimited lives you can play both Quizzes and Up&Down freely without using up lives for 1 hour.

Time’s up! A notification will tell you the outcome of the prediction: if you have won, you will receive a number of experience points that varies according to the selected Duration. If the price did not change instead or if it went against your expectations, you will not receive XP.

Before you run off to play, remember: you can only make 2 predictions at the same time.

All clear, it’s time to discover Up&Down on Step!

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Arbitrum (ARB) is available on Young Platform!

ARB, the Arbitrum token, is now available on the Young Platform exchange! Here is all the info you need

As of today, the Arbitrum token (ARB) is available on Young Platform for purchase, custody and sale, whenever you want. 

Yes, we’re finally resuming with new listings! We’ve chosen to start things off with ARB, a token that was recently launched and has been enthusiastically received by the crypto community in recent months.

Learn all about this cutting-edge project, what its benefits are and how to use it on Young Platform.

Arbitrum (ARB): the benefits and use cases

Arbitrum (ARB) is a project created to increase the scalability of Ethereum, and is built on top of the latter. This means that with its Layer 2 blockchain it is possible to carry out all the activities that are normally carried out on Ethereum, such as sending transactions or using decentralised applications, but in a cheaper and faster way. 

Similar projects to Arbitrum (ARB) are Polygon (MATIC) and Optimism (OP), also Ethereum Layer-2s. Although Polygon has a very strong market capitalisation and innovation capacity, Arbitrum has a higher TVL, i.e. value locked on the chain (at the time of writing). Compared to Optimism’s token, on the other hand, ARB immediately ranked higher on the market, as well as for TVL.

Arbitrum bases its security system on Ethereum and is highly compatible with its applications, programming languages and smart contracts. This is why it has enormous adoption potential and already demonstrates high volumes: on the one hand, it is very easy and convenient for developers already familiar with Ethereum to switch to Arbitrum and thus enrich its ecosystem of services; on the other hand, crypto users using its network save on all transactions and can use a large number of apps with agility.

The advantages of this blockchain are clear: low fees, speed and flexibility. Let’s see now how to use the ARB token. 

The main purpose with which it was launched in March 2023 is governance. It can be used to vote on decisions about the future of the project, such as protocol updates, use of the treasury and more. 

The way this governance token works is simple: the more ARB tokens you have, the more power your vote will have, and you can delegate your tokens to allow other people to vote.

This is possible because, along with the ARB token, a DAO was also established to begin decentralising the management of the ecosystem, which was previously in the hands of just Offchain Labs and the Arbitrum Foundation.

Let us now see for which operations Arbitrum (ARB) is available on Young Platform.

How to use Arbitrum (ARB) on Young Platform?

Here are all the features available for Arbitrum (ARB) on Young Platform and Young Platform Pro:

  • Buying and selling with EUR
  • Recurring purchase
  • Receiving from another wallet or sending via the Arbitrum One network
  • Creating a Single Coin Moneybox or a Bespoke Bundle

Discover the Arbitrum (ARB) Market on the app and give a warm welcome to the 34th cryptocurrency listed on the exchange!

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Quizzes: What they are and how they work on Step

quizzes on step

Test your knowledge on the world of cryptocurrencies with Young Platform Step quizzes

Do you keep reading articles about cryptocurrencies but you can’t seem to get anything into your head? Do your friends talk about bitcoin but you still don’t quite understand how it works?

Today you can delve into all the most interesting topics and test your knowledge with the Quiz feature on Young Platform Step!

How do the Quizzes work?

It’s easy! Open the Academy section of the Hub, choose the topic, read the first unlocked article and take the quiz. 

Lives

Starting each quiz you will lose one life, which you can recharge by waiting, or by watching a video advertisement, or even by purchasing Unlimited Lives with 1YNG. This way you can take as many quizzes as you want for 1 hour without losing lives.

Victory and defeat

Did you answer less than 60% of the questions correctly?

In the event of total or partial defeat, the quiz is repeatable if you have Lives available. 

Did you answer all the questions correctly?

The prize in XP will be the maximum, i.e. the one indicated in the preview of the individual quiz.

Did you pass the quiz with more than 60% but less than 100%?

You will receive a proportional share of the prize. 

Quizzes are a game with really simple, yet effective mechanics. Now it’s up to you to read our lessons carefully to guarantee your victory and satisfaction with Step Quizzes!