Ginormous June
Our sole focus in June was growing our user and financial metrics.
- In just two weeks, we've secured over $200K in deposits. $27K of those deposits came from balance sweep features. We've routed over $2.3M in volume.
- The main growth drivers are our earn routing and balance sweep features released in mid-June. Right now, it's the best low-risk APY on Solana.
- Baseline goal for July: $300K in TVL. Track our progress at stats.askloyal.com!
Our sole focus in June was growing our user and financial metrics. We leveraged the distribution we built through April and May to offer the best low-risk stablecoin APY on Solana to every loyal user.
In this article, we'll go over how the magic behind our product works, things that users love about it, and tease what's coming in July.
$200K TVL - How and Why
We built a product that users love and our numbers back it up. Let us explain how it works and why everyone who tried it fell in love with it.
Let's start with how it works:
- You have a Squads smart account. You create permissions that allow your account to sign transactions as long as the transactions satisfy the specified constraints.
- For earn routing, you approve moving your money through the six biggest Kamino reserves.
- For balance sweep, you approve your smart account to move anything above the threshold from your wallet balance to your smart account.
Earn routing works on top of Squads and Kamino. Both protocols are formally verified and have undergone multiple audits. We introduce zero additional protocol dependencies. As long as the user trusts Squads and Kamino, we introduce no additional protocol risk. Same goes for our balance sweep: it uses Squads and new Solana subscription primitive, with zero new dependencies added.
Here's why users love it:
- It works with hardware wallets, too. Ledger users have deposited over $80,000. After the initial setup, everything is done for you. It really feels like magic. We're so proud of it!
- It's the best low-risk stablecoin APY on Solana. We're the best at capturing lending yield arbitrage across Kamino reserves. Users won't chase a 0.1% APY difference. We will. At scale, the compounding efficiencies give incredible results.
- It's 100% open source and onchain. If our website goes down tomorrow, you'll still be able to withdraw your money. If you don't trust us, you can run everything yourself locally on your machine, too.
This is the first step toward our vision of agentic finance on Solana: automations that never require users to compromise on security or self-custody. With Loyal Earn, you connect your wallet once, set up permissions for your smart account and then watch your money grow!
guess this is what happens when you build on top of Kamino.
@loyal_hq is moving funds across @kamino markets, hunting APY spikes as they appear and currently earning ~10% APY.
less rate volatility for borrowers, higher APY for lenders.
based.
Acceleration in July
July will be intense. Three priorities for the month:
- Our baseline goal is to cross $300K TVL. It's an important milestone to start having integration conversations with neobanks, wallets, apps, and protocols.
- Seeker Summer launch. Loyal is the app opening this year's Solana Mobile event. This will allow us to see how the system scales with hundreds of users. It's crucial for integrations.
- Our proposal goes live within the next 14 days. It'll cover creation of the first autonomous vault. It'll have the same investor protections as our main Loyal MetaDAO treasury, but it'd be able to move money between Kamino and deposit liquidity into Meteora pools. The proposal will also cover OTC and move us to a new incentives program. More on that later this week.
Among other things, July will see a big announcement we're planning with @mywebacy. We'll also be looking to add support for USDT, CASH and PYUSD for our earn routing.
Final Thoughts
Loyal would be nothing without you, our dear reader.
We are a small team with no big names backing us.
There's no liquid fund to bail us out if we fail.
Winning is our only option.
Every like, reply and retweet matters.
It makes a difference.
You make a difference.
Please keep challenging us.
Please keep asking questions.
Please give us all your product suggestions.
Join our community chat, or just text Chris or Rodion. We value you and your voice.
Keep it coming, boys!
Loyal always,
Chris
Website — https://askloyal.com
Docs — https://docs.askloyal.com
Buy $LOYAL on Jupiter — https://jup.ag/tokens/LYLikzBQtpa9ZgVrJsqYGQpR3cC1WMJrBHaXGrQmeta
Telegram Community — https://t.me/loyal_tgchat
Discord — https://discord.com/invite/tAwXsXwTv6
X — https://x.com/loyal_hq
GitHub — https://github.com/loyal-labs
