Yelay
YLAY
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
YLAY (Yelay) is a decentralized yield-infrastructure protocol serving as the successor token to SPOOL. On the development and security front, the project shows positive aspects including a multi-repository GitHub organization with governance contracts created in late 2024, a published roadmap, and a clean smart contract audit by ChainSecurity with all findings resolved and zero recorded exploit or regulatory incidents. However, the protocol faces significant challenges: community engagement and on-chain activity are near zero (only 574 holders and negligible daily trading volume), tokenomics lack transparent vesting schedules or clear value capture mechanisms, and competitive positioning remains unproven with unverified TVL metrics. Additionally, there was insufficient data to evaluate the Team and Governance section, which was excluded from the weighted scoring calculation.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Yelay (YLAY)
Yelay (YLAY) is a decentralized yield-infrastructure protocol that functions as the successor token to SPOOL through a dedicated migration contract. Operating across networks including Ethereum and Base, the protocol provides automated smart vault mechanisms and embedded yield tools designed for stablecoins, Bitcoin, and real-world assets (RWAs). The infrastructure enables automated routing of capital across various decentralized finance strategies.
The protocol's smart contracts employ an upgradeable architecture resembling the diamond proxy pattern, which was audited by ChainSecurity with zero critical or high-severity vulnerabilities and all functional issues resolved. The native token, YLAY, operates with a hard-capped total supply of 1 billion, of which approximately 711.31 million are in circulation. The project exhibits security and structural challenges, including an absence of public vesting schedules for the remaining token allocation, no documented token utility or revenue accrual mechanisms, and insufficient public documentation regarding the core team and governance structure.
While Yelay self-reports over $370 million routed through its infrastructure since inception, these metrics remain unaudited. The project has not recorded any smart contract exploits, security breaches, or regulatory actions, but it operates with low on-chain activity, a small holder base of under 600 wallets, and constrained secondary market trading liquidity.