Welcome to the YFDAI LIVE AMA with The Gem Hunters. We would like to kindly thank the team for sharing information on their new project with our community.
1) To get things started could you please introduce yourself, the team and also give us some details on your experience and backgrounds?
Hello I am Olivia, I am the Founder and CEO of YFDAI. I also have qualifications in C, C++, JAVA, Python, Oracle and I’ve been an avid fan of blockchain and trader of cryptocurrencies since 2016.
Hello im Thore I am YFDAI's Business Development Officer the Bachelor of Mechanical Engineering with fundamental engineering and dynamics experience. Proficient at technical analysis with extensive knowledge and experience in the crypto space since 2017 as a technical analyst.
2) Could you now please give a brief description into what YFDAI Finance actually is and what its trying to achieve?
YFDAI is a community centric innovative DeFi project. YFDAI intends to maximize the potential of blockchain technology to revolutionize the availability and access to banking services to the masses. We have built YFDAI because we wanted to create a truly honest and secure DeFi platform. We have already released our staking platform providing 72% APY and our Farming, Lending, Borrowing and Insurance services are coming soon.
Many of the other projects do not offer a full suite of DeFi services, where YFDAI differs is that not only will all DeFi services be available but we will also be able to launch other high-end projects using Launchpad and Safeswap. I believe that we will be the only one to do this that have also been fully audited and also have the locking mechanisms on all tokens giving users of our services and investors in the token full security and peace of mind.
For more information please visit our medium page -https://medium.com/@yfdaifinance.
3) We have recently seen lots of DeFi farming come to light, what makes YFDAI unique to the rest and why should we trust your project over others?
YFDAI is not just farming - many projects are just one part of DeFI - with YFDAI it’s a full suite of products all under one roof. After seeing the negative precedents being set in the DeFi space with reports of fraudulent projects ascending contemporaneously with the rise of DeFi’s popularity, Myself and the team saw the opportunity to develop a trusted and secure platform. That’s exactly why in Q3 of 2020, YFDAI was created
When it comes to transparency, we wanted to set ourselves apart from the rest. That’s why we had no pre-sale and funded all the development of YFDAI ourselves.
On launch we locked liquidity immediately as well as locking all team, advisor and marketing tokens in time release smart contracts. We then had all smart contracts audited by Blockchain Consilium. The YFDAI token is deflationary and will be utilised in all of our services. (Safeswap, Farming, Launchpad etc).
4) Will there be community voting and governance? If so how will it be implemented?
We will introduce community voting & Governance in Q4. As we’ve previously stated, YFDAI is a community driven project. Currently within our roadmap getting our main products released is top priority. We will have DAO structures will be our vaults which were currently building now. The exact details will be outlined nearer the time.
5) We have seen the September roadmap is action packed, will this trend carry on into October, what can we expect?
Yes September roadmap is busy - however the recent rebrand and new website has taken a great deal of time, now that this has finished it has given us the ability to push forwards with setting up partnerships and dealing with exchanges, so this means that we will have more time now to push the marketing aspect, whilst having all the foundations in place so that this is maximised.
6) Can we monitor how many tokens are being staked and how many tokens are burned?
We will burn tokens every 3 months. Currently you can track our deployment wallet address -0xf29b6cfD7019df58267fBcBa3c0915F66bACa08e. This is where we are collecting the fee. We will share the burning TX hash when we will burn after complete 3 months
7) What can we expect regarding future exchanges and partnerships?
We hope to release at least 3 partnerships in October, all will revolve around our Launchpad service and the SafeSwap exchange. At the moment we cannot give too much detail but the partnerships will enable to provide new projects with all they need, all under one roof. New projects need a lot of help, there are a lot of moving parts and it can often be hard to find a trusted partner. That’s why we are doing the hard work for them and bringing in these trusted, tried and tested partners which will save them both time, and money and giving their project launch the best chance of success. There are a couple more partnerships over and above this but they are in an earlier stage so we will talk more about those soon.
Exchanges is a tricky one to answer, as we are in talks with many but we want to make sure that they are also a good "fit" for YFDAI. We are however in talks with 2 top 10 exchanges, but at this point they are just talks. Many exchanges are searching for the best DeFi projects, as they know the volume that they can bring to the exchanges, so we are in a good position and will take our time to make sure we get the ones that are the best fit for us.
8) Where do you see the project in a years time and what is the final goals for the project?
Our main objective is for YFDAI is to bring decentralized finance to the masses but with a secure and safe environment. We want to facilitate other exciting projects the opportunity to follow our lead. Utilising the YFDAI Launchpad, projects will have a multitude of services packaged with assistance in following our structure.
Our SafeSwap exchange will be an exchange for vetted and audited projects. This will create a safe space for investors to buy with confidence. Our goal is for SafeSwap to become the most trusted listing option for legitimate projects and hopefully putting an end the countless scams and rug pulls that are harming investors and the entire industry.
The YFDAI ecosystem will have a strong community built on trust. The YFDAI token will be available on most decentralised and tier 1 exchanges. As you are aware- when we set the project up, we wanted to ensure that user’s safety was at the forefront of our mind. So we locked liquidity, and then locked all Team, advisor and marketing tokens in time release smart contracts. None of these had an issue however the staking contract protected the user’s funds and their interest but it was found that the tokens that were reserved for staking could be withdrawn.
This of course could cause concern, so we simply moved those to a time locked smart contract to give full protection and now creating a new staking contract to hold the tokens long term that has the code change to ensure they will be locked, forever. Solidity is a fairly new language and small bugs can be common place. Blockchain Consilium did pick this up but marked it down simply as an area of improvement, as the code is actually useful. For instance if someone sends tokens to that contract by mistake, they can be recovered, so is also a safety feature. But now the tokens are locked in the time release smart contract we will simply amend the code on the staking contract and ensure that we educate users never to send tokens to this address. We acted quickly and transparently to rectify the small issue and the end results is all tokens are fully locked and our community are happy.
We appreciate the YFDAI team coming to TGH and we are sure you guys have a bright future ahead and we are surely going to follow you and keep our community updated on your developments.