Welcome to the YFDAO EXCLUSIVE AMA with The Gem Hunters. We would like to kindly thank the team in particular Paul for sharing information on the new project with our community.
1. Thanks for coming to TGH to share information on your project Paul, to start off the AMA could you tell us a bit about YFDAO?
YFDAO is not just another pretty face, it is a long-term farming and staking solution that offers liquidity mining and a DAO governance model. Currently, YFDAO has a silky-smooth staking and farming DAPP. This platform offers participants the opportunity to stake or farm 30 of the hottest coins in the crypto space such as hex and link. YFDAO was designed to be pliable so that it can change with the times and stay relevant in this fast-moving Crypto space. Our crypto movement is community driven at the core, our model empowers the platform participants to change which farming coins are offered, governance and future development through a community vote. We will get into that a bit later as we unbox all the exciting stuff that our team currently has to offer and our jam-packed road map.
2. Interesting, tell me a little bit more about the team and their backgrounds?
My name is Paul and I am the project lead, basically, my background is in banking but I started mining Ethereum around the middle of 2017. We have a lot of really talented members on our team like Quinton who manages the front-end design team and Peter who heads the coding and development side of things. My job is more on the public relation side but I do whip these DEVS to keep them focused on the task at hand. Yes, we are an anonymous team, I know some people don’t like that but that’s the price we pay to keep this project KYC free. That is how crypto was intended to be and we do crypto.
3. The Defi Space has seen its share of dead projects, how can we trust YFDAO?
I'm glad you said that, longevity is the central issue in any DEFI project. That is why we have built this platform with a high level of plasticity. This allows us to change with the times and evolve into whatever DEFI becomes. There are so many dead projects in crypto because of the rapid pace of development in technology. A project may come out with a fresh and creative idea one day but the next week it is forked and improved. Our focus is to stay relevant and innovative in the coming months and years. We can accomplish that through persistent marketing, trust, adoption, price performance, community vote, DAO governance building and user engagement.
4. No offense, but those are some lofty claims! How do you plan on getting all this done?
Let me be frank, we believe in the technological progression of the crypto currency world but we are all here for profits. Price performance is a win/win for everyone. Nothing speeds up the evolution of tech like the chase for profits. It is the ultimate motivator in innovation. We at YFDAO embrace this and let it propel our platform forward. To achieve peak price performance is not easy it is a very multifaceted thing. First, we have to gain the trust of the community and we are doing that through an audit. We will also be locking liquidity on Uniswap, of course. There is the community aspect to the platform where the users can vote for coins or development. We can gain adoption through good marketing, after all, we are here marketing are we not? Marketing breeds adoption because the platform really will sell itself, it is that good. If we can get the eyes of the community, we can win the hearts and minds with our code. Check out our Github https://github.com/yfdaodevelopment/YFDAO
5. Ok, tell me a little bit about the DAO?
That is a very complex subject, we can talk about the concept but i would refer people to visit our white paper at https://yieldfarmerdao.finance for a more in-depth-dive. I don't want people falling asleep. It is clear that the DEFI-space is currently moving toward Decentralized Autonomous Organizations and NFT's. We are actively developing and have a good handle on both concepts. YFDAO has an initial DAO concept that will be tested by platform users. Participants will be offered monetary incentives to contribute and evolve the platforms. Research partners will be required to buy YFDAO to have their Concepts tested. The DAO aspect is essentially a petri-dish for evaluating consensus protocols.
6. Let's talk about token metrics.
We actually already raised 85 ETH in our seed round but the total supply is 10 million YFDAO with an initial supply of 1 million. The public sale will offer 750 ETH worth of YFDAO tokens at 1$ USD per token. Unsold tokens will be burned. We are raising a fraction of what similar projects have raised. We did this to maximize post listing price performance. After the sale we will provide 200,000 YFDAO for locked liquidity and fallowing that we should have a listing on a centralized exchange. Our team will have Liquidity mining available with in 24 hours of the liquidity being locked. After that, we will start an intense marketing campaign. There will be a .01 ETH staking reward claim fee and a 0.1 ETH farming reward claim fee. These fees will be used 50% for marketing and 50% for token buy backs.
7. Can you explain the fee's a bit more?
Sure, of course, everyone loves fees. In the YFDAO ecosystem the fee's actually benefit the community. You can think of it as a tithe. The 0.01 ETH staking reward claim fee and the 0.1 ETH farming reward claim fee will be used for marketing. As we know, marketing is one of the most important parts of any project. The exciting part is the buy backs, 50% of the fee's will be used to buy back the token once a week. All token buy backs will be burned and removed from circulation permanently. Apple buys back their stocks, why can’t we?
8. Do you have any community engagement programs?
We actually just announced our bounty programs, some of them will be under a bounty manager and others we will hold ourselves. This way we can reward community growth with YFDAO tokens for twitter, reddit articles, or just making funny memes. You can earn money for making memes. It is all about spreading the word on multiple platforms. Join our telegram at t.me/YieldFarmerDAO
9. We hope they have as may funny cat memes as we see in TGH! When is the public sale?
We will be holding the public sale very soon as the market conditions are favorable right now. Crypto as a hole is extremely bullish. YFDAO is the right project at the right time, giving us a high probability of a moonshot. We are currently doing a marketing run in order to build steam and momentum. All us battle hardened alt coiners know quite well, timing is everything. Please join the YFDAO ecosystem at t.me/YieldFarmerDAO for our Monday November 16TH public sale announcement and all the latest news.