Since the start of the year, Decentralized Finance (DeFi) has become one the primary markets in the crypto space. Starting as a multi million dollar industry, DeFi has now made a name for itself as it now boasts over 8 billion dollars worth of value locked in DeFi smart contracts.
While the exponential growth of DeFi continues its euphoric climb, the industry has revealed pitfalls in the shape of smart contract bugs and exploits, unethical practices, and out right scams. For DeFi to truly flourish, projects must start leading by example, that is exactly why YFDAI Finance was created.
YFDAI Finance is one of the newest DeFi projects poised to dominate the space. The platform leverages the best features of DeFi along with fully audited smart contracts and a robust token lock model for added security.
Today’s segment covers YFDAI Finance’s AMA which answers some of your most burning questions!
Q.1 — What is the background of the creator of YFDAI? What is their relation to crypto and coin creation?
The Founder of YFDAI is both a software engineer and owner of a small company. She has been an avid fan and trader of cryptocurrenices since 2016. At YFDAI’s inception, we did not intend to be an anonymous team as our ethos has always been about trust and transparency in the crypto space. Unfortunately, regulations surrounding the DeFi space are not yet clear in all jurisdictions. This has prompted us to seek out legal opinions on how we can reveal our identities safely. This is not only important for the community, but also important for us as it will give us an added advantage over many of our competitors when dealing with exchanges and new partnerships.
Q.2 — Why should we trust your project? What is there that can be safely invested in your project?
Trust in the Crypto space is a big issue and one of the main reasons why YFDAI was created. For too long it has been too easy for projects to pop up and then disappear leaving investors with losses. This is not only bad for the investors but it is also very bad for the Crypto space in general. For mainstream adoption and acceptance to be achieved, these dishonest practices need to stop.
We want to lead by example. To show this we have locked the initial liquidity on Uniswap. We also took steps to ensure that the team, advisory, and marketing tokens are all locked in time release smart contracts with wallets and code fully visible for all to check. This ensures that we cannot remove the liquidity on Uniswap until December 2021 and that we cannot suddenly sell our tokens when a certain price level is reached. This is the only way to ensure investors are fully protected. With our SafeSwap exchange we will have all projects who list do the same.
Of course risks still persist in DeFi, namely for the smart contracts. Many teams who have not audited their contracts have caused their projects to fail soon after release. We took the decision to have professional audits completed immediately for our protocol.
Trust is slow to gain and fast to lose, we aim over time to fulfil our obligations and gain the trust of not only our community, but also the projects we will be partnering with.
Q.3 — Are there any more ETH wallets holding YF-DAI that are affiliated with the team or family members which are NOT currently time locked?
No. We have only 2 unlocked wallets, 1 for Development Fund, the other for Reserve fund used for emergency usage. We have provided these wallet addresses so that they can be tracked by the community.
UNISWAP-37% = 7770 Tokens fully distributed.
STAKING & DAO -35% = 7350 tokens — Locked via smart contract. LOCKED
TEAM & ADVISOR-12% 1 YEAR VESTING = 2520 tokens released at a rate of 210 tokens per month — LOCKED
DEVLOPMENT-10% = 2100 tokens — Unlocked — To be used for development such as new exchange liquidity.
Development Fund Address: — 0xFdb317591EC1b11d7FECe49Bfe424525F33FA7fC
MARKETING-5% = 1050 tokens -6-month lock — Released at a rate of 175 tokens per month — LOCKED
RESERVED-1% = 210 tokens — Unlocked -To be used for new Incentives/emergency fund
Reserve Fund Address: -
Q.4 — Is it possible for us to go to Binance one day? Does this team have the potential to go to Binance Exchange?
It is still the early days and to ensure listing on the top exchanges as we first have a lot to do. Over the next 3–4 weeks you will see a lot of development on our branding, website, and marketing materials. Once this is done, then our marketing campaign will start which will grow our community and also the amount of wallet holders. From this we expect to become an attractive project for the top exchanges, especially considering that unlike many other projects, we are seen as a safer option due to the token locks and audits we have already put in place.
We are in talks with several exchanges and we will update the community via the announcement channel. Please join here if you are not yet a member:
Q.5 — I know the September roadmap is out but what is the timeline looking for the insurance lending and swap platform?
The full roadmap will be released soon, at the moment we cannot give fixed dates. Furthermore we don’t want to just say soon, as we know how frustrating this can be. We are aiming for the following approximate times and will update with more exact figures as soon as we can
Launchpad — October
SafeSwap — November
Lending — November/December
Insurance — January 2021
Q.6 — What is the end goal of YFDAI?
The main goal for YFDAI is to bring decentralized finance to the masses but with a secure and safe structure. We want to provide other exciting projects the opportunity to follow our lead. By using 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 projects only. 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.
Q.7 — What differentiates this project from other DeFi projects out there like yfi?
Many of the other projects do not offer a full suite of DeFi services like YFDAI. Where YFDAI differs is that provides DeFi services along with having the ability to launch other high-end projects using Launchpad and SafeSwap. I believe that we will be the only one to do this. These will also have to be fully audited and have locking mechanisms on all tokens giving users full security and peace of mind.
Q.8 — One major problem with Ethereum is that it doesn’t scale well. Do you have any plans to switch blockchains later on in the project to something like polkadot or another more scalable blockchain?
Currently we have no plans to switch from Ethereum. We believe that in the near future there will be layer 2 protocols that will fix this issue and also ETH 2.0 which seems promising.
Q.9 — Will there be any new partnerships?
Yes, we are working on several at the moment. We however cannot discuss in more detail prior to the release. I would urge everyone to join the announcement channel as that is where all information will be released. https://t.me/yfdai
Q.10 — How secure is the website and the hosted platform? Was there an independent security check carried out? If not, would it be possible to get it done?
The hosting platform is totally safe, we’re also utilizing many security systems for our website. The front end will be having a full re-brand very soon and we will always ensure that security is of the highest level. The comments on our audits so far have highlighted that our code is very well written and well architected and conforms to the documentation and specification.
Q.11 — How do you see yourselves in 6 months’ time?
We envision that all of our services will be in the marketplace and will be recognized as one of the largest and most secure all-in-one DeFi providers in the industry.
Q.12 — Will there be Tier1 exchanges?
We have already covered this in a previous question and cannot comment yet for obvious reasons. We acknowledge the fact that to become among the top DeFi projects in the industry we would eventually need to be listed on the top exchanges.
Q.13 — Can we monitor how many tokens are in staking and how many are burned?
Yes, you can monitor it through our staking smart contract TX. We will also add a section in the staking UI soon. This will clearly show the total supply, the amount staked, and the current circulating supply.
YFDAI Finance offers a suite of DeFi services ranging from farming, lending, staking, and beyond. By offering a mosaic of decentralized financial services to crypto, the YFDAI ecosystem leads by example as it embodies the philosophy of the DeFi movement by championing security, transparency, and decentralization.