YFDAI: AMA
I hosted an AMA for YFDAI team on t.me/panamacrypto on November 4th 2020 at 2PM UTC. Tapas Paul (CEO), Christof Waton (Business Development), and Philip Dow (Head Advisor) participated from YFDAI; and myself as moderator. Below are the questions and answers from the resulting AMA:
1. YFDAI is currently trending as one of the deficiencies that capitalizes the market, can you explain a little bit apart from staking, farming and borrowing whether there are other uses for YFDAI?
Sure. YFDAI is a full Suite DeFi platform that has staking, farming, lending/Borrowing, prediction markets and also a full Ecommerce suite to include debit cards, market places etc. The token is utilized in all of the services and also unlocks profit shares from the services.
2. What is the end goal of YFDAI?
The beginning and end goal of YFDAI is to offer the industry a protected and regulated DeFi suite, with an e-Commerce platform. The community is our strength and focus, to deliver the combination of DeFi — banking — e-Commerce in 1 platform is unseen.
The Platform is designed to deliver profit shares to all users whilst giving access to a full suite of DeFi services all under one roof.
A key aim is also to change the way people buy and sell cryptocurrency, to bring safety measures that will bring an end to the exit scams and rug pulls that is damaging the DeFi space and leaving investors out of pocket and frustrated. The amount of exit scams and “rug pulls” are growing, there were 34 in just 2 hours on Uniswap last week, so a key goal is to end this and give users the protection they need.
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, all token transfers can be tracked from inception on the Blockchain. All tokens are accounted for with addresses and time lock contracts clearly shown in our transparency reports.
4. Do you have a roadmap for MASS adoption from non-crypto people if so how do you intend to implement this?
Sure, we are developing our e-Commerce platform which will attract many non-crypto and even unbanked people.
1 platform that simply contains all the factors a person uses in 2020.
- online shopping
- messaging, not only with retailers directly but also with your friend
- IBAN + bank account management (e-money license)
- Crypto wallet + management Lending, Borrowing, PNL, Staking and forming to be tracked,)
Since it is all in 1 platform, it is more easy to elaborate the benefits of the YFDAI Finance services.
Non crypto people get in touch with crypto in a secure and protected environment.
Strong Marketing will be required here as well and we will be rolling this out as of now.
5. What is the value accrual mechanism for the token? At first glance seems like any other “farm” token without any intrinsic value, except for being used for governance.
”Except for being used for governance” is something going over too lightly.
Having a voice / vote / influence in the decisions of a DeFi suite is seen as being highly important. However there are a lot of use cases for the token. Many other projects utilise multiple tokens, we only utilise YF-DAI token and will also be a key pair on the SafeSwap Exchange.
All fees for services are paid for using YF-DAI and holding the YF-DAI token also unlocks all of the profit shares from our Services.
YFDAI Finance brings a deflationary token model, where the long term active contributors are the biggest winners. Here is a table that breaks down those profit shares
6. Where do you position YFDAI among other DeFi projects such as Yean, Harvest, Pickle, yAxis etc and what differentiates YFDAI from other DeFi projects?
Sure it’s an answer of multiple topics though.
This table puts it very well together, but to really look at the differences none of the mentioned projects have gone to the lengths that we have to ensure longevity, safety and security.
Short overview regarding YFDAI track is:
· No Pre-Sale
· Funded Development
· Locked Liquidity until Dec 2021
· Locked all Team, Advisor and Marketing tokens
· Monthly Transparency reports on token movements
· No Mint Function
· Audited by Blockchain Consilium
· Not an Anon Team
· Applied for Estonian Exchange and Ewallet license
· Applied for E-Money License
· Licensing will provide Wallets and users funds with
· Insurance
· Staking Live 72% a Year
· Farming live — deflationary model has seen price rise
· 21,000 Tokens — Deflationary to 13,950
Services coming soon:
- Launchpad — will end rug pulls and Exit Scams
- SafeSwap — Uniswap Fork
- SafePredict — Predictions Markets
- Lending/Borrowing
- Insurance
- Ecommerce platform
- Marketplace
- Centralized Exchange
- Debit Cards
- Additional Benefits for Stakers/Farmers
- SafeSwap — 5% of profits
- SafeSwap Advertising 25% of Profits
- SafePredict 25% of profits
- Borrowing/Lending 25% of profits
- Farming of Launchpad Projects
- Whitelist to LaunchPad Pre-sales
7. Have you considered a rebrand? The name sounds very scammy as it clearly wants to leverage Yearn and DAI brands, and history shows that every “Y” clone/copy is a scam.
YFDAI Finance has no plans to change the name. YF Stands for Yield Farming which is a key component from the vaults we currently have and also the ongoing farming of tokens from our LaunchPad platform.
Dai is the preferred Stable coin that is used on the Platform. We are walking the regulated / licensed way, have a publicly announced team, in depth Whitepaper and are certainly far away from being a clone.
We cannot defend the mistakes of other projects and we don’t want to look around that much.
It is unfortunate in this industry that there are indeed many scams, jumping on a hype of branding and not developing anything. We have so far developed Staking and Farming, and are ahead of schedule on SafeSwap, Testnet went live yesterday and will be delivered ahead of time.
8. Why are all team members listed as Volunteers on your website since there is a 12% token allocation for Team and advisors?
The vast majority of DeFi projects are Anon, and for good reason. There is very little regulation for DeFi and for a project to become non-Anon there is a lot of work to be done. The Legal team have done a great job in making YFDAI as compliant as possible and to allow the identities of the team to be revealed. The term volunteer is required from the legal perspective, until the licenses have been finalized. The good news is that these will be finalized and details released in roughly one week, at which point the volunteer tags will be changed.
9. Why do you prefer to be associated with “Bitboy” who is a known pump and dumper and shiller of scam projects?
First, let me say that nobody in the crypto industry has made 100% the right moves. Everybody has been convinced in the past and got cheated on by a project. I bet it is no different for Bitboy.
What we like about Bitboy is that he looked through YFDAI Finance, saw the roadmap and what we are delivering and generally wanted to help as he sees the need for LaunchPad and SafeSwap to bring protection to users.
Ben is a really good guy and the reason he wanted to work with us is due to the protection that SafeSwap and LaunchPad will bring. There are too many exit scams and rug pulls going on, this affects everyone in the industry and Ben is keen to support any project who looks to bring this protection to users.
Add to that he has a huge audience and delivers great content, as a DeFi platform the key thing is to grow users and Ben will certainly help us deliver this.
10. Who audited the smart contracts? Harvest had 3 audits and was still exploited?
YFDAI has been audited and fully certified by the Blockchain Consilium, a renowned blockchain auditing firm, to assure the highest level of security. All new start up projects will likewise have to undergo the same security protocols to launch on LaunchPad.
11. Have you considered having bug bounties campaigns to find potential attack vectors?
YFDAI commits to offer bug bounties to anyone who can find & highlight inconsistencies in the code and quickly implement fixes to prevent protocol exploits. More information regarding the bug bounty will be available at the same time we launch the public testnet of SafeSwap.
12. What keeps YFDAI from rug pulling?
To exit scam or Rug pull, there needs to be a benefit, YFDAI did No Pre-Sale and fully funded the project to a cost of over $200,000 and as you can see from below, all team tokens are locked in time release smart contracts giving them a monthly amount of tokens only.
So unlike most projects the founders of YFDAI have “Skin in the Game” and are not just sat with a huge amount of ETH and tokens to spend at will.
Many projects that have exit scammed simply minted more tokens and sold to market-YFDAI does not have a mint function and this has been confirmed in the Blockchain Consilium audit.
No Pre-sale, Team Funded Development
Locked Liquidity until Dec 2021
Locked all Team, Advisor and Marketing tokens
Monthly Transparency reports on token movements
No Mint Function
Audited by Blockchain Consilium
Not an Anon Team
Applied for Estonian Exchange and Ewallet license
Applied for E-Money License
As you can see — the above is what keeps YFDAI from “rug pulling”.
13. There are already tens of Uniswap clones that have little to no liquidity, how do you plan to bring liquidity in? Reading the WP there is no incentive for a new LP to come.
There is a fee paid to liquidity providers, fees are 0.15% for the maker and 0.15% for the taker and liquidity providers take the lion’s share of this with a total of 0.25%.
On top of this we also have a large marketing campaign to drive new users. LaunchPad will be releasing many projects who have also locked liquidity, locked team, advisor and marketing tokens and who have also passed audits by Blockchain consilium.
Each of these projects will then have farming and to access these tokens you will first be required to provide liquidity on Safe Swap.
Recently there has been a huge swing away from centralized exchanges with Dex’s becoming ever more popular, we firmly believe that this trend will continue and SafeSwap will be ideally positioned to take a large share of this volume.
14. We all know that the majority of real life users don’t know what blockchain is all about. How will YFDAI team bring the adoption & education on blockchain and consequently DeFi to these ones?
That’s a great point — a good DeFi platform should be super easy to use, go try our staking or farming Dapps — even your grandparents could use them.
15. What are the plans of YFDAI in place for global expansion, are you focusing on market at this time? or focus on building and developing or getting customers and users, or focusing on partnerships?
From Marketing side and attracting new people, we are performing AMAs and have a busy schedule and YouTube reviews by independent influencers
From Development side, they are working currently on SafeSwap and the launchpad.
From legal side:
Wallet and exchange license
currently comparing offers for the Emoney license.
As you see, each department is focusing on their own responsibilities.
16. Sir, it has come to notice that many tokens after listing on Binance goes to death just like Curve and Kp3r. Then what is your plan in future for listing on major exchanges?
We are in talks, but also very aware of many problems with the top exchanges- we are monitoring these situations closely and will make decisions on further exchanges when the picture is more clear.
17. Does the YFDAI team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?
We have our marketing strategy set and are being picked up by crypto educators / influencers.
From our side, we provide YouTube videos to guide the people through the services on our platform.
When someone has questions, we got a positive minded community with always people there to help in the chat directly, not by pm.
Also we have very active admins of course, who are always available and redirects to the right person in case needed.
18. There’s a risk that the ideas behind SafeSwap are identified as valuable, and copied by Uniswap (and others). It will be crucially important for YFDAI to launch SafeSwap quickly, and capture as much traffic as possible in an attempt to break the network effects that Uniswap currently has. How does YFDAI intend to incentivise people to join the platform early, and capture this traffic?
well we are are ahead in the schedule — Testnet went live yesterday. There are liquidity rewards in place already, there are also large marketing campaigns to drive users to SafeSwap. The marketing has already started and as you can see the whole of crypto have been affected by the exit scams — and want change.
So I think we will quickly gather traction. We will also be identifying key top end projects that will only be available on SafeSwap for an exclusive period of time.
If anyone would like to follow up further on YFDAI:
Website: https://yfdai.finance
Telegram: https://t.me/yfdaifinance
CoinMarketCap: https://coinmarketcap.com/currencies/yfdai-finance/
Looking forward to see you guys active in the YFDAI Community!
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This is not a financial advise and you should do your own research before investing, and understand if you are willing to lose this investment, as there is always risk in innovative markets as technology, fintech, and cryptocurrencies, due to regulations, geopolitical issues, and what not. That being said, besides being invested in YFDAI, I am being compensated for my time writing this article.
