AMA Series YFX With Cryptowid Telegram Community
On may 5th, 2021 at 2pm UTC (9pm GMT+7) in the Cryptowid Telegram Group. AMA YFX started with Mr. R.L. Bryer – YFX Global ambassador RL When campaign, 10 lucky AMA participants when best asking questions Twitter and AMA sessions will get a total prize of 100$ USD The following is a summary of AMA questions and answers announced by the moderator and guest speaker.
Mr. R.L. Bryer : I’ve been in the Bitcoin and blockchain space since 2009. I found Bitcoin very early and got the bug. I’ve written 2 books on blockchain technology, Blockchain: Project Renaissance Volume 1 and 2 and worked on different blockchain projects. I’ve also written for a lot of different news outlets in crypto, covering the news and advancements in the technology. I host my own podcast, The Vires in Numeris Podcast as well. I’m currently a global ambassador for YFX.
SEGMENT 1: PROJECT INTRODUCTION
Q1. What is YFX Protocol? And how is the story/reason behind the YFX Protocol project creation?
Mr. R.L. Bryer :
YFX.com is a defi derivatives trading platform. YFX is committed to becoming the world’s top decentralized contract exchange, allowing users to truly realize contract trading on YFX like a centralized exchange. Continuous technological iterations provide global users with safe, stable and smooth decentralized 100X leveraged contract trading products. Relying on decentralized contract exchanges, YFX.com will build a closed-loop ecosystem and gradually develop decentralized currency, lending and option transaction products.
YFX.com delves into the decentralized perpetual contract trading platform, and provides users with safe, stable and smooth decentralized 100X leveraged contract trading products for users around the world. At the same time, YFX.com invited the world’s top auditing agency, CertiK, to do the engineering code. The whole process of auditing ensures the security of the code. In order to reduce the user’s transaction costs on YFX.com, the distributed cross-chain and multi-chain deployment has been deployed on the Ethereum layer2, HBC, Tron, Heco and other public chains, which solves congestion and high gas fees on the Ethereum mainnet network.
Q2. What’s the reason why we have to choose YFX Protocol from all other project out there?
Mr. R.L. Bryer :
Our trading platform is quite a bit like Uniswap, since we both utilize an AMM for trade. However, unlike Uniswap’s Constant Market Maker, we use a Quoted Index Price and Constant Integral Based Automated Market Maker. You’ll see the acronym on our site, QIC-AMM. It works similar to AMM but it can determine prices in high frequency and do margin trading, instead of spot trading.
However, we’re the first cross-chain DEX that employs 4 different chains currently. That’s the first thing that really separates YFX from the field, our users can use the chain that allows for the cheapest transactions. YFX also implemented xDAI, a layer2 scaling solution for Ethereum because of ETH’s mainnet scaling issues.
Q3. What’s the roadmap of YFX Protocol? And what milestones you have reached so far?
Mr. R.L. Bryer:
Our Genesis Mining events allow for our users to gain YFX tokens as a bonus or reward for trading with us. We want our community to be the first to hold the YFX token because they are the ones that we rely on for success. We appreciate our users a lot!
Our token roadmap was just released last week. The token roadmap is May 6th-9th, here’s the map below. You can also read more about our token and all YFX updates on our Medium Blog. @YFX_DEX.
IDO (May 6th — May 7th)
On May 6th, YFX will start IDO (Initial Dex Offering) on 2–3 platforms (on Ethereum and Heco Chain). Investors participating in YFX IDO need to be whitelisted in advance on the platform. The list of IDO platforms and participating tutorials will be announced in the official channels in advance. Please stay tuned!
LBP (May 7th — May 9th)
The YFX token will be deployed to Balancer’s Liquidity Bootstrapping Pool (LBP) on May 7. Investors will be able to purchase YFX after opening LBP which is open to all investors. Investors participating in LBP do not need to be whitelisted. The address of LBP Pool will be announced in the official channel in advance.
Platform URL: https://balancer.finance
Note: LBP uses a variation of Dutch auction and reverse auction. At first YFX token will be set at a high price and if there are no buying orders, the price of YFX token will keep decreasing with time. Please make sure you are familiar with the auction rule first!!
Launch DEX (May 9th)
After LBP, YFX Token will be released. YFX will Launch DEX on May 9th and investors will be able to trade freely at that time. The YFX token will be fully priced by the market!
NOTE: All the information will be released in official channels!
Q4. We’re so excited to know more about $YFX token. Could you please tell us more about it, including the supply, and also where it is tradable?
Mr. R.L. Bryer:
The YFX token is a governance token that users will hold if they choose to have voting rights in the future of the protocol. Eventually the protocol will become completely decentralized and turned over to the community. So, holding $YFX token enables traders on our platform a voting stake in the YFX community and how it operates. The total supply of the $YFX token will be 100 million tokens. The $YFX token will be distributed across all four chains we use currently so traders can enjoy using our token across the chains and help scale the protocol and for ease of use.
Q5. Can you give us an insight about the strategy and the future of YFX Protocol??
Mr. R.L. Bryer:
Our strategy is to continue to be the best option for DeFi traders that want to trade with leverage cross-chain and efficiently. There are other competitors coming to challenge us, we’re sure of that. However, we were first to market and the first mover advantage we now have is massive. Think about it like Bitcoin with p2p money or Ethereum with smart contracts, we’re the first to market with cross-chain perpetual contract trading and that’s important. We’ll continue to distance ourselves from the field because we work tirelessly across the world to make sure no other team closes the gap we’ve already put between us and the field.
SEGMENT 2: QUESTION FROM TWITTER
Q1. from @Robert89944298
YFx claims to be the first Defi trading platform that is compatible with Ethereum, Tron, Binance Smart Chain and Huobi Heco, my question is simple how do they achieve good interoperability between all these chains ?And By having so many cross chain, the transactions are not slow?
Mr. R.L. Bryer:
We’ve some of the best developers and the greatest minds in the world working for YFX. People working for our team have been in the blockchain space and tech realm for many years, we’ve been thinking about these important problems for a long time. Of course interoperability is not an easy task but as important as any in the blockchain space. The difficult part is connecting these chains, the transaction throughput is not as difficult. The transactions are actually made faster rather than slower by cross-chain interoperability and are much cheaper than through a 3rd party intermediary that are security loopholes and create problems with trust. With being decentralized, we’re trust minimized compared to our counterparties.
Q2. from @ZamoraJoana
YFX means ” your future exchange” so this type of new generation exchange require users verification or KYC? Is it absolutely necessary?
Mr. R.L. Bryer:
There are no KYC or AML required to trade on our DEX. You just need a bit of gas and a metamask wallet to connect to our protocol. Make sure that trading in your jurisdiction is legal, we’ve outlined on our site the locations where users are not allowed to trade.
Q3. From @TonyMon253
I find out that YFX use something called ” QIC-AMM” so can you please explain us what is this exactly? Which unique benefits brings you use this technology?
Mr. R.L. Bryer:
QIC-AMM which is short for Quoted Index price and Constant integral based Automated Market Maker. The trader directly completes the long or short order with the automatic market maker according to the price at QIC-AMM. There is no slippage, the depth is a function of the available balance of the LP pool, and there is no impermanent loss in the LP pool. YFX’s price index is calculated using a weighted average of last Prices from coinbase. binance, kraken, bitstamp, huobi and okex.
QIC-AMM would automatically remove the deviation value of the mistaken price.
QIC-AMM use constant integral to calculate depth of Market Maker Pool and use normal distribution on liquidity provider for depth of Market Maker Pool, X~N(index price, σ2)
Q4. from @yoriLipB
I think the security is the most important thing of a project . So How one is secure on YFX platform?
Mr. R.L. Bryer:
Users are completely in control of their keys on our site and the site is completely decentralized so users don’t have to worry about 3rd party intermediaries making a mistake or security problems that CEXs or traditional exchanges have. Our team values security highly. We’ve made certain that security is a top priority and our DEVs work very hard to protect our protocol. We’ve also been audited by CertiK, one of the top code security agencies in the space, so our code has been vetted and we’ve passed all of their tests.
Q5. from @19ragum
Do you have mechanisms such as buyback and burning to regulate the demand and supply of YFX, so as to increase its intrinsic monetary values?
Mr. R.L. Bryer:
We do not have a buyback or burn set up within our system. We believe the market determines the value of anything that exists. This is called, Subjective Value Theory. To sum that up shortly it just means that ‘value is in the eye of the beholder’ and doesn’t come from a government or central bank. Like Bitcoin for example, the value of BTC is determined on the market and not by fiat [state decree] but by the subjective valuation of society cumulatively.
SEGMENT 3: FREE ASKING
Q1. Any inspiration for the YFX project development team and can you share that?
Our inspiration comes from the stories of past financial crises and wanting to help everyone gain financial freedom. With the advancements in blockchain tech we know that we can help solve some of the most important problems in the world. Through protocols like ours the world can become a better place and have more economic freedom, we get our inspiration from our community of fantastic users.
Q2. What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
Non crypto natives will be heading to YFX soon, we’re sure of that. The total market cap for crypto last year at this time was around $115 billion. Today we’re around $2.5 trillion. Everything will be on-chain soon and people will be searching for the best place to trade that relies on no 3rd party.
Q3. My question is about your long term marketing plans. How, or through which big partnerships do you plan on utilising to pass your product onto the normal – especially non-crypto people?
We have some of the biggest names in investments that have already contributed to our success. Our investors are really great and we believe in them and they believe in us. That’s what this space is about, trusting each other but trust minimization of protocols. We want to make sure our partners and investors are happy and we’re working very hard day and night to make that happen. We just recently closed a multi million dollar round of funding, there are a lot of important people that believe in our vision.
Q4. Security is very important so,how about YFX security systems? Is it enough safe bcos recently many exchanges get hacked and what makes YFX different from other project?
We have been audited by CertiK, they’re a leading firm in blockchain security. We will have additional audits in the future. Security is paramount to our success, I agree. We will continue to work hard to make sure our users are safe. Right now however, everything is going as planned and all funds have been safe and the decentralized nature of our protocol enable that.
Q5. On which userbase is Your main target? Are you focusing only on big Investors or small retail Investors also can play a big role In your project?
Our user base is made up of people all around the world. I wouldn’t say there is one particular target. We want every crypto trading that enjoys perpetual contract trading to utilize the ecosystem we’ve built and continue to advance. the future will be shaped by our decisions as a leader in this industry so we want to make sure we shape a great future for our users and the world.
DON’T FORGET TO FOLLOW YFX OFFICIAL