Recapitulation of NFY Finance AMA event held at AMA LOVERS CLUB
Date: Thursday, 12th November, 2020
Time: 16:00 UTC
The NFY Finance team was represented by @jeffjx and @Cnote007. They both judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also the team should be introduced
Ans : My name is Jeff. I have been interested in crypto since late 2016, I found it fascinating and ever since then I have been investing the majority of my time in the space. I have always had a passion for creating things and because of this I had always been attracted to development. I started pursuing this full time and as a career about a year and a half ago.
About 9 months ago is when I went full time into Solidity. Ethereum smart contracts and solidity is what I have been solely focusing on for these last 9 months. I am not sure how many people are familiar with Cyotee, but for the last 2 months I have worked closely with him as a developer in regards to the charity he started and AuditDAO.
I’m Victor, a solidity dev, I have been in the blockchain space for 4 years.
I spend most of time building and tweaking stuffs, currently I’m fully focused on building NFY into a fully functional platform.
Q2 : Can you introduce the NFY Finance what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage over other solutions
Ans : Non-Fungible Yearn is a DeFi platform whose goal is to utilize the full potential of Non-Fungible Tokens (NFTs) in the DeFi sector. As of now, DeFi is dominated by ERC-20 tokens, which are fungible tokens, meaning that all are the same and are not unique from one another. While ERC-20 tokens are surely needed and are not going to be going away anytime soon, there are many other different token standards that are rarely mentioned, ERC-721 being one of them. ERC-721 tokens are non-fungible tokens, meaning that each token is unique and no two are like, this is because of the unique token id that each token is given at the time of being minted. Currently, ERC-721 tokens are mostly used as collectibles, the Non-Fungible Yearn platform will re-imagine how these tokens have been used by creating a use case for them in DeFi.
The main thing NFY is looking to do is to open the door for NFTs in DeFi, our staking platform is already out and is running as expected! This whole process is able to make stakes tranferable and more flexible. Right now stakes are pretty static, your value is locked until you unstake. Wrapping these stakes in a NFT allows it to be more dynamic. You have the value of that stake unlocked, even though you do not have access to the tokens.
The competitie advantage is that this is a a completly new idea! From what we know there is no competition in this space right now. From the short time we have been around there has been lots of interest in the project and people really see the differences in it compared to other projects.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : About 2 weeks ago the NFY staking platform was released. Initially two pools were launched, NFY staking and NFY/ETH LP staking. The launch had gone better than expected and has generated a lot of interest so far. Currently we are working on the NFY trading platform that will allow users to trade stakes directly, all without ever having to unstake from the system.
Let me get a picture of the road map as well
2nd Segment: TWITTER QUESTIONS
Q1 : When a user bets his NFY / ETH liquidity token on the NFY platform, it is locked in the platform forever. Does this mean that the value of such investment cannot be recovered, even if the user does not want to continue being a liquidity provider?
Ans : This process is relatively similiar to CORE, except that for CORE liquidity is locked upon wrapping, for NFY liquidity is locked upon the staking of the LP tokens.
While the LP tokens are locked in the system, the value is not, the rights to the yield these LP tokens bear is wrapped in a NFT. When the trading platform comes out, which is on track for the end of Novermber, a user will be able to sell their stake on this platform. They will be selling this stake to someone who is looking to provide liquidity and have that yield.
NFY allows users to lock their liquidtiy but not their value!
Q2 : It’s stated on your website that“By using NFT tokens we do away with expensive redeem transactions for the user to unstake and no extra congestion in the network!” What would be the transaction fee and how can you convince users not to unstake?
Ans : It is hard to say what the actual transaction fee would be. While there is still a gas fee, the gas fee would not be as costly when a user sells their stake via trading platform.
For NFY staking the unstaking fee is 5%, this 5% fee is redistributed back to the reward pool.
For NFY/ETH LP staking, there is no unstaking, it is like CORE in this sense, the difference is that the LP tokens are locked upon the stake and the adding of liquidity.
The 5% will encourage users to sell their stakes on the trading platform, and the locking of the LP tokens when a user stakes also encourages users to sell their LP stakes on the trading platform.
Q3 : I’ve been looking for the next DeFi project to explore and I’m glad I found Non-Fungible Yearn (NFY) through this AMA. I would like to know more about NFY trading platform? How soon will it start functioning and what benefits will it offer users?
Ans : The NFY trading platform is different than a traditional one. Traditionally, on a dex, you are trading the actual tokens, on the NFY platform you are instead buying and selling the rights to a stake itself! No need to ever unstake the tokens themselves stay in the staking smart contract. A user can just go to the market and directly sell the rights to their stake to someone! This will not only save fees on transactions, but will also cut out the step of having to unstake then sell. The current goal of having the trading platform released by the end of November is still on track.
Q4 : In one of your medium article I read that your ecosystem allows a NFT (Non-Fungible Token) to represent the rights to a stake. Please explain the technicalities behind this and how it is different from the traditional DeFi staking platform?
Ans : When a user stakes their stake is wrapped with an NFT, unlike other staking dApp users can un-stake a portion of their staked amount but on $NFY when you un-stake you un-stake your entire stake given it’s wrapped in an NFT. Users will be able to sell their stakes in bits on our DEX.
Normally a stake is tied to a user’s wallet. The NFY platform creates an environment where instead of a wallet address being linked to a stake, a NFT will be linked to a stake. This NFT will be the rights to the staked funds and the yield that it bears. The staking process is the same as any other staking platform. The key difference is that when a user stakes on the NFY platform a NFT will be minted and stake will be accounted for on this NFT. This is possible by keeping track of a stake by a NFT’s unique token id. This process not only allows the value of a stake to be accessible even when it is locked, but also allows for a stake to even be transferable.
Q5 : The first time a user stakes on the staking dapp, a new NFT is minted for that user. However, people could find a way to stake as multiple users to acquire much NFTs. Are there steps to ensure that the system isn’t taken advantage of?
Ans : Yes there are. When a user stakes an NFT minted for them, whenever they choose to stake again the new stake is just added to the previous balance wrapped with your initial NFT. A user can also be sent staking NFTs from other users. The system allows all of this.
There are checks in place that allow this to happen without the system being taken advantage of.
3rd Segment: LIVE QUESTIONS
Q1 : While trying to check how your staking works, I discovered that I need to approve the staking smart contract before I could stake successfully. Do I need to approve the smart contract anytime I want to stake or it was just like that because of the first time I’m staking?
Ans : It’s just like that the first time. Yes, you only need to approve first time you stake. The smart contracts require your allowance the first time.
Q2 : What plans do you have to achieve your expansion in a successful way so that many more people get to know your project?
Ans : We plan to have a well outlined marketing approach such that we reach our target audience in various social media outlets
Q3 : Is the Development for NFY and NFY/ETH LP staking going as planned?
Ans : Yup it is at the moment we have 13994.9800 $NFY and 772.1245 $LPToken respectively staked
Q4 : On your website, it says "As rewards from reward vault are distributed, rewards will be replenished out of the 1% fee from each transaction of the trading platform". Does this mean if no volume on platform, no more rewards?
Ans : No at the moment we have 60,000 NFY in the reward pool which is distributed to the NFT and LPtoken pool at 0.10% and 0.30% respectively daily and there’s also the unstable fee which is also sent to the reward pool
The reward system is deflationary, so techiacally rewards will never run out, but rather slowly approach 0, but never actaully hit it.
But that is right, if there is not a lot of volume in the platform, the rewards to be distributed may not be as high.
Q5 : What role does your nfy token use in your Ecosystem? How can I get or buy it?
Ans : The NFY token will be used as the trading fee. The NFY token will also be the goverenece token for the platform, this will allow decisions to be in the hands of the community
Q6 : Does NFY Finance have two tokens $NFYs and $NFY? If so, then what are the use cases for the two tokens?
Ans : 1 token
Q7 : For unstaking NFY fee is 5%
Is there any fee when starting staking? Why is fee 5% if we unstake 5% of our balance disappear,how much from this goes to reward pool and what is happening with other part of fee?
Ans : No fee for staking. All 5% goes straight to reward pool
Q8 : Is $NFY already available on the exchange?
Ans : It’s on uniswap
Q9 : Regarding staking within the NFY platform, what are the requirements that must be met before staking in each pool for the first time?
Ans : No minimum! Only requirement is to confirm that first approve transaction
Q10 : NFY.finance and NonFungibleYearn.finance have different sites. Is the developer for Non-Fungible Yearn any different from the NFY Finance team?
Ans : Both are the same, NonFunigbleYearn.finance is a back up site
Q11 : How secured can you describe NFT finance ?
Ans : NFY finance has received an audit, as expected no critical vulnerabilities were found!
Audit Report: https://docsend.com/view/d5ju2wghrp7k6v4h
Q12 : 0.05% will go to the community fund from 1% fee from trading in your platform. So for this allocation, why there is a fund for community? So is that mean, there will be some events for the community that needs fund?
Ans : The community will be able to decide how these funds are used
Q13 : When many projects choose Staking is the main core. What are differences between NFYFinace and other projects. And what are benefits that users can get from NFYFinance ?
Ans : NFY utilizes NFTs! Unlike any other project 🙂
Q14 : If stakeholders want to trade their stakes with your NFY trading platform, do they have to un-stake their positions first?
Ans : Do not have to unstake! Users are trading the stakes directly.
The stake NFT also stays in the user's wallet
Q15 : What are the things that the NFY Finance has gone through and what else do you want to achieve this November?
Ans : Our staking dApp is live and we aim on launching our DEX by the end of November
Before you to, do you have any Final Words for community, also do good to share every useful links to your project and how we can participate in the Token Sale
Ans : Would just like to say thank you to everyone! We had a great time and we hope everybody enjoyed the AMA!
Here are some links:
NFY is trading on UniSwap: https://info.uniswap.org/pair/0x146d3401b6a41122bd318ba676a01c44cb0795e2
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