Recapitulation of YFIONE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 26th April, 2021
Time: 16:00 UTC
The YFIONE PROJECT team was represented by @MaxLinxone who judiciously shared with us detailed knowledge and information about YFIONE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on YFIONE?
ANS: My name remains Maxlinx, project manager of YFiONE, I have a background for business Admin and a python lover.
The team behind YFiONE are decentralized from different parts of the world who came together to create an ultimate Hub for DeFi projects.
Q2: Can you introduce YFIONE, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Yes Yes, This is always my best part.
Yearn Finance + One = Yfion
YFIONE is a community driven DeFi-project, orchestrated in building several decentralized products with the aim of producing real Defi values to improve the YFIONE ecosystem.
YFIONE dedicates its efforts to systematically produce new Defi fledged products in One ecosystem to exponentially increase its value, growths and use case.
YFiONE is solving the problems that traditional DeFi-projects can't solve and one of this solution is the One Basis cash platform, a stablecoin algorithm.
So YFiONE in that sense is bringing real value to yield farming. It's synonymous to venture capital by empowering the decentralized interest-free financial ecosystem, with the aim to distribute revenues as profit shares (rewards) to the stakeholders.
All YFIONE products are linked by YFO Token to achieve the goal of the true meaning of decentralized finance
"ALL IN ONE DEFI PLATFORMS IN WHICH YFIONE IS BUILDING”
Like i mentioned about YFiONE being a hub for different dApps, Yfione will be releasing it's official DApp this coming month THE ONE BASIS CASH PLATFORM, the algorithm stable DeFi coin of the BSC Binance ecological public chain.
Our competitive advantage is the technological abilities of the team.
Our solid Platforms and quest to explore and try new things.
YFO Is currently doing well in the market, from $100 in the Presale to 700 USD plus.
This is not a financial advice 😌
1YFO was sold for $100 in preslae ?
First stage was 0.1 at $50
Eth was 400 then
So YFO is doing fine in terms of market and community supports.
How old is the project?
YFO is 6 months old or more.
The project envisioned on October 2021, tokensale started November.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We have been able to raise Funds without any issues, which is the hardest thing to do in a project. We have started the development of two platforms, The Unione and One Basis cash. Our main concern is the One Basis cash as we are putting all efforts in it.
The platform will be officially launch in Mid may after the token OBS (One Basis shares) has been sold on the One Basis Presale.
YFO holders will benefit by staking YFO on the platform bank and receive tokens.
Like you said earlier YFiONE is a hub for different dApps?
Yes yes, We will be building more Decentralized Defi products as time comes.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: Yes exactly, We have partnerships with different platforms from exchanges to wallets and more, we recently partnered with CakeCity token (They are currently on their Presale) CakeCity allows you to farm Cke tokens and recently migrated from Ethereum network to Binance smartchain..
So in the coming year, we will be having so much more partnerships.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $YFO Token?
ANS: The YFO contract is https://etherscan.io/address/0xac0c8da4a4748d8d821a0973d00b157aa78c473d
The utilities of YFO token are its dApps and its community.
The tokenomics is a smooth one of
👉 Public offering - 60%
👉 Liquidity Pool - 5%
👉 Staking Pool - 5%
👉 Development - 15%
👉 Marketing & Airdrop - 8%
👉 YFIONE Team - 7%
And with the double applications coming up in mid May, The YFO tokens will have more utilities to interact with.
2nd Segment: LIVE Questions
Q1: What brought about the idea of One Cash Basis? And how would One Cash Basis be of benefit to the YFione ecosystem and its users?
ANS: The One Basis cash idea was for the need of a stablecoin algorithmic solution on the blockchain space.
The YFiONE ecosystem and YFO HOLDERS will benefit greatly from this applications as they earn from staking and mining. And also adding utility to YFO tokens.
Advantages of One Basis Cash
(1) Based on the Binance Ecological Chain BSC, the transaction speed is faster, the efficiency is higher, the handling fee is lower, and the operation cost is reduced;
(2) Smart contracts and smart monitoring on the chain improve the efficiency of gas usage for investors;
(3) The team has many years of experience in the field of blockchain smart contract development and financial system development, which fully guarantees the safety of user assets;
(4) In-depth cooperation with multiple projects in the BSC ecosystem, with richer revenue models and product forms. (5) Users can staking to mine, and mine is fair based on a block in 3 seconds. Time-saving, labor-saving, safe and convenient.
Q2: You planed to creat 4 flagship dapps for token holders as i read in the whitepaper...can you give me an idea about those dapps and its usage ?
ANS: Yes we did, The flagship dApps will be based on
👉 Defi based DEX Development.
👉 Decentralized insurance applications.
👉 Decentralized staking platform.
👉 Cryptocurrency Wallet App.
We will also be building cross chain synergies between other smartcontract and blockchains.
So the YFiONE is a big ecosystem
Q3: When i saw YFiONE project fisrt, i thought that this project will be good and long time stable project. But then i saw that YFiONE project's token $YFO based on ERC20. How a good project choose ERC20 where there have lots of good Blockchain providing good service out there?
Lots of big traders dont like ETH blockchain for there high gas fee and low transection speed.
So how YFIONE will be good project for now?
ANS: Very good observation, You know many projects were building on the Ethereum network because it was the first smartcontract platform but the Ethereum fee Spark another interests and many tokens have been moving to BSC. Good news is, YFO is also moving to BSC in time as we've announced about this on our announcement channels with our BSC smartcontract.
So great questions mate 🤩
Q4: All that notwithstanding, scams
by projects/teams are definitely problems of Defi but i think the major Problem is, most of the project are not building blockchain solutions to improve the way decentralized financial products exist. Does YFIONE has any intention to solve this kind of problem?
ANS: YFIONE isn't one of those project as we have shown totally huge transparency to our community and also have locked Liquidity using UNICRYPT.
We also haven't touched any team tokens up till now.
Our Smartcontract is secured and safe infact
Funds are safu.
Q5: You made an announcement on twitter that YFIONE will be going on multiple chains and a bridge of 1:1 will be laucnh, which majority of the community voted in favour of it...........When do we expect the update and deployment on other chains? Which chain are you considering next?
ANS: We are first creating a bridge on the Binance smartchain and the smartcontract is already out
We want the successful launching of the much anticipated Defi Platform of the YFiONE...The One Basis Cash.
The YFIONE ecosystem is a rare one on the blockchain.
The One Basis cash platform is huge and with the potentials to change the crypto space.
This is the reasons we have been going to different telegram to spread this news 🚀🚀🚀
MORE ABOUT ONE BASIS CASH
One Basis Cash is the algorithm stable DeFi coin of the BSC Binance ecological public chain
Full name: One Basis Cash
Tokens: OBC, OBS, OBB
INTRODUCTION TO ONE BASIS CASH
The essence of "currency" envisioned by Satoshi Nakamoto is an encrypted native token based on cryptography to achieve decentralization. Although digital currencies issued by commercial institutions or central banks use blockchain technology, they have strong centralization properties; algorithmic stablecoins are encrypted native tokens that are more in line with Satoshi Nakamoto's vision. Before introducing algorithmic stablecoins, let's review the evolution and development of stablecoins, so as to observe how stablecoins realize the "currency" form envisioned by Satoshi Nakamoto step by step.
The representative of the first generation of stable currency is USDT, which tokenizes legal currency and builds an important bridge between legal currency and cryptocurrency.
The second-generation stablecoin attempts to build a decentralized stablecoin, the representative of which is MakerDAO's DAI.
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