Apr 27, 2021
Recapitulation of YFX DeFi PROJECT AMA event held at AMA LOVERS CLUB.
Venue: https://t.me/amaloversclub
Date: Tuesday, 27th April, 2021
Time: 15:00 UTC
The YFX DeFi PROJECT team was represented by @RLBryer who judiciously shared with us detailed knowledge and information about YFX DeFi PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on YFX?
ANS: The meaning of YFX is the formula Y=F(x), which reminds us to be in awe of mathematics, products and logic.
YFX.COM (http://YFX.COM) is a cross-chain decentralized perpetual contract platform based on Ethereum, Binance Smart Chain, Huobi Ecological Chain, TRON, OKEx public chain and Polkadot. It provides up to 100 times the perpetual contract trading BTC, ETH and other assets. Different from the common automatic market maker model (AMM), YFX.COM adopts the QIC-AMM market maker pool trading method to provide users with high liquidity and low trading slippage. YFX.COM has successfully supported layer2’s perpetual contract trading function. YFX.COM’s goal is to build a DEX that can compete with CEXs on the derivatives trading track.
We're a decentralized team around the world and the sun never sets on our success.
Q2: Can you briefly us about the team behind Y as a function of X 😄?
ANS: The team really likes to focus on the protocols and not being in the limelight, we're spread throughout the world and are working on the project 24 hours a day because of our decentralization.
Q3: Can you introduce YFX, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: YFX.COM is the culmination of many years in the centralized perpetual contract trading system, we have focused on development of our technology, the original QIC-AMM mechanism. This mechanism can ensure that users on YFX.com have a smooth experience and opportunity of 100 times the contract position if they choose.
Furthermore, YFX.COM has been deployed to four public chain master networks, ETH (layer2), BSC, Heco, and Tron, which other teams are currently unable to accomplish. We are a trailblazer in cross-chain financial products.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: YFX.com has completed Genesis Mining, during which more than 30,000 addresses have authorized YFX.com and nearly 20,000 addresses have participated in Genesis mining. YFX tokens will be issued soon, so those who have not participated in Genesis mining can stay tuned to yfx.com’s announcements.
ROADMAP
1. 2021. April. Launch on TRON mainnet, Heco mainnet, BSC mainnet.
2. 2021. April. Genesis mining.
3. 2021 . May. Launch on Ethereum Layer2.
4. 2021. September. Launch on Okchain.
5. 2022. January. YFX.COM V2 launch and realize decentralized quotation.
6. 2022. September. Realize cross chain based on COSMOS Hub
7. 2022. December. Launch on YFX.COM loan transaction.
8. 2023. March. Achieve community governance.
https://t.me/amaloversclub/148926
Why did you call that "Genesis mining" Different from the regular mining?
I believe because this is sort of the birth of our protocols so this is the genesis of our project.
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: DeFi perpetual contracts trading platform YFX.COM completed multi-million dollar funding after the completion of strategic investments from NGC, SNZ, DFG and so on. YFX.COM has completed a multi-million dollar round funding from OKEx Blockdream Ventures, PrimeBlock Ventures (MXC Labs), Gate.io Labs, LD Capital, PetRock Capital, True Edge Capital, R8 Capital, ArkStream Capital, CryptoJ, 7 O'Clock Capital, Phoenix VC, NewTribe Capital, Vega Ventures, 499Block, Jackdaw Capital, Honglian Capital and others. YFX.COM expresses that it will soon announce IDO details about YFX token.
In code security, YFX partnered with three top-notch security audit companies, to thoroughly examine the codes. All reports show that our codes are secure.
So YFX has been audited by 3 audit companies already
Can you drop the links to the report?
The reports are available on our Medium page, I'll share the link, one moment.
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $YFX Token?
ANS: Token supply.
1. The proportion of community users will be 50%: Distribution will be through airdrops, mining, risk compensation, security rewards, community rewards, etc. The estimated distribution cycle is 3 years. Among them, 50% is distributed in the first year, 25% in the second year, and 25% in the third year.
2. 15% for the strategic investors: for the benefit of early ecological investors and IDO’s market pricing. Strategic investors will unlock 30% initially, and the remaining part will be unlocked linearly in one year.
3. 25% for the founding team + early equity investors remain unchanged: the team and equity investors initially release 20%, the remaining equity investors will unlock linearly within 1 year, and the founding team will unlock linearly within 2 years.
4. 10% for foundation reserve: used to support the construction and improvement of the ecosystem, the related costs of the circulation of the head exchange, the construction of related partners, the internal insurance fund of the system, etc.. Unlock when needed, before they’re unlocked there will be an announcement to the community simultaneously.
Token economic model:
1. 50% of the fee received by the platform is used to repurchase and destroy directly in major decentralized exchanges from time to time, which is open and transparent.
2. No more than 50% of the risk fund can be used for the repurchase and destruction of platform tokens.
3. Platform tokens can be used as margin for contract trading to expand the liquidity of tokens.
4. Incentivize market maker liquidity market maker, stake LPToken to reward YFX.
5. YFX.COM will be handed over to the community for shared governance, holding YFX token will have the right to propose and vote on the platform governance, etc. Staking a certain amount of YFX token can open and configure the trading market and enjoy the benefits.
What will be the total supply of $YFX?
This article discusses everything on tokenomics, this is a great resource if you want to know everything about it. The token is being distributed across different chains to ensure inclusion.
Q1: Can you please introduce yourself and your background, also introduce the team working on YFX?
ANS: The meaning of YFX is the formula Y=F(x), which reminds us to be in awe of mathematics, products and logic.
YFX.COM (http://YFX.COM) is a cross-chain decentralized perpetual contract platform based on Ethereum, Binance Smart Chain, Huobi Ecological Chain, TRON, OKEx public chain and Polkadot. It provides up to 100 times the perpetual contract trading BTC, ETH and other assets. Different from the common automatic market maker model (AMM), YFX.COM adopts the QIC-AMM market maker pool trading method to provide users with high liquidity and low trading slippage. YFX.COM has successfully supported layer2’s perpetual contract trading function. YFX.COM’s goal is to build a DEX that can compete with CEXs on the derivatives trading track.
We're a decentralized team around the world and the sun never sets on our success.
Q2: Can you briefly us about the team behind Y as a function of X 😄?
ANS: The team really likes to focus on the protocols and not being in the limelight, we're spread throughout the world and are working on the project 24 hours a day because of our decentralization.
Q3: Can you introduce YFX, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: YFX.COM is the culmination of many years in the centralized perpetual contract trading system, we have focused on development of our technology, the original QIC-AMM mechanism. This mechanism can ensure that users on YFX.com have a smooth experience and opportunity of 100 times the contract position if they choose.
Furthermore, YFX.COM has been deployed to four public chain master networks, ETH (layer2), BSC, Heco, and Tron, which other teams are currently unable to accomplish. We are a trailblazer in cross-chain financial products.
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: YFX.com has completed Genesis Mining, during which more than 30,000 addresses have authorized YFX.com and nearly 20,000 addresses have participated in Genesis mining. YFX tokens will be issued soon, so those who have not participated in Genesis mining can stay tuned to yfx.com’s announcements.
ROADMAP
1. 2021. April. Launch on TRON mainnet, Heco mainnet, BSC mainnet.
2. 2021. April. Genesis mining.
3. 2021 . May. Launch on Ethereum Layer2.
4. 2021. September. Launch on Okchain.
5. 2022. January. YFX.COM V2 launch and realize decentralized quotation.
6. 2022. September. Realize cross chain based on COSMOS Hub
7. 2022. December. Launch on YFX.COM loan transaction.
8. 2023. March. Achieve community governance.
https://t.me/amaloversclub/148926
Why did you call that "Genesis mining" Different from the regular mining?
I believe because this is sort of the birth of our protocols so this is the genesis of our project.
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: DeFi perpetual contracts trading platform YFX.COM completed multi-million dollar funding after the completion of strategic investments from NGC, SNZ, DFG and so on. YFX.COM has completed a multi-million dollar round funding from OKEx Blockdream Ventures, PrimeBlock Ventures (MXC Labs), Gate.io Labs, LD Capital, PetRock Capital, True Edge Capital, R8 Capital, ArkStream Capital, CryptoJ, 7 O'Clock Capital, Phoenix VC, NewTribe Capital, Vega Ventures, 499Block, Jackdaw Capital, Honglian Capital and others. YFX.COM expresses that it will soon announce IDO details about YFX token.
In code security, YFX partnered with three top-notch security audit companies, to thoroughly examine the codes. All reports show that our codes are secure.
So YFX has been audited by 3 audit companies already
Can you drop the links to the report?
The reports are available on our Medium page, I'll share the link, one moment.
https://yfxdefi.medium.com/
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $YFX Token?
ANS: Token supply.
1. The proportion of community users will be 50%: Distribution will be through airdrops, mining, risk compensation, security rewards, community rewards, etc. The estimated distribution cycle is 3 years. Among them, 50% is distributed in the first year, 25% in the second year, and 25% in the third year.
2. 15% for the strategic investors: for the benefit of early ecological investors and IDO’s market pricing. Strategic investors will unlock 30% initially, and the remaining part will be unlocked linearly in one year.
3. 25% for the founding team + early equity investors remain unchanged: the team and equity investors initially release 20%, the remaining equity investors will unlock linearly within 1 year, and the founding team will unlock linearly within 2 years.
4. 10% for foundation reserve: used to support the construction and improvement of the ecosystem, the related costs of the circulation of the head exchange, the construction of related partners, the internal insurance fund of the system, etc.. Unlock when needed, before they’re unlocked there will be an announcement to the community simultaneously.
Token economic model:
1. 50% of the fee received by the platform is used to repurchase and destroy directly in major decentralized exchanges from time to time, which is open and transparent.
2. No more than 50% of the risk fund can be used for the repurchase and destruction of platform tokens.
3. Platform tokens can be used as margin for contract trading to expand the liquidity of tokens.
4. Incentivize market maker liquidity market maker, stake LPToken to reward YFX.
5. YFX.COM will be handed over to the community for shared governance, holding YFX token will have the right to propose and vote on the platform governance, etc. Staking a certain amount of YFX token can open and configure the trading market and enjoy the benefits.
What will be the total supply of $YFX?
This article discusses everything on tokenomics, this is a great resource if you want to know everything about it. The token is being distributed across different chains to ensure inclusion.
https://yfxdefi.medium.com/announcement-on-yfx-com-governance-token-distribution-adjustment-abeae5b525f2
2nd Segment: LIVE Questions
Q1: What did you restrict users from countries especially USA and mainland China despite the recent news about adoption of crypto currency in those countries?
https://twitter.com/ORaph15/status/1387055439917944833?s=19
ANS: We have to comply with laws in all jurisdictions so until the governments in those countries make new laws we want to make sure comply.
Q2: Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage the project and token to gain a place in the market and become a best token in the blockchain world?
https://twitter.com/ibrahimz66/status/1387067392229003267?s=19
ANS: We are the first to market with a cross-chain DEX for perpetual futures and our first mover advantage is taken very seriously. We will make sure that we provide for our customers around the world. We are building something sustainable, that's why we are not over promising but over delivering, not just hype.
Q3: You used some word...limited time mining....there i saw for types mining
1.ETH mining
2.BSC mining
3.TRON mining
4.HECO mining
Honestly I don't understand what you mean by this mining...Can you give me a clear idea about this ?????
https://twitter.com/Gamer10001865/status/1387059703654457350?s=19
ANS: The limited time mining is in regard to our competitions, we have mining competitions where participants can earn our YFX token and will be awarded the tokens after the audits clear and we distribute them.
Q4: Is the mining on ETH, BSC, Tron, Heco is time limited event for now? Are we won't be able to farming or mining later?
As I’m a trader, I like to tread everywhere, i saw that YFX blockchain is trustless. Can you tell me the which Blockchain is trustless that i can avoid or skip this?
https://twitter.com/IAmMortal10/status/1387066765528604672?s=19
ANS: We will announce our next competition soon, please stay tuned to our social media channels for the date of the next event.
Q5: The DeFi industry is really moving at a very fast rate as far as innovation is concerned. What is the team doing underground to catch up with new innovations so as to keep up with the pace at which the DeFi industry is moving?
https://twitter.com/BelloABDUL0192/status/1387055161785339904?s=19
ANS: Our developers are some of the best in the world, we are setting the pace as far as innovation so it's everyone else that is working to catch up to us. 🙂
The DeFi industry is really moving at a very fast rate as far as innovation is concerned. What is the team doing underground to catch up with new innovations so as to keep up with the pace at which the DeFi industry is moving?
https://twitter.com/BelloABDUL0192/status/1387055161785339904?s=19
https://t.me/amaloversclub/149004
CONCLUSION
Thanks for having us, if anyone has any further questions feel free to join our Telegram chat and ask them there, we appreciate all particpants today and AMA Lovers Club for hosting this AMA - you have a great community here, keep up the fantastic work!
Follow Us On Our Various Social Media Communities For More Update;
Sure, let me get the links for your community.
Twitter Channels:
MAIN:@YFX_Defi
English: @YfxDex
KOREA:@KoreaYfx
JAPAN: @JapanYfx
Website: YFX.com
Lastly our Medium
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