Recapitulation of YIELD APP PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 25th February, 2021
Time: 13:00 UTC
The YIELD APP PROJECT team was represented by @Jan_YIELD, @Justin_YIELD and @Tim_YIELD who judiciously shared with us detailed knowledge and information about YIELD APP PROJECT.
1st Segment: INTRODUCTION
Q1: Can you introduce the YIELD project, what critical problems does it solve that existing solutions are not solving and what's the competitve advantage?
ANS: YIELD solves the gas problem for small-time farmers who want to take advantage of yield farming. We do this by accounting for everything on our own secure database, and we pass the savings along to you. We guarantee the 12%. YIELD makes it so, that nobody needs to learn how to trade in order to take advantage of trading fees from decentralized exchanges.
We also avoid those projects with insanely high APR that we don't believe are safe to put our customer's money into. We spend a lot of time self-auditing protocols and making sure that we're only investing in high-class, high-value projects.
YIELD App was born from a vision to provide our customers with a high yielding deposit account coupled with safe custody of your assets! 🔒Instead of you doing all the steps we ware doing it for your, and as the ETH price is surging is becoming more and more expensive to participate into defi. This is where we can come in with a very simple solution
High Gas Fee is exactly the problem we are trying to solve. Right now it's impossible for users to make a small, maybe $100 defi investment. By having economies of scale, we are able to pass the savings along to our customers and fix their issues with limited capital. We address these specific issues by offering an intuitive mobile app where users simply deposit funds in their preferred currency and select the plan that suits them best. There are no gas fees, no transfer fees, and our team handles DeFi’s intricacies so you don’t have to.
This is exactly the reasons we are building YIELD App DeFi is complex, high gas fees, and a lot of fraud. We aggregate funds and can invest and earn high yields where its impossible to replicate our strategies without large sums of capital. We want DeFi to be accessible for everyone. We aim to support fiat gateways in South East Asia this year.
Q2: Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We've achieved so much in such short time since we started middle of last year. Our sold out listings, being number one on CoinMarketCap's trending list for a couple of times, and so much more! We also have a blog for the members to have an overview of what's coming ahead: https://www.yield.app/post/yield-app-accelerates-its-mission-toward-defi-banking-in-your-pocket
We have our roadmap public to keep us accountable to our community 🛡:
Platform and Application
- Increase accessibility and adoption of YIELD App’s platform
- Reach 10,000 monthly active users
- Complete and deliver iOS and Android mobile apps – available in app stores
- Open deposits for BTC, ETH, wBTC, and other stablecoins
- Enable coin and token swaps within the platform
- Continue developing alternative fund management strategies
- Deploy and manage BTC fund
- Deploy and manage ETH fund
Build-out capabilities for $100M+ in assets
- Finalize and open fiat ramps that are cost-effective for our users
- Continue to pursue the best-available partnership for a debit card program.
Q3: Can you briefly describe your PARTNERSHIPS, I am trying to keep track of them all, but I believe now will be a good time to go through them all?
ANS: As for our partnerships, some of their stories can be found on our Medium! https://yieldapp.medium.com/
- Avalanche :
- Merkle Science:
Q4: Sequel to the Ever increasing Inefficiency of the ETH blockchain over, do you think have plans for a bridge or migration to Binance Smart Chain?
ANS: We are building eventually a bank, both Binance and Crypto.com are exchanges. We do not focus on speculative products. We focus on products that will actually make money for both the community and us.
This means that the more community people we get the more we can save with fees, which is good for the whole project.
We are here for the long run and that means long!
Q5: Airdrops are happening frequently in the DeFi Space, do you have plans for such for community members and would you mind sharing the requirements?
ANS: For airdrops, we’re always running giveaways whether it be through our influencers or through our different social media channels and forums! One campaign I want to highlight is the one on our BitcoinTalk
We’re also developing the referral program and ambassador program soon.
2nd Segment: LIVE Questions
Q1: How Yield App has mechanisms to attract and encourage new users? Currently, DeFi platforms do not have new features in increasing income options, so what new features will appear on Yield's platform next time?
ANS: We are actually including more stablecoins and crypto to the YIELD.app platform gradually until we can get fiat onramps, sign up while it’s early 😉 If you HODL your crypto in our wallet, we guarantee 10-20% APY paid out daily depending on your tier level.
The more crypto you hodl, the higher the tier. We already have 500 on tier 5, theres only 3000 slots in total.
Q2: You aim to simplify the way people earn crypto, however, there are quite a number of people that are looking for better ways to invest their money, but there effort proves abortive as they always fall into scam, so how will Yieldapp help come to their rescue? What innovative solutions will you be bringing in to help ensure people profit from their investment activities?
ANS: YIELD has a core team of experts, our ‘Portfolio Managers’ who work closely with our technology, risk and software engineering teams who are developing proprietary automated portfolio allocation and portfolio management tools to safely access the fast expanding DeFi ecosystem. All protocols that YIELD interacts with are subjected to rigorous audits using smart contracts, and our infrastructure uses the best-in-class solutions designed by cybersecurity specialists and DeFi experts. We also partnered with BitGo, the industry's leading digital asset custodian, to ensure the highest-level of security for our multi-signature wallets and vaults.
Security is one of the top things that matter for us and we do everything to ensure that our client's funds are safe. We have identified critical systems and will continue to stress test these alongside market related technology security scenarios to mitigate and remove points of failure across our operating environment including DeFi instruments held in our portfolios. We are building in-house technology solutions and employing industry leading experts in their field such as data security consultants which is supported by our various oversight, enterprise and risk management committees and frameworks themselves adopted form traditional fund and capital markets best practises.
Q3: How do you manage the problem of extremely high volatility in cryptocurrencies to create a very positive aspect for yields and not just constant risk?
ANS: This is exactly what YIELD App is for, to minimize that risk for the end-user. We manage that risk for you, and guarantee you a minimum 10% return.
Q4: Community involvement is crucial to adoption and project Growth. How do you intend to involve the community and how important are they to this project? What are your plans regarding governance, voting and contests? Are there other incentives for the community and users?
ANS: They are super important, as you can see our personal telegram accounts always interacting on our telegram group. We always want to be visible and update them on the latest news. As I mentioned, active community members can become ambassadors, referrers, and even employees in the near future.
We always have our eyes 👀 peeled for the best talent and hearts ♥️ for our top supporters
I think we covered everything already
Follow Us On Our Various Social Media Communities For More Update;
- Website: https://yield.app/
- Facebook: https://facebook.com/Yieldapp-101294771725543
- YouTube: https://www.youtube.com/channel/UC60b5etdiMUA4TWVe-klD0g
- Twitter: https://twitter.com/yieldapp
- LinkedIn: https://www.linkedin.com/company/yieldapp
- Reddit: http://reddit.com/r/Yield_App
- Discord: https://discord.gg/4Avnx3hUu3
- Bitcointalk: https://bitcointalk.org/index.php?topic=5283288
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