Recapitulation of Yield Farmer DAO Finance (YFDAO) AMA event held at AMA LOVERS CLUB
Date: Saturday, 14th November, 2020
Time: 18:00 UTC
The YFDAO team was represented by @paulyfdaoAdmin. He 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 : We've got 4 team leader, the founders.
I'm Paul and I've got a background in banking and have been a avid follower of blockchain technology.
The rest of the founders are focused in web, solidity development and graphics.
Everything we present has been built by us
Q2 : Can you introduce the YFDAO what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage over other solutions
Ans : YFDAO is a community driven farming, staking and LP mining protocol using DAO governance to adapt the project to current market trends
We’ve got 30+ assets listed such as Hex, Link, usdc, Bat...
Our protocol is built to allow different farms set on community demand
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : Our top achievement so far have been the successful development of our protocol. Viewable on GitHub.
Successful seed round completed
YFDAO invited in 4 AMA since launch
Community contest ongoing and doing very well
Next step, public sale opening on Monday.
Uniswap listing with locked liquidity
CMC and coingecko listing
Public release off our protocol
Marketing events and community contest
That’s everything planned for next week
We’ve got a security code audit planned as well and a community bug hunting bounty, details to be announced soon!
2nd Segment: TWITTER QUESTIONS
Q1 : Will the mobile wallet application and YFDAO Mobile be integrated? or will it be 2 independent applications? Open any additional benefits or rewards by using both applications?
Ans : 1 app for mobile. No difference between desktops and mobile rewards. App will be available using metamask mobile dapp browser to start
Q2 : Is it possible to unstake $YFDAO before the 30-day period? If so, what are the penalties for unstaking before the 30-day period?
Ans : 30 days is the minimum period
Q3 : YFDAO is the combination of multiple leading-edge concepts, code and technologies.. Can you sure with us some of the leading edge concepts and technologies that YFDAO is Integrating into it’s Ecosystem and how you intend to remain unique while integrating this Concepts
Ans : Yfdao protocol is a farming protocol allowing farming of any erc asset the community wants to farm,
Staking of the native yfdao token
LP mining rewards
DAO governance to decide on APY rates, assets added or removed from farm
Q4 : Is this farming protocol on @yfdaofinance a realistic alternative to something like compound finance farming or Binance Smart Chain farming, or is there a more appropriate comparison between yfdaofinance and other farming protocol services?
Ans : We’re a multi asset farm, that is adaptable to the latest trend
Q5 : Liquidity Mining system rewards us with YFDAO-uni-v2 tokens if we provide liquidity on Uniswap. This token can be staked to earn YFDAO what else can YFDAO-uni-v2 be used for? What are the options if I unstake? Can I convert/trade with other tokens?
Ans : That token is a token holder, to allow staking on our protocol. No, you can’t sell it.
Q6 : Interesting that we can gather more than 30 assets in a single part with all these options.
A question from me if I am a pioneer are there additional benefits?
Ans : We can add more, we’ve just started adding 30 hot tokens that have huge communities
We’ll run some votes to adapt the list to community interest, since interest of tokens change over time
Yes, early adopters get 350% staking APY to start, the rate will be reduced over time
3rd Segment: LIVE QUESTIONS
Q1 : To introduce the $ YFDAO project, is there a program like bounty / airdrop for hunter bounties / airdrops?
Ans : We've got a meme contest and a set of bounties
Q2 : According to your website I have seen two tokens. They are YFDAO and YFDAO-uni-v2. What is the difference between YFDAO and YFDAO-uni-v2? You could have gone from YFDAO instead of issuing a another token or what is the main reason to issue a new token?
Ans : Yfdao is our token, yfdao-uni is the token from uniswap when you provide liquidity. It’s used for our liquidity mining farmers
Q3 : In today’s era, every person can easily understand any project through YouTube. Are there any YouTube videos or YouTube channels by your project team?
Ans : We’re working on it! We want a comprehensive project tutorial
Q4 : "Initial staking rates will be fixed at 350% APY and it is expected to decrease significantly over
time(rates & lockup period may be counter-proposed by the community)."
Is this counter proposal before intial staking orsubsequently?why would it decrease significantly over time?
Ans : The goal is have a sustainable APY, initial supporters get rewarded more, eventually apy will stabilize
Q5 : Ease of use by the DEFI platform is key to mainstream use but How comfortable is $YFdao Interface for beginners? Is work on a user-friendly interface included in your priority goal?
Ans : User platform is very slick and modern, perfectly developed and designed for community use and adoption
Q6 : Why you make this AMA today for your project. Have any special reason?
Ans : We want to introduce our protocol to the whole crypto ecosystem to achieve adoption 🙂
Q7 : Do you see who your biggest competitors are right now, and what do you think of your own projects in comparison to those projects? and what weaknesses in your project need to be addressed in order for users to choose your project over a competitor ?
Ans : We find ourselves in a nice and unique niche with our community voting.
Q8 : - You have a working DApp already, what coins can I start farming presently to earn YFDAO?
- Is it true that YFDAO will enable its participants to vote on which coins can be farmed on the platform?
Ans : Our dapp is ready to farm over 30 tokens such as hex, link, bat, usdc, Bal, mkr, dai, 0x, cro, aave...
Community can vote to add or remove tokens
Q9 : You really need an ETH gas expenditure for the purchase and sale of the tokens in Uniswap, but why implement consuming ETH gas in the YFDAO agriculture? Why not just use and consume native tokens from the project, which will eventually be burned?
Ans : The eth fees are set to do buybacks on top of our deflationary 1% transaction tax.
Q10 : Assuming I stake 1000 YFDAO and I decide to claim my staking rewards, how will I go about it? How much will I pay and what will YFDAO do with this fee?
Ans : The staking reward fee is 0.01 eth, the fee is adjustable with community vote
Q11 : What role does the community play in your project, do you consider them important within a project?
Ans : Our project is focused on the community so, it allows community to chose which assets they want and how they want to farm them
Q12 : With a 10M $YFDAO supply that’s a high supply amount, how do you attract investors to buy and hold $YFDAO tokens for 1$ / $YFDAO?
Ans : That’s our Max supply, our initial circulating supply is 1 million. The 9 million are set to farming rewards
Q13 : 1. About security, the smart contract of yfdao is audited and you have liquidity locked?.
2. Tell me if have some programs of devs and white hackers like hackaton and bug bounty?
Ans : We’re announcing a big community hackathon and bug bounty hunting. Stay tuned!
Q14 : What does participating in the YFDAO community farming experiment offer users? How will users be involved in governance to use computing power and accelerate YFDAO's development?
How much of the transaction fees obtained from the transactions made and the offers created will be burned and repurchased? Will the resulting rate and transaction fees be used for the marketing fund?
Ans : The governance allows users to decide what the farming dapp should be.
Fees are used for buybacks and marketing 50/50 split
Q15 : YFDAO charges 0.01 ETH staking fee and 0.1 ETH farming fee. I think this fees are much especially that of farming, do you have any plan of reviewing it in the future? For transparency and fairness, could you tell us how these fees would be used?
Ans : The fees are adjustable and used for weekly buybacks and marketing
Q16 : What was the biggest challenge in creating YFDAO? What is the most ambitious objective of your project that will help you to promote it
Ans : The biggest challenge is achieving wide adoption, we strive to achieve to be used by all
Q17 : 1. About security, the smart contract of yfdao is audited and you have liquidity locked?.
2. Tell me if have some programs of devs and white hackers like hackaton and bug bounty?
Ans : Vital to achieve adoption, people want to be safe, we’ve got a special announcement cominghttps://t.me/YieldFarmerDAO
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
🔥Yield Farmer DAO crowdsale information announcement🔥
Any questions, feel free to jump in our telegram and ask🙂
I thank you! Our project is here to bring community the right farming tools😀
FOLLOW AMA LOVERS CLUB ON:
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel