Recapitulation of YVS Finance AMA event held at AMA LOVERS CLUB
Date: Monday, 21st December, 2020
Time: 13:00 UTC
The YVS Finance team was represented by @yvsfinance_lucas and @Elessar19101. They judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on YVS Finance project
Ans : I am a developer at YVS finance and I mostly do backend programming. I joined crypto world in 2015 and it sucked me right in. I think DeFi has already achieved amazing things and I believe it has the potential to do even more!
We came up with the project to show investors that they can invest, gain passive income and have their funds secured. Security is a real issue these days so the main focus is that.
After several years of experience in financial markets throughout Europe in several banking and fintech companies, I have decided to leave the traditional sector and focus on developing innovative, transparent, and self-executing smart contracts focusing on decentralized finance products, because I found that traditional finance is just too far away from the customers and the wishes of the customers.
I have been involved with crypto since 2017 when I started to do blockchain programming and creating mining software and similar applications such as analytic tools for early adopters.
We have collectively decided to stay anonymous, because we can not have and do not wish to have any further impact on the project after the initial launch as everything will be pre-programmed. This will bring the ultimate security for investors.
Otherwise, we’re composed of a team of three developers, two of which are solidity programmers and one website developer. We have two main advisors, which help us with marketing and promotions as well as a general project advisor. Along with that we’re working with a designer and several community managers.
Q2 : What is YVS FINANCE?
Ans : YVS is an innovative decentralized finance project that combines the best features for creating a truly unique, transparent and secure yield-farming platform. Because the smart contracts are completely pre-programmed, investors can be calm with their deposits into our project. All tokens, from the pre-sale to the last token distributed, are coded in the contracts and can not be changed anymore. Everything was audited by the top blockchain security firm Hacken and there is no admin control on the contracts and no functions exposed that could lead to exploits.
Q3 : Can you introduce the YVS Finance project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : We want to offer more trust to our investors. That is our primary goal. As mentioned before contracts have no owner and so after we deployed them we cannot do anything to compromise investors funds and distribution, claiming of tokens and liquidity was automatically processed.
We believe that the current state of DeFi is that there are just too many hacks and rug pulls and we hope that with our experienced coding, audits and pre-programmed contracts we can shine some light on bad things that are happening in this sector.
We are offering yield-farming, staking and vaults with guaranteed rewards for the first 20-month period, so we believe we offer much more than many other projects do after several months of existence.
Today we also launched something unique to the DeFi sector - a daily lottery system!
So every investor will have a chance that with a bit of luck he will be able to earn some extra money. Each ticket will cost 0.25 YVS and every 24 hours a random winner will be selected. No money goes to the "house". 50% of deposited tokens goes to the winner and another 50% is burned to help the token's deflationary economy.
Q4 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : We had two major partnerships - JustLiquidity and Nuls. This will help us expand to more blockchains and help YVS growth.
We had a successful pre-sale where we collected more than 300ETH! Launch was also a success where we managed to offer vaults and pools right from the beginning with no problems what so ever. Everything working 24/7 with high APYs so everyone can earn a lot of money.
We gave a lot of thought to the roadmap. We believe every project in order to have a bright future needs a solid plan.
We don’t want to follow the steps of millions of other DeFi coins that are launching everyday. We want our features to be innovative and different. Today we are already introducing a Lottery system which not many DeFi coins have.
We have a lot of great ideas for the future but we cannot disclose them publicly before we implement them - hope everyone can understand that.
We might also experiment with moving on other platforms such as android/iOS.
I think features have to follow project growth and size and that’s why we don’t want fixed dates for new launches.
Q5 : Could you tell us what YVS Finance is? Why did you choose this name?
Ans : We chose the name because it means YVS = Yield-farming, vaults and staking. We didn’t want to complicate with the name and so we decided to go with a descriptive name, which also explains exactly what we do 👍🏼
Q6 : How is YVS Finance different from similar yield-farming projects?
Ans : Here are the 3 features I would like to point out:
Token contracts audited pre-launch by auditing cyber-security firm Hacken, one of the most reputable blockchain companies
Yield-farming, staking and vaults with a guaranteed 20-month reward payout period, which means that investors can be sure about receiving their return for a long period of time for deposits both in YVS, Uniswap liquidity pool tokens as well as deposits in stablecoins and wrapped bitcoin. Locking periods as well as guaranteed liquidity on Uniswap with unique deposit conditions (higher rewards for longer locking periods, 50 % of liquidity is locked forever).
Lottery system where with a bit of luck investors can earn some extra money.
Q7 : What do you mean by "no admin control" and why is this important for investors?
Ans : By this we mean that the contracts can not be changed after deployment. The owner of the contracts has no control over functions which could change the distribution, transfer any funds or similar flaws that similar projects have been exposed to recently.
For example what happened to Compounder, can not happen here, as there are no back-door exploits. What happened to Pickle or Harvest can not happen here, because we've disabled arbitrage and enforced a time period between depositing and withdrawing. Everything is pre-defined.
It ensures complete decentralization and more security for our investors.
Our entire contract repository was also audited already before launch so that everyone can see that we’ve built a truly transparent and secure platform.
2nd Segment: LIVE QUESTIONS
Q1 : $YVS Finance collaborate with the renowned blockchain security firm Hacken for official audit of the entire project. Can you tell us the result of the Audit? Why do you choose Hacken to audit your project?
Ans : We chose Hacken because they are the best on the market and we want only the best for YVS.
Results were - well secured, which is their top grade
More about the results of audit can be found on our website
Q2 : How do I enter the YVSFinance daily lottery pool, how does it work, and how will prices be distributed?
Ans : You can enter the daily lottery reward pool on yvs.finance/lottery and the entry ticket costs only 0.25 YVS. A random winner will be selected by the smart contract every 24 hours and 50 % from the deposits goes into the prize pool! The other 50 % will be permanently burned to help the economy become deflationary.
Q3 : What are the benefit of Staking and holding $YVS as a long term investor. What are the steps required in Staking.
Ans : Longer you stake more rewards you get. You can lock your staking deposit for maximum of 12 weeks which will result in additional 10% bonus rewards. No steps are required to enter staking. Just click on the pool and deposit the amount you want.
Q4 : YVS announced a strategic partnership with the NULS, so can you explain us what is the objective of this business relationship?
Ans : Our partnership with NULS will be used to bring our services to other blockchains. We will also be using their POCM platform to offer staking functionality to NULS stakeholders in their platform. The ETA for integration is around 30 days and we’re looking forward to building something with them 👍🏼
Q5 : How do you guarantee the continuous innovation and evolution of YVS Finance, if the Smart Contract are pre-programmed and doesn’t exists the possibility to upgrade them?
Ans : Current contracts cannot be upgraded that is correct. This results in very safe and decentralized platform - But.. It does not limit adding new features in anyway because we can always deploy new contracts. Take for example lottery system we added today.
Q6 : You have 5 wallet connection now which is more than many other initiatives. How many will you add more in near future?
Ans : We will be adding additional wallet options if there will be high demand for a specific one.
Q7 : Do you offer any stake rewards for YVS coin holders and which staking options does YVS have?
Ans : Staking is the process of holding native tokens in a so-called staking pool which pays out rewards for locking the tokens for a certain amount of time. We will be offering a staking pool with attractive rewards starting with a 2 week locking period. The maximum locking period will be 12 weeks and if you decide to stake for this period, you will receive an additional 10 % of rewards. You can collect your rewards at any time with no additional fees.
Q8 : Can You Tell Us How many pools that YVSFinance have in their platform including Staking, liquidity and vault pool? Do you also have pool for a stable coin like USDT? Is there any limit if we want to deposit in your vault pools?
Ans : In total there are four pools on our platform: a staking pool, a liquidity pool (ETH-YVS pair on Uniswap) and two vault pools. There will be no liquidity pools offered against a stablecoin pair. However, you will be able to deposit stablecoins in one of our vaults which will accept USDT/USDC/DAI/USDN. There is no impermanent loss in these pools and you will only continue to earn your investment while receiving additional YVS rewards! The only limit is the minimum deposit period of one week, but we don't believe this should be an issue as vaults are long-term investments :)
Additionally, there will be a wrapped bitcoin vault with exactly the same features, so make sure to check it out!
Q9 : I see that you care very much about hacks and rug pulls which is great. But it feels like you had a bad experience, have you ever been a victim of any rug pulls or hacks, or is it just the responsibility of project ownership? What measures have you taken for your investors to provide a secure environment against these risks and dangers?
Ans : I personally was not a victim of any rug pull but I’ve seen it happen often in DeFi sector and that’s why we decided to build very safe and professional platform which has almost 0 chance to be hacked and 0 chance to be rug-pulled.
Q10 : Burn rate of YVS per transaction is 0.75%, will it increase or decrease later in the future?
Ans : The burn rate is used to fund rewards after the initial 20-month period and is active on all transfers except from/to the staking pool. Because of the limited total supply and no minting capabilities we have a deflationary token system with a constant reward amount per day - this will balance out the inflation on a longer basis and provide long-term value to the token.
The burn rate will not change in the future.
If you think that you have already covered all the important points before leaving, you can leave us all the available links and all the social networks
Ans : Sure, let me share our information with your community!
For questions that have not been answered today, you can send them to https://t.me/YVSFinance for answers.
And don't forget to check out yvs.finance to join our platform and to participate in the new daily lottery!
Thanks everyone for great questions and thanks for the organization of this lovely AMA
Thank you for the AMA today, for the organization and for taking you time to be here with us :)
FOLLOW AMA LOVERS CLUB ON:
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel