Thank you to the Bang Pateng Community for participating in Ask Me Anything (AMA) with Yearn Finance DEX on October 23rd, 2020. This guest star Mrs. Zendy Chen. If you were unable to join the live AMA, no worries, here comes our 10th AMA recap!
We are glad to meet here:
Zendy Chen – Marketing Manager
Introduction Session
Before we start our first segment kindly introduce yourself to the community?
Sure first I’ll describe myself a bit. I’m Zendy Chen. I’m the marketing manager of Yearn Finance Dex (YFID). I’m Crypto Enthusiastic for 4 years and Investor also.
Question Segment 1
Q1. Could you please describe what is YFIDEX?
Yearn Finance Dex is a decentralized loan support system that supports the cross-borrowing protocol. Independent and transparent loan management. Provides modules to evaluate the credibility of the loan, the borrower.
Q2. What are the core features of YFIDEX? How are you different and unique from all other projects out there?
Yearn Finance Dex is a decentralized loan support system that supports the cross-borrowing protocol. Independent and transparent loan management. Provides modules to evaluate the credibility of the loan, the borrower.
The point of YFIDEX is support for cross-borrowing protocol, smart loan management. From there, accurately assess the credibility of the borrower, limit risks for borrowers and lenders.
Q3. I saw that YFIDEX has its token named $YFID, can you explain what the token is? What benefits can we get if we hold tokens? And how to buy?
Yearn Finance Dex (YFID) want to resolve the current issue of mortgage and pay off loans. (Slow, non-transparency and lot of hidden/higher charges to the debtors.) Bring it on blockchain helps debtors to eliminate the 3rd party (Bank and other financial institute) by doing peer to peer transactions. (Faster, Transparency and less fess). For Lender, accurately assess the credibility of the borrower and limit the risks.
YFID tokens will be burned continuously. This increases the scarcity of tokens. They can visit our Telegram Channel for details how to buy: https://t.me/yfdexfinance
Q4. Now a days Farming or Staking is very popular. Do you have any plans of providing Farming or Staking Facility to $YFID Investor?
No, right now our focus is on developing a good product. YFIP’s application will process loans faster than other ecosystems. Good risk control. Replace the traditional finance. But will not close the possibility in the future.
Q5. Could you please explain, what are your upcoming plans in a couple of month/years?
Yes we have plan for this for our project we want to acquire some major exchange our priority first like okex, kucoin, houbi global, but before that we need to fulfill the requirements of some exchange the working product development so we can see the ability, capabilities and the capacity for our user wants before we engaged to major exchange platform but we have confirm listing in HOTBIT on October 28, 2020 and Uniswap on October 27, 2020.
Question from Twitter
Q1. What are you presently focusing on in Yearn Finance? Is it building and developing or getting customers and users, or partnerships?
Our focus is on developing a good product. YFIP’s application will process loans faster than other ecosystems. Good risk control. Replace the traditional finance.
To attract customers, In addition to good app, we will also reduce loan brokerage fees, In the near future, we will cooperate with decentralized financial insurance to ensure safety for the lender’s capital. YFID tokens will be burned continuously. This increases the scarcity of tokens.
Q2. How important is the community to you? and how can we collaborate or help you for the development of the project?
The community is big impact and important to us if we have more community support and more cooperate to us, we can give the wishes of community and their suggestions to us community and investors, our first priority to achieve the milestones of the project community rights first before us.
Q3. What’s the most interesting part of $Yfidex that can attract investors? is #yfidex part of the Y token family?
The interesting part to attract and gain more user to our platform the stacking program of yfid, because you can gain more yfid by using different cryptos to earn Yfid token. Soon can adds more options for staking yfid if the first stage is successful. YFID tokens will be burned continuously. This increases the scarcity of tokens.
Q4. The YFID token right now is conducting its ICO, so is necessary pass a KYC to purshare tokens? How many ICO round have planned to do?
Our Presale don’t have any requirements to be qualified for purchasing our token no need to KYC or wait list for this our presale is totally free for all to public clients. Then our presale stage is only round 1 from Oct 18 to Oct 26. After closing the presale the marketing management and devs will arrange the listing for the Uniswap Liquidity pool.
Q5. Do you have plans on add more products and services on top of the existing ones today?
Yes, but right now we are focusing to develop a good product. YFIP’s application will process loans faster than other ecosystems. Good risk control. Replace the traditional finance.
Question from Free Asking
Q1. The main source of trouble at DeFi is the vulnerability of smart contracts, which has led to the loss of funds, are there any special steps that $YFID has taken to avoid this incident in the future?
Our smart contracts are written by the way seasoned programmers. Tested by security experts, Guaranteed no security holes. Prevent unauthorized attacks.
Q2. There are so many ‘YF’ Token exist, and now YFID. Actually these token made me confused and thinking “Are you just utilize the superiority of ‘YF’ name for YFID?
” If no, please tell me what make YFID be different and valuable!
Decentralized Financial Platform – DeFi is just getting started. Each project has its own advantages, We think our strength is in app of loan intermediation at launch. It is too early to answer this question, allow time to answer that.
Q3. The Ethereum blockchain is having some problems with its transaction speed and high gas fee,but why do you still use Ethereum blockchain?Do you have any plans to launch YFID ‘s mainet in the future?
We don’t have our own blockchain so we won’t have “the Maintest”. According to the information we just updated, the Ethereum blockchain is about to upgrade to Layer 2, This will make its gas fees very cheap. Even cheaper than other blockchains like Tron, EOS, NEO, ..
Q4. Your metamorphosis is a laudable one, how have you been able to survive this longest bear market and continue building and developing cos many projects have died out in this time period?
Bear market is only temporary, It will not affect our project. We care about long-term project development, so short-term issues do not affect our project development and planning.
Q5. Adoption & Awareness about Platform is very important for any Creator as well as Users! So, What are your plans to attract More users as well as Creators with Non-crypto users too?
Our application will attract users thanks to the following factors: Cheap intermediary fees, Find a fast loan, Loan insurance to secure the lender’s capital.
With a leveraged mechanism, Borrowers can borrow more than the mortgage and still have low risk.We are the first project to have this feature.
MORE INFO ABOUT YEARN FINANCE DEX
Website : https://yfidex.finance
Telegram : http://t.me/yfdexfinance
Twitter : https://twitter.com/DexYearn