The AMA took place on November 13 and our guests was @paulyfdaoAdmin, the project lead & the curator of the YFDAO project and the team.
The total reward pool was 500$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Mary Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Yield Farmer DAO! @paulyfdaoAdmin welcome to Satoshi Club
Gold Rocket| Satoshi Club: Hi everyone, welcome to another episode of our AMA series. Our AMA today is with Yield Farmer DAO! Welcome @paulyfdaoAdmin and thanks for joining us. Tell us what interesting things you brought to Satoshi Club?
Mary Satoshi Club Could you please introduce yourself and tell us about YFDAO)
Paul | YFDAO Team: Today, I’ve come here to present to you guys our inovative and adaptable protocol Yield Farmer DAO, a community farming tool
Paul | YFDAO Team My name is Paul, I’m the project lead, I oversee YFDAO project and the team
Mary Satoshi Club Yes, we are excited to hear more about it)
Gold Rocket | Satoshi Club
Yes, many satoshi clubbers are engaged in farming. Burning topic
Paul | YFDAO Team
Our farming protocol allows the farming of multiple assets such as Hex, link, Bat, usdc… We’ve got 30+ assets listed on our platform ready to be used.
Staking of the yfdao token
LP mining
Governance to modify the protocol according to user base wishes and interest.
For YFDAO to succeed we need to gain adoption and stay relevant in the market
Paul | YFDAO Team
Very interesting indeed, specially how we have designed a modifiable protocol
Mary Satoshi Club
You already consulted with your community which tokens you should add?)
Paul | YFDAO Team
We’ve decided to add a initial starting list. More tokens or the removal of such is available through community voting
Gold Rocket | Satoshi Club
by the way, what does this name mean? Yield Farmer DAO @paulyfdaoAdmin. it seems to me when you name a project, it’s like coming up with a name for a child
Paul | YFDAO Team
Yield farmer DAO. Yield stand for reward, our project geared towards bringing rewards to farmers using community governance hence why the DAO
Very much so, specially when you spend time with it, it becomes like your child
Mary Satoshi Club
I think our community with the same feelings approached the writing of questions to you)
Paul | YFDAO Team
I want to emphasize that our protocol is developed and ready for public release when we list on Uniswap
Our GitHub https://t.me/Satoshi_club/393820
Mary Satoshi Club
When do you plan this listing?
Paul | YFDAO Team
We’ve got our crowdsale planned for Monday and will be listing immediately after reaching our cap
Yield Farmer DAO crowdsale information announcement
Mary Satoshi Club
After hardcap reached?)
Paul | YFDAO Team
Once our sale is over, Uniswap listing with locked liquidity to provide maximum community trust and peace of mind
Mary Satoshi Club
When your sale will be over if accidentally hardcap won’t be reached?)
Paul | YFDAO Team
We’ll give it 24h but from what we’re seeing so far it will be over quickly
Mary Satoshi Club
Which price will be for sale? Do you have min/max for purchase?
Paul | YFDAO Team
The community has liked our protocol so far, we’ve held a few promotional events too and the feedback is extremely positive
Mary Satoshi Club
In which way sale will be done?
Paul | YFDAO Team
Exact details on the sale will be released shortly, stay tuned to our announcement channel for details.
Mary Satoshi Club
Ok, thank you So, let’s go to the community questions then?)
Paul | YFDAO Team
You’re welcome! Let’s open up the floor to the community
Q1 from Telegram user @vartolu41
Liquidity factor is a problem for DeFi projects with their tokens, so does YFDAO have any liquidity program to encourage natural token demand and liquidity?
Paul | YFDAO Team
Yes, we have a liquidity mining reward program in place to provide decentralized community liquidity
Mary Satoshi Club
Can you share its details with us?)
Paul | YFDAO Team
Users providing liquidity on uniswap will be able to stake their LP tokens and get paid. APY over 350%
Mary Satoshi Club
Wow) great numbers)
Is it really possible?)
Paul | YFDAO Team
Those numbers are adjustable according to community voting
Mary Satoshi Club
I think we will see everything soon)
Mary Satoshi Club
So, do you have something to add or we can go to the next question?)
Paul | YFDAO Team
We’ve set up a adjustable protocol to adapt ourselves to the market needs and at the same time be sustainable
Paul | YFDAO Team
Very soon indeed
Q2 from Telegram Username @Jonahapagu
YFDAO team member names will remain undisclosed to keep the platform KYC free..it is believed that as DEFI which includes projects like yours gradually grows it will eventually fall under the scope of Global Regulators are you not concerned about this… how do you intend to bring in regulation to YFDAO if there is No KYC
Paul | YFDAO Team
Our goal is to stay decentralized the way crypto is meant to be. Using Dex and decentralized protocols to maintain Independence
Mary Satoshi Club
But what is the reason you decided to stay anonymous? Because of decentralisation?
Paul | YFDAO Team
The reason we decided to stay anonymous is to maintain decentralization and avoid having to instore kyc to our protocol
Q3 from Telegram user @cengizhantekin
Your staking system says: “Lock YFDAO for 30 days and earn 350% APY”. This APY is great! What is the minimum amount to lock in order to receive it? Is there only one option or do you have other pools with different amounts and different APYs? Finally when are the earnings distributed?
Paul | YFDAO Team
Avoiding kyc is our goal here
Paul | YFDAO Team
Staking of yfdao token has a minimum staking period of 30 days, no minimum amount needed, rewards can be claimed daily.
APY is set for staking at 350%
Other assets will have different APY
Mary Satoshi Club
Which APYs will have another assets? Can you give examples?)
Paul | YFDAO Team
Yfdao is our native token. Other assets, their APY will be set in accordance to a vote we will run
Paul | YFDAO Team
The APY will change over time to keep inflation in check
Mary Satoshi Club
Understand) so, we need to wait a bit, right?)
Gold Rocket | Satoshi Club
To be honest, 350% is a very high stake. I got dizzy
Paul | YFDAO Team
Our protocol is ready but we want community input in deciding factors
Paul | YFDAO Team
Hehehe its high but only initially. The APY will be drastically reduced over time to be sustainable
Mary Satoshi Club
So, only early birds will be the happiest?)
Paul | YFDAO Team
APY will always be competitive but early adopters get rewarded
The APY is determined by an algorithm. It is different for every coin to keep the earnings equal and inflation low.
Mary Satoshi Club
Where we can check this algorithms?
Q4 from Telegram user @konditer_rolex
Yesterday, your contract was not available for study. I suspect that no one has audited the contract either. The questions are simple. Where is the contract? Will there be an audit? What, in principle, are you ready to provide investors as proof of your work?
Paul | YFDAO Team
The code is open source but the formula is our secret sauce
Paul | YFDAO Team
We’ll release shortly our contract, our code is available on GitHub to be viewed
A audit of our full source code is planned.
For now, we’re giving our GitHub publicly
Q5 from Telegram user @PaoloMonte87
I went through the token metrics and beyond the usual total/initial supply/token price listing/locked liquidity information etc… what truly caught my attention this time was the claiming fees entity.
We’re used to seeing in most ERC-20 related crypto projects that the fees are paid in ETHs and – while a 0.01 ETH staking reward claim fee is commonplace in many DeFi projects – YFDAO fee structure envisages also a 0.1 ETH farming reward claim fee.
So, since the base yield farming rate is set at a 30% APY (that’s “just” a 2.5% per month) and with the current value of ETH being around a 45$ fee (probably higher in the near future) and also the very high network congestion… don’t you think this might impose a big toll on potentially smaller investors and leave the platform open only to whales who possess way bigger capitals to invest?
Paul | YFDAO Team
The base rate is part of our formula but not the whole APY, the final APY is much higher.
The farming claiming fee is set to help do buybacks from the open market
Mary Satoshi Club
Can you explain in details?)
Let’s imagine, i have 10000 YFDAO and decided to claim them
What will happen next?)
Paul | YFDAO Team
Let’s not confuse farming and staking. staking is for yfdao token
Farming is for erc20 assets.
The APY for our token and others will be different
Paul | YFDAO Team
When you claim your staking rewards you pay a 0.01 eth fee,
With farming it’s 0.1 eth, both those fees are adjustable according to vote
To put everyone at ease, here is our token Contract
https://etherscan.io/token/0x98cc695d0c6e40239ea9c2411b71a17b6a85d5ea
Mary Satoshi Club
How often will you market buy back?
Mary Satoshi Club
Thank you, that’s it
Paul | YFDAO Team
Weekly buybacks and weekly marketing events
Mary Satoshi Club
So, if every day 10 persons will claim their staking rewards you will buy back ~7ETH, right?
Paul | YFDAO Team
The eth received is split 50% for buybacks and 50% for marketing, weekly
Mary Satoshi Club
So, you will buy back 3.5ETH?)
Paul | YFDAO Team
Correct, buyback token get burned
Mary Satoshi Club
Oh, that’s what you mean by deflationary model, yes?)
Paul | YFDAO Team
The buybacks are a part plus the token transaction tax. 1% of all YFDAO transfer get burned
Mary Satoshi Club
Great, i wish you a lot of users which will claim rewards daily))))
Paul | YFDAO Team
The more claim, the more funds are available to buyback from open market
Q6 from Telegram user @Clara_eriksen
Every week you will use 50% from the fees to buy back tokens. Will the tokens be burned or used for other purposes? Where will the other 50% go?
Paul | YFDAO Team
The tokens bought will be burned and removed from circulation.
The other 50% eth, will be used to promote the project and get adopters
Mary Satoshi Club
I see that you already have a lot of adopters)
Mary Satoshi Club
Does your community already helped you with some advices which you used?
Paul | YFDAO Team
We’ve got a wonderful community but we need to expand to achieve our full goals and become a community farming reference
Gold Rocket | Satoshi Club
Do you want to add something else? For example, I’m wondering how big your team is?
Paul | YFDAO Team
Our community has helped with promotion and giving some ideas.
Mary Satoshi Club
Sure, after successful sale and upcoming listings on Uniswap, coingescko etc, AMA in Satoshi Club you will get more
Paul | YFDAO Team
Our full team is made up of 4 individuals. We’ve got the skills and are using them
We’ll definitely be back here, wonderful being with you guys!
Gold Rocket | Satoshi Club
It’s not a very big team. I wish you success!
Paul | YFDAO Team
It’s our core team, everything you see has been done by us
Small but efficient
Mary Satoshi Club
Sure
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Xusuo
What is community meaning for your project? Did you allow community to contribute in your platform?
Paul | YFDAO Team
The community is a massive part of our project, the users. So our protocol has to reflect what users want.
Users can vote to decide apy, assets available and next milestone of the project
Q2 from Telegram user @cengizhantekin
With YFDAO Liquidity Mining system, users will be rewarded with YFDAO-uni-v2 tokens if they provide liquidity on Uniswap. This rewarding token can be staked to earn YFDAO tokens, but what else can YFDAO-uni-v2 token be used for? What are the options for me when I decide to stop staking? Can I convert/trade with other tokens, maybe YFDAO?
Paul | YFDAO Team
LP tokens can be staked. You can unstake at any time
Q3 from Telegram user @AugusS7
if really the cultivation rates are not constant, but are subject to change daily, why betting and being part of the community of a project that my earnings may decrease depending on the fluctuation of the crop? And what really makes the crop fluctuate?
Paul | YFDAO Team
Asset farming rates are adjustable to be competitive for the end users but at the same time, keep sustainability in mind
Q4 from Telegram user @BERTA2020
I am interested in staking and I want to know what are the minimum and maximum amounts that $YFDAO requires to enter their Staking system?
Paul | YFDAO Team
No minimum or max amount needed to stake or farm
Q5 from Telegram user @KhaleesiTheCryptoLady
You said that you need to expand the community to achieve your full goals and become a community farming reference, how will you achieve this? Do you offer local community Ambassadors program? How to apply, what are the criterias?
Paul | YFDAO Team
We’re going to release community ambassador and outreach specialist program
Q6 from Telegram user @KorbanEstimasi
The buybacks are a part plus the token transaction tax. 1% of all YFDAO transfer get burned. What is the impact on YFDAO token holders?
Paul | YFDAO Team
Buybacks and the transaction tax will remove tokens from circulation making existing tokens more valuable by scarcity
Q7 from Telegram user @SBTCFans
How doess YFDAO compares to many yieId farms ofering a very high APY on liquidity staking, and why would investors choose it over other yield farming opportunities?
Paul | YFDAO Team
We’re providing a adaptable protocol which will reflect current market trends
Q8 from Telegram user @araceley
I saw somewhere that we can earn YFDAO through a Bounty on Bounty0x, please can you share the link and what tasks do I need to do to earn tokens?
Paul | YFDAO Team
Take a look here
https://beta.bounty0x.io/hosts/Yield%20farmer%20DAO
Q9 from Telegram user @crowley365
As we know, security is considered as one of the top priorities of any platforms, some DeFi protocols have been hacked. So what makes users trust YFDAO?
Paul | YFDAO Team
Open source and upcoming code audit
Q10 from Telegram user @apocan99
With DAO service, users are able to submit proposals for voting. What kind of proposals are we talking about here?
Paul | YFDAO Team
APY change, listing or delisting of assets, claiming fees change…
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Yield Farmer DAO. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
For more information and future AMAs, join our Social Media channels:
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Our partners: Yield Farmer DAO Finance
https://Yieldfarmerdao.finance