Ethereum Yield x SatoshiClub AMA from 19 November

Hello, Satoshi clubbers Another AMA took place at Satoshi Club and we would like to introduce to you the AMA session with our friends from Ethereum Yield. The AMA took place on 19 November at 2 PM UTC.

The AMA session was divided into 3 parts with a total crypto reward pool of 1000$

In this AMA Recap we will try to summarise the most interesting points for you.

Mary | Satoshi Club

Hello, Satoshi Club! We are happy to announce our AMA session with Ethereum Yield! @liaofu welcome to Satoshi Club :grinning:

Liao Fu

:hand:🏻

Gold Rocket | Satoshi Club

Hello, friends! Today we are pleased to introduce you a project Ethereum Yield!

Gold Rocket | Satoshi Club

Today is our guest @liaofu. Welcome to Satoshi Club!

Mary | Satoshi Club

Hi, how are you, @liaofu ?)

Liao Fu

I am well. Thank you for the invitation. How are you ? :blush:

Mary | Satoshi Club

We are great, looking forward our informative AMA :+1:

Liao Fu

:rocket:

Mary | Satoshi Club

Could you please introduce yourself and Ethereum Yield?)

Liao Fu

I am Liao and one of the developers in the Ethereum Yield (ETHY) project.

ETHY is Ethereum’s most powerful yield farming coin. ETHY’s vault smart-contract executes strategies to maximize APY, reward holders, and punish weak-hands.

Super Liquid

Users are incentivised to stake Uniswap liquidity provider tokens. Fees from these tokens are farmed. A percentage of these fees goes toward the autonomous strategies like liquidating LP tokens, and performing an (ETH-ETHY) buy back (increasing the price). Any purchased ETHY tokens will be distributed to stakers/farmers.

Non-Inflationary

ETHY implements a strong force on each token. Every time an ETHY token is transferred, a small fee is taken, which is returned to the farmers. This mechanism incentivises holding and farming. There will never be more than 500k ETHY.

Community controlled

ETHY holders will be able to vote on proposals– so long as they have staked liquidity in the pools. The community will decide everything from developer fees and site design to the exact farming options available.

Gold Rocket | Satoshi Club

Very informative intro!:+1:

Liao Fu

Thank you :heart:

Mary | Satoshi Club

Great :+1: Thank you for your intro, as a developer, i think you will be happy to answer our community questions 😉

Ready to go?

Liao Fu

yes :blush:

Q1 from Telegram user @bitcoinistic

When pre-sale end and when people provide LP they will use ETH from PRE-SALE. So, basically in the pre-sale I buy the tokens and give myeth for the LP at the same time?

Liao Fu

That’s right.

In translation it comes as FREE-PRE-SALE which honestly we are one of the few projects that have done that.

Mary | Satoshi Club

Nice idea:grinning:

Gold Rocket | Satoshi Club

Sounds good

Liao Fu

:rocket:

Gold Rocket | Satoshi Club

Can we proceed to the next question?Or you want to add something?

Liao Fu

Yes! Next question :blush:

Q2 from Telegram user @cryptomonkss

CertiK mentions that their reports are not, nor should be considered, an “endorsement” or “disapproval” of any particular project or team. Any project can request an audit from them. So, the most important thing is not that you are audited by them, but what is the conclusion of their report?

Liao Fu

We can proudly say that no errors were found on our smart contract. Certik is one of the largest cyber security companies and we are very happy to work with them. Users can see the full report on their official website:

https://shield.certik.foundation/projects/ethereum yield/

https://certik-public-assets.s3.amazonaws.com/REP-ETHY-09_11_2020.pdf/

Mary | Satoshi Club

One of the latest hacks was Akropolis and it was also audited by Certik, didn’t you think about additional audit to secure everthing maximally?

Gold Rocket | Satoshi Club

Thanks for your answer!

Liao Fu

It was not a hack but the Akropolis team made a backdoor and withdrew their tokens. We can call this as RUG

Benefits and trust with Ethereum Yield is that we have DISABLE FOREVER MINTING OPTION

Mary | Satoshi Club

Got it, thank you :+1:

Next question?)

Gold Rocket | Satoshi Club

Thanks for the clarification

Liao Fu

Yeah next 🙂

Q3 from Telegram user @parisienne_a

You state on your website that:

“ETHY holders will be able to vote on proposals– so long as they have staked liquidity in the pools. The community will decide everything from developer fees and site design to the exact farming options available.”

It’s very good that the community will be involved in the governance of the project. The fact that is a red flag though is that nowhere could I find the exact methods and rules by which this will work. Can you tell us how will be people able to make decisions?

Liao Fu

That’s right ! We listen very well to our community and accept almost 99% of their suggestions. So today we agreed to do an update to the website and we changed the design.

We will have a special group with the majority owners of ETHY, and they will be able to make decisions with the team, and the team will be very happy to listen to them.

The most important success is listening to the community.

(next)

Q4 from Telegram user @dani_minkovicz

You are non-inflationary token and the maximum supply is 500k ETHY. Only the farmers will be able to gather tokens. That is good, it incentivize holding. However, will you have a deflationary policy as well?

Liao Fu

Our MAX supply is 500k.

100k PRE SALE

375 FARMING REWARDS

25k TEAM LOCK

(please note that tokens which they are not sold at pre-sale phase gonna be used for farming rewards).

Gold Rocket | Satoshi Club

Q5 from Telegram user @kafeinen

Discouraging bots and weak sellers from dumping the token is cool, but don’t you think that this method you’ve decided to use will discourage a lot of good market players form buying from you? Also, please tell us what is this fee that you intend to use and if it will be fixed, or will change in time?

Liao Fu

We came up with the idea to make the system so that anyone selling on UnisWAP – 5% FEE of the token will go to the farmings rewards pool and reward users, and then the bot is unable to do a trade and dump price because it will not be profitable .

This is something like an ANTI BOT system.

Q6 from Telegram user @edibrown

How much surplus ETH and ETHY may be lent out, is the % flexible or will it stay the same?

Liao Fu

We will publish this information with the exact figures in 2-3 days soon.

Mary | Satoshi Club

But if you ecsidentally will still see the dump?) Btw, can you tell us the price for Sale and Uniswap listing price?

Gold Rocket | Satoshi Club

We hope you come to Satoshi Club to share this.

Liao Fu

Our price on UniSwap will be 10-20% higher than in pre-sale phases.

The current price is 1 ETHY = 0.02 ETH

https://ethereumyield.farm/

Gold Rocket | Satoshi Club

Sounds great

Mary | Satoshi Club

I really heard this million times, but the reality often differs. And do you have bonuses for Pre-Sale?

Liao Fu

What we promise we deliver for our community.

There is no bonus for pre-sale because main benefits on pre-sale is that people can do LP with ETH raised from pre-sale which means they got something like FREE ETHY

Mary | Satoshi Club

Ok thank you :smiley: Ready for live questions part?

Q1 from Telegram user @konditer_rolex

Audited by CERTIK, PR published by Cointelegraph, partnership with DEXToolsApp – that’s what I understand you decided to hyip. We say “a good show is more expensive than money”. But you started it for the sake of the presale. Tell me how much you expect to raise? Will there be more presale rounds if there is not enough money? What will happen to the tokens that will not be sold?

Liao Fu

We always want to work with the best and give customers great legitimacy and protection when they want to invest.

So we just decided to work with Certik, Dextools, Cointelegraph and others.

We expect to raise more than 1000 Ethereum and there is no pre-sale round.

Unsold tokens will be transferred to the farmings rewards pool and will be assigned to users.

Q2 from Telegram user @brodzon1

Why is hardcap so high 2000 eth and for what will be used all these Eth

Liao Fu

Do you like to see a project on UniSwap with 100 ETH pooled or with 2000?

The larger the community we have and the investors – our project is stronger and bigger.

Q3 from Telegram user @huydo

You plan to list on UniSwap on 23Nov, so how about planning for listing on CEX such as Binance, Huobi…?

Liao Fu

We will be on UniSwap on November 23, and as far as CEX is concerned, we do not plan to make an effort and push towards that, because mostly CEX dumps price with their arbitage bots. a lot.

Q4 from Telegram user @warny

I don’t like the site design, how much ETHY do I need to hold to be able to change that design?

Liao Fu

We released that new website design today, and you can still use the older version at https://old.ethereumyield.farm/

HODL is always better option :joy:

Q5 from Telegram user @chunhocxitrum

I want to join Pre-sale, but I don’t have much ETH, so are there any requirements for min or max ETH for pre-sale? @liaofu

Liao Fu

Users can enter at pre-sale with minimum purchase of 1 ETHY = 0.02 ETH.

Maximum purchase per address is 40 ETH but please note that people always can make multiple address and purchase more so there is no way to stop whales. :eyes::blush:

Q6 from Telegram user IVY Park

Was any major issues or vulnerabilities reported after the audit by Certik?

Liao Fu

We are very proud and happy to say that they were not found major issues or vulnerabilities :heart:

Q7 from Telegram user @KhaleesiTheCryptoLady

How much approximate APY could farmers can earn if they provide liquidity in Uniswap? Can you share to us guaranteed reward ratio?

Liao Fu

Users will have an APY earnings of 200%.

Their funds will be locked for 8 months, but they can always withdraw their funds with a 25% penalty.

We want to give users the opportunity to withdraw their funds without locking them up forever.

Q8 from Telegram user @toanphamhd

Do you have plan to Burn/Buyback Token to increase its value? and What is the your Token Utility in the ecosystem?

Liao Fu

Fees generated by the deposited LP tokens on uniswap will periodically be withdrawn by the contract; ETH and ETHY will be returned; The ETH will be used to buy ETHY from uniswap, increasing the price, which is great for all holders. All surplus ETHY will be redistributed to the farmers and small admin fee will be taken. This pumping strategy may be updated over time to an even more aggressive protocol.

Q9 from Telegram user @KeymerS

Among so many different platforms in the ETH chain that have yield farming, why choose this one? What advantages does it have over the rest and what future plans will they have?

Liao Fu

I would like to give you full answer on targeted page:

https://docs.ethereumyield.farm/evaults.html/

Q 10 from Telegram user @zaferce

Is there a way to reduce transaction fees on transactions provided for farming? What is the advantage of using EVault so that our profit is minimally affected?

Liao Fu

There is way but we want to keep 5% fee to prevent BOT manipulation on UniSwap and that our users feel more safe.