You should not underestimate self-education, especially if there are places like Satoshi Club. We are always happy to help our members. And today we would like to tell you about the AMA session with our friends from Y Financial. The AMA took place on October 13 and our guests were Taz and Ish.
The total reward pool was 1500$ 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 Y Financial:grinning: welcome to Satoshi Club:grinning:
D. | Satoshi Club: hello everyone
Taz: Hey there! Thank you for the opportunity to be here!
Ish: Hey Chaps glad to join you
Mary | Satoshi Club: Guys, please introduce yourself and how did you start with Y Financial project?)
Ish: Hi i head up partnerships and Technical Architecture, we started with Yfinancial after constant requests from less savy crypto colleagues wanting to have exposure to DeFi Assets
Taz: Hi – I’m Taz. I’ve been trading traditional markets and cryptocurrencies for 5+ years now. We started with Y Financial because a lot of our friends were new to the DEFI space and wanted to get in on new projects. However, they had many issues such as too high fees, not knowing what projects to buy in to, how to yield farm, etc. So our team found this issue and created a project on how to tackle all of these issues in order to give a new user the easiest and best experience possible.
D. | Satoshi Club: so you are professional trader?
Taz: I am many things and a professional trader is one of them, yes. I am a cryptocurrency enthusiast who understands how much the world is going to change because of crypto and because of DEFI and smart contracts 🙂
D. | Satoshi Club: jack of all trades 😉
Mary | Satoshi Club: So, your friends will be your first users? Do you involve them into the testing of your platform? Is it already tested, btw?)
Ish: Yes we having been testing internally extensively and early supporters and friends are very excited to join
Taz: Yes our friends were the first users. They have been testing the platform. After all, the best knowledge is the street knowledge 😉 We needed to find out exactly what issues new users have and how to tackle them. The testnet is live and has been tested by many.
Mary | Satoshi Club: Did they give any public feedback?)
Taz: Yes, all of the feedback was positive. They loved the fact that they can stake their tokens without having to go through the staking process. They loved the fact that they received airdrops rather than having to manually harvest. They loved the thought process behind the Y-family days. They loved the platform as a whole and are very excited to see the masses use it.
Mary | Satoshi Club: Thank you:+1: our friends can be our engines)))
D. | Satoshi Club: good into guys, thank you
Q1 from bitcointalk user elissa
What is the YFINANCIAL index tokens and how do I get rewards from them from hodling your own token?
Taz: We call the Yfinancial index tokens the ‘Core4’.
They consist of: Uni, Sushi, YFI, and YFII. We use smaller portions of each of the core4 tokens and implement it into the yfinancial index token.
The reward you receive from holding YFIN is YDOT.
YDOT is our governance token but holding more of it also leads to further rewards.
D. | Satoshi Club: why Y? why not X or Z Financial? ) does Y mean something?
Ish: Y for Yield as thats the key DeFi innovation
D. | Satoshi Club: it’s so obvious)
Mary | Satoshi Club: So, you have 2 tokens. As i know, now your pre-sale is live) which tokens can users buy? YFIN or YDOT?
Taz: In the priv-sale, users can buy our governance token Y.DOT. YFIN is not on the presale as it is pegged to 4 other tokens. There is no way for anybody to buy it at a cheaper than market price during the private sale.
Mary | Satoshi Club: Why did you decide to do pre-sale through dm in tg?)
Taz: We are creating an index token for the people! What use is creating something for the people if we cannot do the pre-sale for the people!
Q2 from bitcointalk user Regard94 @regard94 on Telegram
Y Financial is said to combine four top performing assets within DeFi and Yield Farming to combine them as one index fund. How often are those four assets updated and how are they evaluated?
Ish: They are voted on every 9th day, evaluation is by crowd resesrch and voting crowd consensus mechanism
Taz: Good question! The four tokens are updated through the governance votes. During our Y-family days there will be governance votes where people can decide whether they want to change any of the tokens within the ‘Core4’. They are evaluated in portions. If the token is worth more than x amount we will use 0.01 of it, etc. The ratios are on our paper so you can find them out there 😉
D. | Satoshi Club: you can share link with us?
Taz: Yes 🙂 https://medium.com/@yfinancial/smarter-yield-farming-80afb97c0687
Mary | Satoshi Club: will they be voted by YDOT holders? Right?
Taz: Yes! The more YDOT the user holds, the more their vote matters, and the more airdrop rewards of selected tokens they will receive
Mary | Satoshi Club: And for the first time you selected this four tokens? were you in doubt about the choice, if yes?)
Taz: Yes, we selected the most established tokens within each space. Sushi, and UNI are swap tokens – decentralised exchanges if you want to call it that. YFI and YFII are yield farming tokens. Some people may be in doubt for tokens such as sushi as it has taken such a big price drop. However, it is very cheap right now and it is less likely to go to 0 than other swap tokens
Mary | Satoshi Club: Hahaha, true:joy:
D. | Satoshi Club: sushi has a lot of bagholders already) so no way it will go to zero
Q3 from Telegram user @iulya_i
Your yfin is somehow pegged the the first 4 defi tokens. What happens if DeFi is not popular anymore and those projects fail? To what will be yfin pegged?
Taz: If those DEFI projects are not popular anymore then governance will be able to get rid of them and replace them with other tokens. That is the whole point of governance 🙂 We do not move the direction of the project. The people do.
D. | Satoshi Club: by holders voting?
Taz: Yes, by YDOT voters holding their tokens
Mary | Satoshi Club: So, the voting will be earlier than 9 days?)
Taz: Nope, the voting will be during the y-family day. I do not think the core4 tokens are going to fail in the next 2 weeks so 🙂
Mary | Satoshi Club: Ok, great) btw, which will be the total supply of YDOT tokens?
Taz: The total supply of YDOT tokens will be 12,000,000
Mary | Satoshi Club: And what is the price for pre-sale for 1 token?)
Taz: We do a peg of 1,200 YDOT = 1 ETH
Mary | Satoshi Club: Thank you)
D. | Satoshi Club: will you add liquidity after selling? on uniswap?
Taz: 🙂
Q4 from Telegram Username @AmirJosh
With many Defi projects that turns out to be scam after the tokensale. I failed to find your whitepaper and roadmap in your website and just having a single medium article to read about your project. How will you convince the investors of Y.Finance’s legitimacy with little information available?
Taz: Well first of all the team do not get any unlocked tokens at TGE. Second of all if this project was to be a scam i’m sure we would want to raise much more than what we are raising 🙂 We are looking to grow this platform and ecosystem over a period of time. If we release our roadmap it will ruin a lot of the surprises
Mary | Satoshi Club: Good position) btw, is your sale successful? Do you have any soft or hard cap?)
D. | Satoshi Club: i hope you have good surprises for your community)
Taz: There are also more articles being released and we have a white paper that has not been released yet. Lets be honest now, who here actually reads a 5+ page white paper when they can read a summary of it?
We are currently on priv round3 and are oversubscribed. We are trying to take everybody into consideration but there is a LOT of interest.
Mary | Satoshi Club: I read:joy: last was 67 pages)))
Taz: You have to do it for your job and you are experienced in the crypto space 😉 Our users may not understand it all and just want a quick and easy experience in the DEFI space
https://finance.yahoo.com/news/yfinancial-launching-defis-first-index-123000433.html?guccounter=1 We are also on more than just medium 🙂
Mary | Satoshi Club: You know, i think, this people don’t have to invest) There is one simple word ‘DYOR’, and if you don’t do this you will easily be scammed. I don’t want to tell, that all projects without WP are scams or all projects with it will stay with us:joy: but it is basic things) I saw a lot of projects with anonymous teams which are still with us) But education is the key to safety)))
Taz: Yes. Everybody has to do their own research. There are a lot of very very successful anonymous teams. If you educate yourself enough you will understand how much potential this project has
Mary | Satoshi Club: Yes, you definitely have a field for growth)
Q5 from Telegram Username @dustyllanos
As I noticed, YDOT whales or Big Bag Holders will benefit more of the Shared Governance Rewards. now, How Can A small YDOT holders like me will Benefit from your respective platform?Thank you
Taz: YDOT whales or big bag holders will not benefit more from shared governance rewards. You are given the rewards equally. The more YDOT you hold the more rewards you are given yes but that should motivate you to want to buy more YDOT! Everything in this world .. people benefit more from buying more of the product. You will benefit from the platform because the selected tokens that are airdropped may give you clarity on the DEFI space etc 🙂 E.G – If I was holding 1k YDOT and I received 10 of the airdropped tokens or If I was holding 10k YDOT and I received 100 of the airdropped tokens, it doesn’t matter. It is all percentages 🙂
Mary | Satoshi Club: Nice mathematics))) When you plan your platform to go live? To benefit as soon as possible?:grinning:
D. | Satoshi Club: you think so? i suck at math, thus i trust you :eyes:
Taz: We help the small YDOT holders through reduced gas fees of purchasing YFIN, there are many other ways the small holders will benefit but you will have to wait and see it happen 😉 The platform should go live this month.
Mary | Satoshi Club: As YDOT token holder i will need to deposit tokens to your platform to get airdrop?
Taz: As a YDOT token holder all you have to do is keep the YDOT on our platform and you will receive the airdrop. If you hold YFIN on our platform you will receive YDOT as an airdrop. If you hold YDOT on our platform you receive selected airdropped tokens.
Q6 from Telegram Username @minhtuyen0711
In an article on Medium, Y.Financial mentioned reducing gas fees (only $ 20 -50 instead of $ 200) through the process of swapping multiple times. So can you explain this mechanism in detail?
Taz: Good question! If you wanted to buy all 4 of our core4 tokens. You would have to go through 4 different transactions to buy YFI, YFII, Sushi, and UNI. Each transaction can be very costly if the ethereum blocks are congested. On top of that, your transaction may fail to go through if you have not put enough GAS fees in for the transaction. Through YFIN you pay 1 transaction fee to buy all 4 of these tokens and therefore you save much more on fees which you can use to buy more YFIN or YDOT! We also reduce the gas fees of users because they do not have to go through the process of staking their tokens and paying gas fees to harvest, convert their tokens into LP, etc.
Mary | Satoshi Club: But i buy YFIN, yes? It’s like index for the price of all this four tokens? Or i will really own Sushi, YFI, YFII and UNI? What token exactly i will have on my acc?
Taz: Yes, you buy YFIN. YFIN will be on the platform. You technically own sushi, yfi, yfii, and uni but the token on your account is YFIN.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @eylem201
How I can take part in governance of YFIN? HOW much minimum token required??
Ish: No minimum Ydot 1 token can take part in Governance we want to be inclusive and are seeking to leverage Crowd Inout and research as one of the powerpoint in DeFi
Q2 from Telegram user @Noyon66
Covid-19 has a great negative effect in glibal…Now tell me that Covid-19 can do slow down the YDOT Goal??? If do YDOT can overcome it or how to overcome it???
Ish: Covid has been a real opportunity for us as we are able to tap top finance talent who are workkng remote enabling us to leverage their minds to build upon the Yfinancial stack
Q3 from Telegram user @Brucedt
What kind of problems do #Y Financial aim to solve?
Taz: We aim to solve the issues of paying too much gas fees for swaps.
The issues of impermanent loss during yield farming.
The issues of spending hours on researching a project or a token to then not find any value in the token.
The issues of not knowing what to buy.
The issue of holding your tokens on a platform and they aren’t giving you any value.
There are many issues we are looking to solve 🙂
Q4 from Telegram user @jakjr899
How to buy Ydot in Visa or Master card when this option is open?
Taz: You will not be able to buy YDOT with Visa or Mastercard just yet but that will be something we discuss further down the line 😉
Q5 from Telegram user @HurricaneLad
SMARTER
YIELD FARMING?
I can see in your website that you focust in
delivering a smarter yield farming.my
question is this.What makes your project unique and smarter than
others and what are your goals and roadmap so as to acheive and
maintain the motto of your project- SMARTER YIELD FARMING
Ish: Leveraging our community for research/voting for our new great DeFi projects/tokens to include in future Indices and airdrops. Our gov design encourages voting for a winning outcome.
Q6 from Telegram user @Abhay9983
What is YFINANCIAL opinion about the market in INDIA? Do you think that you will have possibilities to expand into that region in the near future?
Taz: Well YFINANCIAL is a part of the DEFI space and DEFI is anonymous and can be anywhere in the world. India and other markets have already been tapped into and it is all about getting the platform out there!
Ish: Just to add Indian Market has been left out with access to Index based products in CeFi and Defi via Y• will bridge that.
Q7 from Telegram user @Baby_Crypto
What happens to the YFIN index if the market falls sharply? How quickly can you change the assets included in Core4?
Taz: If the market falls sharply then you can sell your YFIN before this happens. A feature which is part of our roadmap is to implement stop losses on your index token so if it drops more than a certain % in value, it will automatically sell so you do not lose more money. Think of it as a ‘stop loss’
Q8 from Telegram user @niko518
What is Y. Family Days? How is this strategy suitable for the project and how do users benefit?
Taz: Y.Family days are the governance days which means cool airdrops, voting on future decisions of the project, and developing the y.financial ecosystem.
Q9 from Telegram user@xxMaxyxx
Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Taz: This is something that may be suggested via the governance so it will be up to the people to decide. Nothing is off the table for decision making.
Q10 from Telegram user @yadav_199
What will happen if someone buys a lot of YFIN TOKEN? CAN it influence prize of token??
Taz: Buying a lot of YFIN token will not influence the price of YFIN as it is pegged to the ‘Core4’
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Y Financal. They’ve prepared 4 questions for this part. The total reward pool for quiz was 800$.
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