November is almost on its halfway and more interesting projects come to visit Satoshi Club and tell us about their latest news. And today we would like to tell you about the AMA session with our friends from YFOX Finance. The AMA took place on November 10 and our guest was Tyler, CEO & Founder of YFOX.finance.

The total reward pool was 1000$ 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 YFOX Finance! welcome to Satoshi Club:grinning: @TYLER_YFOX welcome here :grinning:

D. | Satoshi Club: hello Satoshi club! @TYLER_YFOX hello and welcome! :blush:

Tyler || Y FOX: Thanks for having me here guy’s! special thanks to @madamlobster for helping me getting in 😀

Mary | Satoshi Club: Happy to see you:+1: Let’s start then:tada: Please, introduce yourself and tell us more about Y FOX Finance 😉

Tyler || Y FOX: Hey Satoshi Club! I’m Tyler CEO & Founder of YFOX.finance . I’ve been a trader in past but after observing lack of few stuff, it got me the inspiration to get started with development of YFOX.

Mary | Satoshi Club: Nice start) trading brings great experience 😀

Tyler || Y FOX: indeed it does 😀

Mary | Satoshi Club: Which stuff you needed?

Tyler || Y FOX: We have been a great supporter of DeFi since the beginning but there have always been APY issues for users often a times. That’s what lead me to bring Dual Staking in yfox.finance.

D. | Satoshi Club: dual stacking? what kinda magic is that? but stop! don’t answer! we have question about dual staking in first part of our AMA :joy:

Tyler || Y FOX: YFOX Dual Staking is a dAPP that bridges the gap between the normal staking and the traditional banking fixed deposit method. Y FOX 🦊 Dual Staking brings two types of staking integrated into the same dAPP which minimizes the risk factor gaining good interest on top of it.

Q1 from Telegram user @xaviermaya

You refer on the website to your decentralized exchange where users can easily swap tokens at a reduced fee. Please elaborate. Reduced fees compared to what? To uniswap?

Tyler || Y FOX: Great question! This will be one of our Product YFOX SWAP – where users can swap their tokens on our DEX. How it will be using lesser fees – We will provide the options where a user can decide the speed of transaction and can select the minimal of the fees as well in order to make a transaction (without encountering the transaction failures)

Mary | Satoshi Club: Like in metamask etc?

Tyler || Y FOX: yep kinda same to be precise!

Mary | Satoshi Club: When it will be launched?) I like to reduce fees)

Tyler || Y FOX: its planned for Q1-2021

D. | Satoshi Club: you will implementing L2 solution to your DEX? it will help reduce fees?

Tyler || Y FOX: we are under the experiment and will launch it on testnet soon.

Mary | Satoshi Club: It’s not so far) will you have testing period? Who can participate in testing?

Tyler || Y FOX: yes, will better do a testing – instead of launching a failed product!

D. | Satoshi Club: ok! will be interesting to see the result!

Q2 from Telegram user @ivancryptoz

1840 Tokens will be used for Marketing and Promotions.(8%). They don’t have lockup, so, can you tell us who approves this spending, is this public and how much is left?

Tyler || Y FOX: we decide the spending of same after a team meeting. Yes 1840 $YFOX were dedicated for marketing and promotionsout of which we are left with 1744.97 YFOX. Why no lockup – We never did any presale and we do have to spend some fuel for our mission to the moon. We can only do it by sacrificing our precious $YFOX. However it’s discussed very crucially about where and how to spend any $YFOX. and we are very selective with this, after all we love our $YFOX 🦊

Mary | Satoshi Club: You’re self-funded?)

Tyler || Y FOX: yes, we are self-funded with LP locked on Unicrypt for 2 years!

Mary | Satoshi Club: 2 years is really big term)

D. | Satoshi Club: great! not many projects avoid presale stage

Tyler || Y FOX: we are here to stay for long.

Q3 from Telegram user @pandasbitcoins

When I click on Litepaper or whitepaper, I get nothing. Only an error while clicking on Litepaper. Does it mean that you don’t have them yet or is it some kind of error there?

Tyler || Y FOX: well!
It loads perfectly for me. However we have been asked for the same in a while earlier. Thanks for mentioning the same, will get the devs to work on it.

Mary | Satoshi Club: Oh, it’s nice)

Tyler || Y FOX: You can refer to this if you want to have a look on litepaper in due time!

Mary | Satoshi Club: Btw, i also had a problems with loading)

Tyler || Y FOX: maybe that’s the issue with mobile users in such case! It loads perfectly for me on desktop all the times :laughing:

Mary | Satoshi Club: It’s important to have feedback from users) a lot of Satoshiclubbers checked your site today)

D. | Satoshi Club: yeah same for me. can’t open

Mary | Satoshi Club: I think they resolve this issue quickly :grinning:

Tyler || Y FOX: well that’s exactly when the things get noticed and we get to know the areas to be fixed/worked on it immediately. We have been under DDOS attack often a times though 🙁

Mary | Satoshi Club: This attacks🤦

Tyler || Y FOX: it sucks 😒Most importantly – those threats to fund XYZ amount of ETH to attackers! why would we do that lol

Mary | Satoshi Club: They are crazy 🤦

Q4 from Telegram user @cryptomonkss

In your litepaper, the yearly staking reward is promised to be 200%. Can you tell us how did you come with this number, and don’t you think that so high a % is detrimental to the inflation and the health of the token in general?

Tyler || Y FOX: someone wasn’t able to load it, while another question is from same section of website lol. INTERESTING!

Well that’s the max APY a user can earn and the same is available for limited durations (12 months). After this duration we will launch another contract with reduced rewards!

Mary | Satoshi Club: Will you do the same every year or that will be the final?

Tyler || Y FOX: that will be decided on the interest of the community. We will try to deliver the best we can, to keep them happy. Community first!

Mary | Satoshi Club: Haha, it’s truth :+1:

D. | Satoshi Club: good approach

Tyler || Y FOX: You can’t survive without having a happy community!

Q5 from Telegram user @prahenkris

it’s not very clear for me how will dual staking work? Does it mean that with an amount, users will be able to get twice the benefits? Or just that the platform will have this 2 types of staking available?

Tyler || Y FOX: Well! there is no minimum requirement to participate in Dual Staking program. You can even get started with 0.000001 $YFOX to participate in Dual Staking.
Cool Isn’t it?

Mary | Satoshi Club: Yes:joy: it’s unbelievable)

Tyler || Y FOX: https://yfoxfinance.medium.com/fox-dual-staking-9fd7b8443d4a You can refer to this article for more information on Dual Staking.

Mary | Satoshi Club: For this staking i will need to lock funds?

Tyler || Y FOX: We believe in equality – no such high requirements as 32 ETH to be eilgible to stake ( no offense)

Mary | Satoshi Club: Oh, why not, everyone has 32 ETH:joy::joy::joy:

D. | Satoshi Club: yeah this requirement for eth 2.0 is insane 😀

Tyler || Y FOX: i wish they had. everyone would have been rich!

Mary | Satoshi Club: Yes, but true… But now we can start with $YFOX) So, will i need to lock funds for Dual Staking?

Tyler || Y FOX: yes . nothing comes for free! however, we have tried to keep the locking as minimum as possible. For regular staking – Minimum locking duration is 48 hours. For Fixed Deposit – It takes a locking of 365 (refering to launch time). It will keep reducing with the validity of the contract. Fixed deposit works as same as a Bank!

Q6 from Telegram user @mustache_volodya

It’s very nice that your smart contract is easily found and that it’s audited, but Blockchain Consilium has been into a lot of fire lately. Do you consider performing an audit from more companies?

Tyler || Y FOX: Yes that’s unfortunate to be true. But yes we are aware of the same as well and we are under some crucial developments. Will push it forward to get audited by Certik. I hope this can solve the concern and bring more confidence within the community. 🤞 for the audit though lol.

D. | Satoshi Club: awesome! Certik is a solid company!

Tyler || Y FOX: I hope our budget allows for it though

Mary | Satoshi Club: And if you will change contract in the next year you will need audit again?

Tyler || Y FOX: more likely

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Dhani9460

How can I stake YFOX Can you please tell me the process And how much rewards will I receive if I hold yfox token? And can unstake my token anytime or there a time-lock period?

Tyler || Y FOX: for staking rewards you have to buy YFOX first – even 0.000001 $YFOX can get you started. For rewards, you can get upto 200% of APY.
Yes you can unstake the tokens anytime you want to. However we would like you to enjoy the benefits of YFOX fixed deposit program as well. More details can be found on:
https://yfoxfinance.medium.com/fox-dual-staking-9fd7b8443d4a

Q2 from Telegram user @kun4321

What is the difference between REGULAR STAKING and FIXED DEPOSIT STAKING?

Tyler || Y FOX: Well both of them completes the product DUAL STAKING:

Regular Staking: Regular staking is normal staking in which you can earn passive income with up to 200% APY on top of your staked YFOX 🦊 token.
There are 48 hours of lock-in period on your staked tokens.
However, the fun part is you can claim your gained rewards any time even before the lock-in period is completed.
———————————————————————————————————————————————————————
Fixed Deposit Staking: Despite regular staking Y FOX 🦊 offers an additional staking option that the Defi market has never seen before known as Fixed Deposit Staking. This Staking feature works similarly to the Fixed Deposit (F.D) that is available in the traditional banking system with an annual interest rate for term deposits.
However, Y FOX 🦊comes with the same Fixed Deposit which works in a decentralized manner with up to 250% annual interest rate with 0.69% daily emission. There is a fixed lock-in period of 360 days and no additional fees are charged.

Rewards structure:
● Hourly (60 min) : 0.02%
● Daily(24 Hrs) : 0.55%
● Weekly (7 Days) : 3.88%
● Monthly(30 Days) : 16.66%
● Yearly(360 Days) : 200%
However, there is 1% Staking and 0.5% Unstaking fees that are applicable while interacting with the dual staking Smart Contract.

Q3 from Telegram user @tuvalunia

When will Fox Farming launch?

Tyler || Y FOX: It will be launched as per our Roadmap i.e. Q4 2020.

Q4 from Telegram user @KelierTG

– On which exchange platforms can we find $YFOX listed? Do you have Binance contacts on your itinerary?

Tyler || Y FOX: For now, we are available on Uniswap, Hotbit and Bilaxy. We are also available on Mooniswap – but users often complains about lesser liquidity and high slippage there. That’s why we don’t consider it good to trade there. Only Hotbit, Bilaxy and Uniswap is our recommended one for now. For Binance – Honestly! we are no one to commit the same. It’s their decision and we can’t commit anything related to binance yet.

Q5 from Telegram user @Triwidodo99

Liquidity is very important for me, how about your liquidity?

Tyler || Y FOX: Like mentioned earlier – We have our liquidity locked for 2 years on Unicrypt. However we are working on some developments to bring LP staking for users. This may also solve liquidity issues!

Q6 from Telegram user @Splendicity

We believe in equality – no such high requirements as 32 ETH to be eilgible to stake ( no offense)
The above:point_up_2: statement was made by you .So what’s the minimum i need to have so as to be eligible to stake?

Tyler || Y FOX: you can even stake 0.000001 $YFOX. that’s the only minimum requirement as YFOX is six decimals Token.

Q7 from Telegram user @Alika061

Will Fox Finance create and open staking and farming for the depositors and holders of the $YFOX token itself?

Tyler || Y FOX: Yes we are working on same, along with this – we are working on development of some games as well and we are expecting to launch our NFT’s soon too. Which is out of blue and not there on roadmap either. Couldn’t say much about it yet. Better we deliver it than being said right?

Q8 from Telegram user @Alika061

Partnership and marketing lined up with whom #YFOXFinance will do? and has your smart contract been audited, how can I buy that $YFOC token.

Tyler || Y FOX: We are in discussion with some well known projects for partnerships purpose. Yes our smart contract is audited and same can be found on https://etherscan.io/address/0x706CB9E741CBFee00Ad5b3f5ACc8bd44D1644a74#code

however we are expecting to get audited by Certik soon.

Sure! You can join our Telegram/Twitter handles :
🦊 Website :- https://yfox.finance🦊 Twitter :- https://twitter.com/yfoxfinance🦊 Telegram Community :- https://t.me/YFOX_Finance
🦊 Medium :- https://medium.com/@YFOXFINANCE

Q9 from Telegram user @DiegoRME

Why did you decide to choose the image of the “fox”? Is this a strategy to attract investors to your ecosystem?

Tyler || Y FOX: Well fox is a very wicked animal – yet underrated though!
We are planning to roll out our NFT’s related to FOX really soon. Stay tuned for further details on it.

Q10 from Telegram user @erven12

Can you list ALL YOUR SOCIAL MEDIAS so we will know where we can FOLLOW Y FOX?

Tyler || Y FOX: Sure! You can join our Telegram/Twitter handles :
🦊 Website :- https://yfox.finance🦊 Twitter :- https://twitter.com/yfoxfinance🦊 Telegram Community :- https://t.me/YFOX_Finance
🦊 Medium :- https://medium.com/@YFOXFINANCE
this was it.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of YFOX Finance. They’ve prepared 4 questions for this part. The total reward pool for quiz was 700$.

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