On Monday, May 24th, we had the pleasure to welcome to our Telegram chat:
R.L, A YFX Global Ambassador.
We asked him questions about the development of YFX.
Q~ Please start off by introducing yourself to the Blockchain Space community and your role in the team?
A~ I’m R.L., the Author of Blockchain: Project Renaissance Volume I and II. I’ve also written for countless cryptocurrency news outlets and projects in the space. I’m a YFX Global Ambassador and happy to be with your great community today.
Q~ What is YFX all about in detail, what problems inspired you to create YFX?
A~ YFX is a defi derivatives trading platform. YFX is committed to becoming the world’s top decentralized contract exchange, allowing users to truly realize contract trading on YFX like a centralized exchange. Continuous technological iterations provide global users with safe, stable and smooth decentralized 100X leveraged contract trading products. Relying on decentralized contract exchanges, YFX will build a closed-loop ecosystem and gradually develop decentralized currency, lending and option transaction products.
YFX delves into the decentralized perpetual contract trading platform, and provides users with safe, stable and smooth decentralized 100X leveraged contract trading products for users around the world. At the same time, YFX. invited the world’s top auditing agency, CertiK, to do the engineering code. The whole process of auditing ensures the security of the code. In order to reduce the user’s transaction costs on YFX, the distributed cross-chain and multi-chain deployment has been deployed on the Ethereum layer2, HBC, Tron, Heco and other public chains, which solves congestion and high gas fees on the Ethereum mainnet network.
Q~ With so much competitors in the Blockchain space, what advanced features have you introduced that make YFX ahead of its competitors?
A~ Our trading platform is quite a bit like Uniswap, since we both utilize. an AMM for trade. However, unlike Uniswap’s Constant Market Maker, we use a Quoted Index Price and Constant Integral Based Automated Market Maker. You’ll see the acronym on our site, QIC-AMM. It works similar to AMM but it can determine prices in high frequency and do margin trading, instead of spot trading.
However, we’re the first cross-chain DEX that employs 4 different chains currently. That’s the first thing that really separates YFX from the field, our users can use the chain that allows for the cheapest transactions. YFX also implemented xDAI, a layer2 scaling solution for Ethereum because of ETH’s mainnet scaling issues.
Q~ Can you share with us detailed information the recent $YFX token. launch, tokenomics and it’s usecases?
A~ The YFX token is a governance token that users will hold if they choose to have voting rights in the future of the protocol. Eventually the protocol will become completely decentralized and turned over to the community. So, holding $YFX token enables traders on our platform a voting stake in the YFX community and how it operates. The total supply of the $YFX token will be 100 million tokens. The $YFX token will be distributed across all four chains we use currently so traders can enjoy using our token across the chains and help scale the protocol and for ease of use.
$YFX token is now trading on Sushiswap, Mdex, MXC, BitZ, COINBENE, GateIO and BiKi.
Q~ What stage on the Roadmap is the project at? and what should we look forward to in the coming months?
A~ Well, the broad roadmap of YFX is simple: to become the world’s preeminent exchange for perpetual contract trading. It’s that easy. There are a lot of short term roadmaps that we release.
For example, just recently one we’ve just completed was the token launch and listings across the market. That was a big success and the work never actually ends or someone else can take your spot — it’s all about continuing to innovate and providing services the market deems necessary by demand.
YFX always published these roadmaps on the Medium blog and often on the website as well. I’ll share those links at the end for users to check out.
QUESTIONS FROM TELEGRAM
Q~ We’re concerned about 2 things — Marketing and Rugpull. What are your marketing plans? How can you guarantee us no rug-pull?
A~ The community YFX has built through reputation is already established. You can see that in the YFX telegram group and by the success of YFX mining events and just site usage.
Q~ Do you have any Coin Burn systems or any Token Burn plans to increase the value of the Token and attract Investors to invest?
A~ There is no coin burn mechanism currently, if anything changes the team would alert the community prior to any advances. The goal in the future is for the community to run the project though and that’s why YFX added a governance token. So the community gets a vote in the outcome related to their stake in the success basically.
Q~ You comment that the YFX smart contract has been audited by several blockchain security institutions. Could you tell us which companies have been in charge of carrying out the audit process? Do you plan to submit your project to other audits in the future?
A~ Certainly, YFX has been audited by CertiK multiple times and you can find those on the their website.
Q~ Do you have a minimum or maximum amount to be holders of YFX token?
A~ There is no minimum or maximum amount of tokens that one user can hold.
Q~ To say the success of the project, the core issue is still attracting participants, so how have you prepared marketing to always attract investors and users?
A~ Honestly, reputation is everything in business and exponentially more important today online, so the word of mouth stategy is big. If you show up and do good things for your community they’ll reward you with loyalty. It’s just how the world works.
Q~ What are your strongest strengths that you think will make your team the market leader? and vice versa, what is your weakness? How are you going to overcome it?
A~ The biggest strengths must be the fact they YFX is completely decentralized, from the protocol to the team. Since there YFX ambassadors around the world the sun never sets on the progress being made.
Q~ What do you think about the Ethereum blockchain, I see that the Ethereum chain is slower than the others and the cost is high? Do you think you will start another chain, if so what is that block chain?
A~ Ethereum is currently suffering from excessive fees so YFX implemented xDAI to help scale TXs.
Q~ On which social networks does your project YFX labs mainly work? Do you need to advertise a lot for people to know or not? I want to track your project then how?
A~ YFX is on twitter, medium, facebook, youtube, instagram and channels that are popular also in non-English speaking countries. It’s a globally concentrated effort.
Q~ Do you plan for BSC or Your project in future? Do have plans to add your project in various blockchian in the future?
A~ YFX believes in BSC platform as a protocol, that’s why many of our users are already using it to trade. It is one of the four chains that are currently live for cross-chain interaction.
Q~ Where can I trade your tokens? Can you give me real contract address?
$YFX token is now trading on Sushiswap, Mdex, MXC, BitZ, COINBENE, GateIO and BiKi.
Q~ What are benefits you are planning to provide your long-term holder? What plans do you have in mind to boost the demand and scarcity of the token?
A~ The long term holder of YFX gets to have a say in the governance of the protocol and the community. This is the basic idea of this sort of token. It is the future of governance that it is distributed amongst the community and no single entity decides for the masses.
Q~ Why did you know about blockchain and come up with the idea to create this project? What motivated you to build and develop your project successfully?
A~ Well, YFX was a multi-year idea, so the team has been working on it for many years now, since 2018. The idea was a concept for a while and then it was developed. It was not an easy thing to accomplish, to be first to market with such an important protocol. It’s a great achievement that YFX is very proud of and the first mover advantage in crypto is huge. If you look at Bitcoin and Ethereum. Bitcoin was first p2p money and Ethereum was the first p2p smart contract platform. They’re still number 1 and 2 in the space. So with cross-chain perpetual contracts YFX doesn’t plan on letting their lead in the space disappear.
Q~ YFX supports 100x leveraged trading for multiple crypto asset classes. This is incredible. What are the main assets I can get this great leverage on? Is it possible to have 100x regardless of the blockchain where my crypto asset is based?
A~ Yes, all 4 chains that YFX currently uses is capable of maximum leverage on the platform.
YFX official contact information:
Media Contact: email@example.com
It’s really nice having the YFX project in here!!!
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