Y.Financial AMA with Ish and Taz
Introduction AMA
Aldric: Ok perfect let’s get this started!
Can you give us a quick background about yourselves @Taz_DME @xchain
and how you got into crypto
Ish: Been active for several years in the Bitcoin space building OpReturn solutions last few years focused on developing smart contracts.
Taz: Hi guys! I have been in crypto for 6 years now since 2013 where I was mining and accumulating BTC. I then learned TA and trading and have been doing so since.
Aldric: that’s cool! how did you guys meet? and where did the idea for yfinancial come from?
Ish: Yfinancial came after multiple requests in the early phase of DeFi for less savy crypto investors wanting an easy on-ramp.
Aldric: so that leads me to the question, what is yfinancial, and who is it for?
Ish: We have all been active for several years in crypto and have met many years again at the early Bitcoin Conferences
Taz: Yfinancial is a platform for new users to enter the DEFI space without too much hassle. It is a much cheaper, and easier experience for our audience.
We have created an index token which consists of 4 tokens. YFI, YFII, UNI, and SUSHI. This allows for users to buy the tokens much easier.
Aldric: what was the idea behind choosing these 4 cryptocurrencies? and can you explain how it is cheaper and easier than current alternatives?
Ish: We decided upon the first 4 based on
Token liquidity
Size of community
Medium-term potential
However please note it’s only what we have decided as the initial community can vote 🗳 for changes.
Taz: It is easier as users do not have to spend time and effort in buying all 4 tokens separately and picking the right gas fees and going through the uniswap approval before the swap etc. These are all issues the new user faces.
It is also cheaper as they do not have to pay for 4 separate gas fees. The user will only have to go through the process of gas fees once in order to obtain all four tokens.
Aldric: that makes sense! just like in traditional finance where it’s much simpler (and smarter) to buy index funds than trying to out trade the market
Taz: Yes! exactly!
Aldric: so there are currently 2 tokens. can you tell us about these two and what purpose they serve?
Ish: The transactions are batched in essence its buying one single token that has 4 tokens.
Taz: YFIN is the index token. The one paired to YFI, YFII, UNI, and SUSHI. Users buy this token and holding it on the y.financial platform will reward them with our governance token YDOT.
YDOT is the governance token. It allows users to choose the direction of the index token among many other options. Holders of the YDOT token will also receive airdrops of selected tokens during each YFAMILY day.
Aldric: Yfamily day 😂 looking forward to that haha
Taz: It is a day for everybody to join together and become one big family!
Aldric: here’s the last question before I open the floor to the community for their questions
How do you see y.financial impacting the defi space and what are your goals over the coming 1–2 years?
Ish: Y.financial will lay the foundations for a new era where Index products start to become as ubiquitous as individual tokens for investors. Over the coming year, we are likely to implement several changes to the UX towards a single click buy and farm an Index token.
Alongside multiple Index tokens with varying risk profiles
Aldric: opening the floor for 3 minutes now to our community for their questions
Community AMA
Q: What are the benefits of investing in Y financial Index? What are the incentives for holding YDOT token?
Defi is experiencing several problems now. Which of the problems will Y financial solve?
A: Good question! The benefits of investing in the YFinancial index are the rewards of the governance token (YDOT). YFIN purchase also makes it easier for new users to enter the DEFI space.
The incentive for holding YDOT is that the more YDOT you hold, the more of the selected tokens you will receive as an airdrop during the YFAMILY day.
The process is:
The more YFIN you hold, the more YDOT is airdropped to you.
The more YDOT you hold, the more selected tokens you receive during YFAMILY days.
Q: due to recent security issues in what way will YFinancial mitigate losses in the face of extreme volatility or vulnerability? Or will the responsibility (risk-benefit)fall on the user for now?
A: Indices which are weighted with less volatile coins included to offset extreme vulnerability, alongside Stable Tokens with Insurance wrappers are on the horizon to mitigate Vulnerability risks.
Q: What is the role of index tokens and what problems does it solve in the DeFi space? How can users contribute to the development of the project? Is joining Testnet a typical?
A: Users can contribute by actively researching and proposing new DeFi Tokens/projects for inclusion, Crowd based research is powerful when done with the right motivations.
Q: What are your current listing plans on small and large exchanges? there will surely be different opinions, can an exchange manipulate the price of YDOT?
A: We are favoring DEX’s however we have had offers from smaller/medium-sized Centralized exchanges and Governance will have opportunities to Vote.on this.
Q: How you can prevent whale pump and dump? That is an awful problem with all yield farming or defi projects right now?
A: Those that Dump loses their right to the Rewards/ Airdrops on Yfamily Day.
Q: I am very interested in How I can Provide Liquidity and earn, can you explain this process and what’s the utility and role of your native tokens $YDOT
A: The utility behind YDOT token is that with the token you will be able to choose the direction of the index. Whether you want to implement NFTs into it, whether you want to use more swap tokens, whether you want to use more farming tokens. Tokens can be removed and can be added, to the index token.
Q: What is the roadmap after creating the first index tokens? do you plan to expand to other financial products? if yes, can you give an example?
A: Aim is to improve Governance and increase the number of Indices with differing Risk profiles.
Q: As I know, a competitive fee is crucial for the success of a #DeFi platform. So, what mechanism helps Y Financial in reducing gas fees? How can I use it
A: Gas fees are reduced because you only go through 1 swap process rather than 4. You also do not have to pay gas fees to harvest your ‘stake’ as it is just airdropped to you during YFAMILY days.
Q: How do you differentiate index tokens from those perpetual indices made by centralized exchanges such as FTX or Binance (e.g. Defi Perp, shit perp)
A: Community Governed and Available for Self Custody if required.
Q: I just found out in your medium article that October 13 was your Token Generation Event. Can you tell us more detailed information about this event?
A: Our token generation event is today at 3 PM UTC!
The token will be listed on uniswap and you will be able to purchase YDOT!Q: If your project is a success, do you plan to add more projects to Core4 or launch another index token product?
A: Yes add more To the Index or Governance can vote for a New Set of tokens.
We Launched with Ethereum we are not wedded to Ethereum as the community can Vote to Choose a Tron-based Index and we can deploy that.
Q: What is the role of index tokens and what problems does it solve in the DeFi space? How can users contribute to the development of the project? Is joining Testnet a typical?
A: The role of an index token is for the user to gain exposure to other tokens. When a token is voted in, it will be a token that many have done their research into. This makes it easier for a new user to know what tokens to buy rather than doing their own research into projects which will waste time and could lead to them being rugged.
New users also have the issue of gas fees being too much. We remove 3 gas fees and the process of purchasing the 4 tokens goes from being 4 fees down to 1.
Q: How will the YDOT governance system work? How will your future community supporters participate in governance in decisions and development? How will the voting system work?
A: Crowd Consensus Mechanism, you are rewarded for voting on any winning proposals. Encourages both participation as well as the incentive to vote wisely and in the best interest of the project.
Q: How did you get the inspiration to name your token “YFINANCIAL”?
Reminds me of YFI?
A: Y is for Yield that’s the key innovation in DeFiQ: DeFi smart contracts often have problems with bugs or security breaches. How does Y Financial solve this problem? Did you ever audit smart contracts code by any third party?
A: All new Contracts will have two stages one a community Audit and then a vote on which professional Audit firm to Utilise.
Q: What’s the importance of having decentralized index tokens? what are the next indices planned?
A: Next two Indices likely to be Voted on is an Ultra Low-Risk Stable Coin Index and a High-Risk INDEX with newer less known tokens
However, this is all for Governance to vote on
Closing Remarks
Aldric: ok thank you guys for taking the time @xchain @Taz_DME
could you please invite people over to your telegram channel and your upcoming public sale
Ish:
T.me/Yfinancial
Please join Launch on Uniswap 3pmUTC
Small 50 eth prelaunch sale details on Telegram group
Thanks for having us.
Aldric: cheers and good luck on the launch! 👌🚀
