Yield Protocol with Michael Strat
Brief Information
Yield Protocol lets anyone deploy algorithmic DeFi Strategies in an open-source platform that allows anybody to create and execute Yield Farming and Lending strategies within the Ethereum DeFi ecosystem. The protocol, the first of its kind, is designed to simplify the creation of investment strategies for Yield Farming and Lending.
Introduction AMA
Patrice: Gow are you?
Michael: Very excited to be here! I’m doing great, thank you.
Patrice: Where are you located at right now?
Michael: I’m afraid that I cannot reveal that information :) But the weather is nice :)
Patrice: Could be your office or kitchen haha😋 understood!! Lovely weather here too
Michael: Are you in Singapore?
Patrice: Yes!
Michael: Lovely place
Patrice: So please introduce yourself, a bit of a general background and how you got into crypto. You may exclude the specifics since you’re staying anonymous ☺️
Michael: Alright. I got into crypto in 2013, bought a few bitcoins and opened a website (which I cannot reveal) that helps new people to learn about crypto. we also had a very sophisticated mining calculator (back when mining at home was a thing) My background is internet marketing, but I’ve created several products in the past, for different industries.
Patrice: did you sell all those bitcoins you got? (hope not)
Michael: Well, “all” those bitcoins were’nt many, and I lost most of them in one of the hacks.
Patrice: 😰 whuuuut!! That’s unfortunate
Michael: Yeah… almost anyone who got in so early will tell you about at least 5 ways the lost coins :) today, we’re more aware of how and where to store our precious coins…
Patrice: Haha! thank goodness i didn’t buy that time. Can you tell us what Yield Protocol is all about? 😊
Michael: Yea, sure. Yield Protocol is a toolset of smart contracts that makes creating investment products really easy for Yield Farming*
Patrice: So it mostly caters to yield farming products?
Michael: Yes, that’s correct. The problem with Yield Farming is that there’s no tool you can use to automate ANYTHING
Patrice: That’s surprising in this time of DeFi 😂
Michael: Decentralized exchanges now have products that help make stop-loss and other VERY NECESSARY functions for trading like ORION, etc. But — There is NO STOP-LOSS for farming
Do you know how many times I went to sleep and saw that the amazing coin I was farming at 20000% APY is now worth $0.000000001.
Patrice: WHOOAAA!! Wish we all wake up to that too haha
Michael: So, with Yield Protocol, products can be built, this can be used by hedge funds, individuals, anyone
Patrice: what tools do you offer that’s unique to product makers?
Michael: YieldShield.com is the first product built on Yield Protocol. We have been working closely with their team, to make sure this first product is a work of art. they have an amazing team there.
Patrice: Is it already on mainnet?
Michael: YieldShield will automate farming. maximize revenues. There is no such other tool in the whole industry Its not on the mainnet, its still under heavy testing.
Patrice: Excited for that!
Michael: If it was on the mainnet, I wouldn’t have to be here and explain about this because everyone would already know. YieldShield is doing an amazing job with their product, I recommend checking it out.
Patrice: Correct! I see it now and quite excited myself to be using it! Can you explain further how you can automate the farming in the platform?
Michael: Sure. So our team created smart contracts that make buying the tokens, approving them, adding them to liquidity pool, and staking them, very very simple. Basically, one contract handles everything. We also create a PERSONAL smart contract for each user (actually users will create it) so that they will be the sole owners of their funds.
Patrice: Does this mean the user wouldn’t have to pay so much fees?
Michael: Well, the fees are still an issue, but our contracts definitely saves fees. But the key is the ability to create strategies, dynamic strategies, for farming. Where each user defines their own risk level.
Patrice: Very nice! Tell us now about YIELD and its utilities.
Michael: YIELD will be used for governance. YIELD could be used for product access or discounts. But mostly, YIELD will be used for paying FEES. YieldShield will burn 50% of the fees they collect in YIELD. New products that will build on YIELD will follow, we already have many interested parties that want our help to build their own products. The ecosystem depends on those fees.
I can’t shill my own coin, so I will let you guys make the calculations of how much 5–10% fees on profits will add up to.
Patrice: 💰 big money!! How big is the team currently?
Michael: We are 12 people full time, and a few freelancers for specific things are hired when needed
Community AMA
Q: Atimes researching about project to invest in could be so tiring and time consuming, however, I read that Yieldshield could help solve this problem, can you please tell us how lazy reader like me could still profit from my investment activities with the help of Yieldshield?
Michael: It is correct that YieldShield will find and invest in ‘projects’ but those are SHORT TERM investments and are all about YIELD FARMING.
Please do not mistake it with trading.
Q: Yield Protocol often boost of its Yieldshield product, can you tell us how innovative this product is and if it does exist anywhere in the DeFi space or you guys were the first and only originator? #YieldProtocolAMAroom”
Michael: Its the first of its kind. there are NO other solutions for NON-Custodial investments in yield farming. APY.Finance is creating a farming automation product, but the strategies for farming are NOT dynamic.
Q: Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Michael: Perfect score, audited by Zokyo, was just published 2 days ago: https://twitter.com/zokyo_io/status/1369348366707081228
Q: Anonymous team- we know the industry tends to be very vigilant about that, but anons people in innovation into the industry. How will you instill trust in community and products?
Michael: If DAOMaker trusts us (incubated us) and all the VCs, they have a reason.
But I will tell you what the reason is — because we actually have a product.
Decentralization will only really exist if teams will remain ANON. Smart contracts allow that. no need to trust anything but the contracts.
STAY ANON BOYS.
Q: Security is always the top task of projects. But lately, a lot of cryptocurrencies and blockchain have been appropriated by hackers. What security measures does your project have in place to avoid the possibility of being appropriated by hackers?
Michael: Security was and still is our main focus. We are testing and testing and testing. We’ve invited hacker groups to try and temper with our contracts. There are risks, of course. But knowing that a lot of money will be deposited into those contracts, we’re going to do all we can to ensure that our contracts are SAFE. Luckily, we know a lot of hackers.
Q: Do you think De-fi will end the classic banking system in the future?
Michael: To be honest, I don’t think so. governments want control, money is the best way to control your people. if anything centralization will TIGHTEN up, and digital ledgers will make spying on everyone easier.
DeFi is here to stay for the long term, but this game has to be played in a decentralized manner. Your government will SOON BAN CRYPTO or try to regulate it.
Q: What stops other projects from catching up with yield?
Michael: This is crypto, everything is open source. We also used parts of contracts from others. Its fine. As long as there’s innovation, we’re happy.
Being the first movers is important. look at Bitcoin :)
Q: When will YieldShield be available for public? Currently seems is only a demo app.
Michael: You’ll have to ask in @YieldShield but from my understanding it will be sometime in Q2.
Q: Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project yield farming ?
Michael: Yes, this is exactly why YieldShield is created. It buys in when hype is up and automatically sells when hype is down and project starts dying.
Now you understand why I can’t wait to start using it? :)
Q: Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the well major exchanges?
Michael: We’re currently listed on Gate.IO and Uniswap. Gate is a major exchange.
Closing Remarks
Michael: I believe that is all. Thanks for all the questions everyone.
Patrice: yep!! looks good 🙂 please invite them to your groups and socials
Michael: Sure. please follow our twitter: https://twitter.com/yield_protocol
And, please follow YieldShield too!
YieldShield’s Twitter: https://twitter.com/yield_shield
YieldShield’s Telegram: t.me/yieldshield
Patrice: got it! any exciting news or developments you want to share?
Michael: Yes. LP Staking for JUICY REWARDS will be published soon… very soon.
Patrice: how juicy is this?!?! NEED. TO. KNOW
Michael: YIELD-ETH pair…. Juicy is all I can say :)
Patrice: haha will be looking forward to THAT! thank you so much for joining us here @yieldpro
