Crypto Wizards AMA With YFX Protocol
Guest: R. L, YFX Global Ambassador
Introduction
1. Could you please provide a quick self-introduction for the community?
Ans: Sure, no problem. I’m R.L., I’m an author of two blockchain books and have been in the cryptocurrency space since finding Bitcoin in 2009. I’ve written for a lot of different projects and today I’m a Global Ambassador to YFX.
2. Can you briefly introduce the project YFX Protocol what are some of utlities of $YFX ? How do you think you stand out among the competitors if there are any?
Ans: 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.
3. Can you share the achievements the team has made so far ? what are the major achievement target YFX Protocol is yet to achieve . If possible also share your roadmap.
Ans: Sure, YFX has had a number of important accomplishments thus far but the primary accomplishment must be being the first perpetual contract trading platform with up to 100x leverage that is decentralized and cross-chain. There are no other competitors that can match this feat. YFX has the first mover advantage.
4) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your Platform?
Ans: Users are completely in control of their keys on YFX.com and the site is completely decentralized so users don’t have to worry about 3rd party intermediaries making a mistake or security problems that CEXs or traditional exchanges have. The YFX team values security highly. YFX has made certain that security is a top priority and YFX DEVs work very hard to protect the protocol. YFX has also been audited by CertiK, one of the top code security agencies in the space, so YFX’s code has been vetted and its passed all of their tests.
5.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
Ans: The total supply is 14 million total and the supply is spread across the multiple chains that YFX currently supports to cross-chain trade on. You can find a more precise breakdown on the Medium blog and the Website. I’ll share those links now and again at the end.
YFX official contact information:
Website: https://www.yfx.com/
Twitter: https://twitter.com/YFX_Defi
Medium: https://yfxdefi.medium.com/
Telegram: https://t.me/YFX_EN
Discord: https://discord.gg/xwAtjpabC5
Media Contact: media@yfx.com
Twitter Q&A
1.What makes you think YFX Dex is or would be the most powerful?
And what do you mean by the quote in maths we trust and in Blockchain we trust less?
From: @Elsonele
Ans: The world is heading into or already in the digital epoch. That means that the world is becoming increasingly dgitial.
The world will also become increasingly decentralized.
YFX is the ascension of a trading platform that is decentralized and we see the popularity of DEXs rising.
What YFX means by in math we trust and in blockchain we trustless is that much of crypto is based on math and blockchain is a trust minimized system. Blockchain is very much trustless meaning there’s no party that can intermediate and get in the way. The blockchain doesn’t pick and choose who to support or how to execute a contract, it doesn’t think, it just executes.
That’s the future of crypto / money and probably other areas like law too eventually, the whole world will become trust minimized eventually.
2.Is YFX Decentralized Futures trading platform exclusive to only professional traders? What advice/recommendations do you have for beginners like me?
From: @Greyhair_08
Ans: I can’t give advice on trading but the platform is open to everyone that wants to use it except for people in prohibited jurisdictions. Those jurisdictions are on the homepage.
But the point of blockchain is to be inclusive and that’s the point of YFX protocol, to provide the same experience for a billionaire as someone with $10.
3.In the Smart Contract of YFX users can have full control of their funds while trading, how is this process, do we have to connect our wallets to it? What keeps our funds safe?
From : @Alicewonder1202
Ans: The code has been audited by CertiK and they’re one of the most respected auditing agencies in all of blockchain.
You connect your wallet to YFX much like you do to UNISWAP or another smart contract platform.
It’s very intuitive for users, there’s no reason to make anything difficult, it’s easy to use.
4.Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to ?
From : @dructrung753951
Ans:YFX has a number of great partnerships, you can see the entire list on the website but just this week YFX officially launched on OKExChain Mainnet.
There’s also a number of important venture funds behind what YFX is striving to do and become. YFX wants to be #1 in the entire trading space eventually.
It’s a lofty goal but one that needs to be accomplished.
5.Can you tell us some of the competitive advantages and great potential of YFX ? What is your plan to boost the value of the Token in the market? What will be the benefits of early adopters and investors of the Token in the market?
From: @Basusbissa
Ans: I can’t speak on the value of the token.
I can say that the advantages are vast.
The protocol hasn’t been mimicked yet, nobody else can provide perpetual contract trading as efficiently as YFX.
By allowing traders to trade cross-chain the fees are minimal, you just need a bit of crypto for gas.
Live Q&A
1.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??
Ans: The YFX token is a governance token so the community will increasingly have more stake in the outcome of the project. There’s no gimmicks like with other coins, no burns, it’s a very straight forward road map and sound tokenomics.
2. To develop a successful project, the main priority is to have enough capital! Does your team have enough financial capacity to carry out this project? Do you have a partnership with a venture capital firm or an investment firm?????
Ans: You can read about all of the venture capitalists and funds supporting YFX. YFX has some of the best backers in all of the crypto space, major players! You will be very happy when you see the people backing the project. This is a long term project, not a fly by night, quick project.
The long game is what YFX is building for, the future, not short success.
3. Sir.
Currently many projects decide to build their token on the BSC network, why did you decide to do it on the ETH network? What is the feature that makes it special and different from the many ERC20 tokens, which already exist????Binance Smart Chain BSC is trending right now. Is your project interested or is there a plan to enter the world of BSC?
Ans: This is actually only partially true. YFX has deployed tokens to 5 different chains. So you can hold YFX on BSC already.
4.Wherecan I buy your tokens right now what is your current contract and how can I buy them?Will you have any other DeFI feature like staking, yiekd farm or NFT in the future? Can share a little about your roadmap!!!
Ans: $YFX token is now trading on Sushiswap, Mdex, MXC, BitZ, COINBENE, GateIO and BiKi.
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.
There are also a lot of competitions that YFX hosts on the site, you can see those when they’re live when you visit the site, yfx.com
5.What concrete steps has taken as a blockchain DeFi platform to compete and become a leader with similar competitors?
Ans: Just like BTC has the first mover advantage as sound money in crypto and ETH has the first mover advantage with smart contracts, YFX has the same advantage in cross chain DeFi projects. It’s an amazing advantage and the team is working 24 hours a day and 7 days a week to keep that advantage.
It is important to keep building and providing utility for the community and everything else will fall into place.
It is important to keep building and providing utility for the community and everything else will fall into place.
That’s what YFX is all about, building and providing the best experiences for traders.
More Information:
Website: https://www.yfx.com/
Twitter: https://twitter.com/YFX_Defi
Medium: https://yfxdefi.medium.com/
Telegram: https://t.me/YFX_EN
Discord: https://discord.gg/xwAtjpabC5
Media Contact: media@yfx.com