Introduction
1. Could you please provide a quick self-introduction for the community?
Ans: Greetings Everyone 👋🏻
Its great to e-meet you all today, and thanks for tuning into this AMA!
I am Simran Dhillon, the Co-Founder of YSL.IO
I'll begin with a brief background on myself; I have a diverse professional background across IT and Business, and notable industry experience with companies such as Microsoft and HSBC. I have also been involved in the crypto space for over 5 years, both as a programmer and working in the background as an advisor for a number of Blockchain projects including Zencash (which is now known as Horizen).
Hardev Dhillon (@hardev_ysl), is the other Co-Founder of YSL.IO. Just to give you a quick background on him; he is a Certified Practising Accountant (CPA) with a professional background in Finance, Accounting and Business, specialising in Financial Risk Management and Advanced Taxation, and has broad experience across banking/accounting working for companies such as HSBC, Westpac, KPMG, and Deloitte.
In addition to @hardev_ysl and myself, we have a dedicated team of blockchain developers + UI/UX designers that are focused on the development of our smart contracts and platform. Each of them are experts within their respective fields and are all busy working their magic behind the scenes ✨ to ensure we can deliver the best possible version of YSL.IO for our 11k+ community. We also have a marketing team that are hard at work, drumming up informative materials that will help spread awareness of our unique concept.
2. Can you briefly introduce the project YSL.IO what are some of utlities of $YSL ? How do you think you stand out among the competitors if there are any?
Ans: Here's a quick overview of YSL.IO stands for and some of our stand-out features:
YSL.IO 💎 = [ ⭐️ Yield + 💗 Staking + 🌊 Liquidity ] = 🚀
YSL.IO is a cutting-edge DeFi tool designed to OPTIMISE and AMPLIFY the returns from yield farming platforms, whilst maximising the benefits of LOCKED LIQUIDITY to create a truly unparalleled token economy.
Here's how we standout against competitors:
✅ Zero Platform Fees – YSL.IO does not charge a Deposit fee, Withdrawal fee or a Performance fee
✅ Novel Tokenomics - The governance token of YSL.IO (sYSL) is correlated to YSL-BUSD Locked Liquidity
✅ Continual Growth in Locked Liquidity - Our protocol autonomously creates YSL-BUSD Locked Liquidity
✅ Automated Buy-Backs - sYSL token holders and YSL-BUSD liquidity providers can stake their tokens to earn a share of the monthly buy-back.
✅ Maximised APR (%) - Our protocol will OPTIMISE positions (held on AMMs) by 300%
Yes, our private and public sale is open to all, there's no whitelist and everyone is welcome to participate!
And we have some exciting benefits during the Price Discovery Phase!
✅ Bonus multiplier- Our bonus multiplier will effectively add a bonus on top of any deposits that you make!
During the private sale the multiplier is set to 3.00x! So if you were to deposit 5k during the private sale, you will essentially receive 15k worth of sYSL tokens, that's $10k of bonus value 🤯
✅ 10% Referral bonus program - We are also running a referral bonus program during the price discovery phase, where you can earn 10% on the contribution made by those you refer. So if you were to refer someone that had a $60k contribution you would get back $6k worth of sYSL tokens at the end of the discovery phase.
IMPORTANT: The sYSL token will only available to be purchased until one-month after the platform launches.
Remember that sYSL is tied to YSL-BUSD liquidity, so once the platform launches and the TVL on YSL.IO increases, YSL-BUSD liquidity will increase, this will cause the price of the sYSL token to increase. SO DONT MISS OUT ON THE PUBLIC + PRIVATE SALE!
For all the details, please refer to our Gitbook 👉https://docs.ysl.io/ysl-io/ysl-core-protocol/price-discovery-participation
3. Can you share the achievements the team has made so far ? what are the major achievement target YSL.IO is yet to achieve . If possible also share your roadmap.
Ans: We're extremely proud of what we have accomplished so far, although these efforts are mostly behind the scenes its an aspect that has really propelled us to develop the best possible version of YSL.IO!
Here are some of our recent milestones:
✅ Smart contract development
✅ Gitbook Release (23k words)
✅ Partnership with Peanut (NUX)
✅ Frontend development (UI/UX)
✅ Scheduled 20 pre-Launch WeChat AMAs
✅ Scheduled 50+ pre-Launch Telegram AMAs
We can always be better, and intend to grow YSL.IO on all levels and fronts!🚀
Here's what we have in store for 2021:
❇️ YSL.IO platform launch
❇️ 70+ AMAs (Telegram +WeChat)
❇️ Initiate audit of smart contracts
❇️ 30-day price / supply discovery phase
❇️ Establishment of the YSL/BUSD liquidity pool
❇️ YSL token listing (CoinMarketCap, CoinGecko)
❇️ Cross-chain integration(s) with Polygon and Ethereum
❇️ A preliminary version of the community-governance function
❇️ Gitbook language translation (Simplified Chinese, Vietnamese)
❇️ Frontend language translation (Simplified Chinese, Vietnamese)
❇️ Cross-chain swaps through Ethereum via Uniswap cross-chain bridge integration
4) Could you share a bit about security and also what benefits you provide to incentives user’s choosing your Platform?
Ans: Every opportunity comes with risks, and DeFi is no exception. However, these points will help convince you of that safety and security is our top priority!
✅ FULL PRODUCT LAUNCH - The YSL.IO platform will launch with live vaults, regardless of the amount received during the private and public sales.
✅ SMART CONTRACT AUDITS - Our protocol architecture and logic will undergo multiple external audits, you can have peace of mind knowing that your funds are SAFU!
✅ LOCKED LIQUIDTY ( Locked for 1000 YEARS) - The WBNB/BUSD received from the sales will be used create YSL-BUSD locked liquidity on ApeSwap Finance, No Rug Pull!
✅ TEAM - Our team is not anonymous and our blockchain developers have extensive knowledge of DeFi protocols, you can rest assured the protocols will be safe and reliable.
5.Whats the total supply of the token ? Could you share a detailed tokenomics of mainnet token’s supply distribution
Ans: The YSL.IO contract has no set maximum supply for the YSL token. This stems from the protocol’s core objective of maximising the benefits attributable to locked liquidity. With this in mind, the protocol has been uniquely designed to ensure there is a perpetual growth of YSL-BUSD locked liquidity. Given that the formation of locked liquidity fundamentally requires the protocol to mint YSL tokens; it would be counterintuitive to have a capped supply for the token, as this would effectively place a limit on the amount of locked liquidity that can ever be created. Similarly, there will be no set maximum supply for the sYSL token, as having a limit on the supply will restrict the creation of locked liquidity. This is because, whenever a user decides to purchase an amount of sYSL tokens, locked liquidity will be created equivalent to 200% of the purchase value. This essentially will have a domino effect on the amount of sYSL tokens that will be minted, as the increase in locked liquidity will lead to the sYSL token appreciating 🚀
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
Please visit our Gitbook to learn more about our tokenomics model 👉https://docs.ysl.io/ysl-io/ysl-core-protocol/tokenomics
Twitter Q&A
1.How is YSL.IO planning to strengthen the Liquidity and also can you briefly discuss regarding the tokenomics of the native token?
From : @Elsonele
Ans: The YSL.IO protocol has been specifically designed to create YSL-BUSD locked liquidity autonomously whenever a user interacts with the platform, this is done through 9 in-built mechanisms:
Purchase of YSL tokens ✅
(100% equivalent locked value created)
Purchase of sYSL tokens ✅
(200% equivalent locked value created)
YSL.IO Optimisation function ✅
(180% equivalent locked value created)
YSL.IO Amplification (Strategy 2) ✅
(200% equivalent locked value created)
Balance transfers between vaults ✅
(200% equivalent locked value created)
Balance transfers into the sYSL vault ✅
(100% equivalent locked value created)
Balance transfers into the YSL-BUSD vault ✅
(100% equivalent locked value created)
Withdrawals from the YSL-BUSD vault - LP token deposit ✅
(100% equivalent locked value created)
Withdrawals from the YSL-BUSD vault - Transfer deposits ✅
(100% equivalent locked value created)
You can learn more about these mechanisms here: https://docs.ysl.io/ysl-io/ysl-core-protocol-1/auto-lock-liquidity
⏫ YSL-BUSD locked liquidity = ⏫ sYSL price 🚀
2.All project's coins have their main Utilities & real-life use! So, Can you tell us what the main role of your coin is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should i invest in your coin for the long term?
From : @ab_dul_basith
Ans: ✅ sYSL Use Case:
Governance - sYSL tokens will operate as the governance token for the YSL.IO platform, token holders will be able to vote on various proposals once the community-governance function is integrated.
Staking - sYSL token holders will be able to stake their tokens in our sYSL vault.
✅ YSL Use Case:
YSL-BUSD locked liquidity - The YSL token is used to create YSL-BUSD locked liquidity, this is done autonomously by the protocol
Staking - Liquidity providers of the YSL-BUSD pool (on ApeSwap Finance) will be able to stake their LP tokens into our YSL-BUSD vault
Those that stake in the sYSL vault and/or YSL-BUSD vault will earn a share of the AUTOMATED MONTHLY BUY-BACK and INFLATION REWARDS that are distributed on each new block! 🤩
3.To be a great platform for both Investors,for it's users Transparency & security is important. Can you tell us some details about YSL.IO transparency & security mechanism. Have you already completed the audit of your project?
From: @Shibba9797
Ans: I believe its critically important to be proactive when it comes to the implementation of practices to detect any potential hazards.
So you can rest assured that security is the absolute top priority at YSL.IO! 🔒
Our smart contracts have been developed by a team of experienced blockchain developers that not only have extensive knowledge of DeFi protocols and their associated specifications, but also have an internal audit process embedded within their development process to ensure the reliability and safety of our protocols functions.
Here's are some examples of features that our team has incorporated into the protocol to ensure MAXIMUM SECURITY:
1️⃣ Price Feeds by Chainlink: the protocol can better resist flash loan attacks, network congestion, and centralised infrastructure disruption.
2️⃣ Smart Contract Timelocks: these will be integrated across all of our smart contracts to protect our users and funds, as a delay/period of time is required before any changes can be made to any smart contracts.
3️⃣ Real-Time Monitoring of the Main Oracle Price: When there is a serious deviation between the main oracle and the system, the system will alert and notify our development team to ensure timely action.
4️⃣ Prevention of External Smart Contract Interaction: With the recent flash loan attacks on BSC, we will incorporate a stop on all external smart contracts to interact with the our contract, mitigating the risk of any flash loan attack within our protocol.
More importantly, we will be engaging with well-known and reputable parties such as Certik and Zokyo to conduct an audit on our smart contracts:
✅ MULTIPLE EXTERNAL AUDITS - Before we launch, our protocols architecture and logic will be audited by external parties, so you can have piece of mind that your funds are SAFU!
✅ ONGOING AUDITS - We intend to conduct ongoing audits on a regular basis, to ensure the long-term maintenance of our protocols security.
4.How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
From : @Porimoni191
Ans: Diversity is the most overlooked aspect of most projects. I'm a strong believer in diversity and its ability to propel a project forward though community driven innovations, initiatives and resources.
We are committed to creating a truly diverse community, and to achieve this we have arranged over 70 AMA's with several local communities based all across the globe. This includes countries such as China, Vietnam, Indonesia, Malaysia, Singapore, Korea, India, Turkey, and Iran!
Currently, we are having our comprehensive Gitbook translated into several languages, this will ensure our concept is better understood in any countries/ regions where English is not commonly used!
In addition to this we intend to release informative material in several languages so that people from all across the globe will better understand the benefits of YSL.IO.
On top of this, to help raise adoption of our platform in any countries/ regions where English is not commonly used, we plan to offer different languages for the frontend language in the near future!
5.You know for all projects development is first of all main priority is having enough fund. Does your team is financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit.?
From: @Shibba9797
Ans:A lot of projects nowadays promise magic with just a whitepaper, but we believe in putting the horse in front of the cart and not the other way around 😂, YSL.IO will be a full product launch! Our platform will be a fully operational with live vaults and will launch regardless of what is raised during our private & public sale. The platform and smart contracts are being developed as we speak, and there's a sneak peek of it in our Gitbook (👉https://docs.ysl.io).
More importantly, the platform launch is not hindered by the performance of our private + public sales. It would only mean a greater upside potential for the price of the sYSL token. This is due to our protocols unique capability of auto-generating liquidity whenever a user interacts with the platform. As a result, as users begin depositing LP tokens on YSL.IO, the amount of YSL-BUSD locked liquidity being created increases, which will causes the price of sYSL to increase! 🚀
There are two key events that occur after the Price Discovery Phase:
1️⃣ The YSL-BUSD Liquidity Pool is established (locked on ApeSwap Finance)
2️⃣ The price and supply of the sYSL token is determined from the liquidity established
So lets say the total BUSD acquired from private & public sale = $100,000
1️⃣ A YSL-BUSD pool will be established on ApeSwap Finance (locked liquidity) = $100,000
2️⃣ As a result the price of the sYSL token would be determined as $1
Now lets say we launch our vaults and the total TVL held on YSL.IO grows to $100,000,000 (not uncommon for DeFi platforms that offer high yields on BSC). And lets assume the average yield across our vaults is only 30% APR throughout the year (an extremely conservative figure):
1️⃣ YSL-BUSD locked liquidity will grow by $60,000,000 by EOY (this only considers the liquidity generated from the optimisation function, so it is conservative)
2️⃣ This means the sYSL token price would have increased to over $600!
This demonstrates the long-term value of the sYSL token for those that participate in the sale! 🚀
Live Q&A
1.We see too many rug projects have been pulled in and out of scams recently. My question Why should investors trust your project not to do the same? And many projects have been pulled in and out of scams recently. This makes us your potential investors very doubtful about the project that I just met. Please reassure us Why should investors trust your project not to do the same?
"We believe your project is a best project for us to have"
Ans:LOCKED LIQUIDTY ( Locked for 1000 YEARS) - The WBNB/BUSD received from the sales will be used create YSL-BUSD locked liquidity on ApeSwap Finance, No Rug Pull!
2.Binance Smart Chain blockchain is having high transaction speed and cheap gas fees, are you planning to launch your mainet or switch to other blockchains in the future??
Thanks?
Ans: Absolutely! We're always thinking ahead and have an endless appetite for growth!
We want to expand the YSL.IO ecosystem, and are planning a cross-integration onto chains such as Polygon and Ethereum in Q4! You can refer to roadmap for all details on our cross-integration plans and what you can expect from us in the near future! ( 👉https://docs.ysl.io/ysl-io/roadmap)
3.Partnership with other project(s) result in synergy that would increase growth rate. Which project(s) has #YSL partnered with or looking forward to partner with?
Ans: We recognise that forming meaningful partnerships that will not only propel our project forward but also grow and expand our reach. Recently we formed our first-ever strategic partnership with peanut.trade, whereby NUX-BNB liquidity providers will be able to benefit from our protocols novel optimisation function that autonomously creates YSL-BUSD locked liquidity.
Once our platform launches, NUX liquidity providers will be able to deposit their LP tokens from PancakeSwap into the NUX-BNB vault held on YSL.IO. By doing so, NUX liquidity providers will earn sYSL optimisation block rewards based upon their TVL held within the NUX-BNB vault. What’s more, we are airdropping sYSL tokens to the Peanut (NUX) community!
To learn how you can be apart of this airdrop and our partnership with Peanut, check out our recent Medium article 👉 https://t.co/JIX1B4gKG5?amp=1
4.From where we can buy the token?? And also ,Please mention some of the key features which make this project more beneficial than other competitors in the market?
5.Does your project have a enough fund to run the project and for its development? what are your business module to earn revenue?
Ans: Yes, plus our protocols revenue is sourced from four aspects:
1️⃣ Optimisation - An equivalent of 2% collected from the APR (%) of the token being optimised
2️⃣ sYSL exit fee -An equivalent of 2% collected when sYSL is sold
3️⃣ sYSL entrance fee - An equivalent of 2% collected when sYSL is purchased
4️⃣ Inflation block reward - 20% allocation, distributed on each block
The revenue collected will go towards ongoing operational expenses, including maintenance/development of the protocol, remuneration for engineers/developers, and to cover expenditures for ongoing audits and marketing. The mechanism behind how these are collected can be found in our Gitbook (👉https://docs.ysl.io/ysl-io/ )
Its important to note that those that stake in the sYSL vault & YSL-BUSD vault will also benefit from these four aspects:
1️⃣ Optimisation - An equivalent of 8% collected from the APR (%) of the token being optimised - Contributed to the MONTHLY BUY-BACK
2️⃣ sYSL exit fee -An equivalent of 8% collected when sYSL is sold - - Contributed to the MONTHLY BUY-BACK
3️⃣ sYSL entrance fee - An equivalent of 8% collected when sYSL is purchased - Contributed to the MONTHLY BUY-BACK
4️⃣ Inflation block reward - 80% allocation (50% to the YSL-BUSD vault & 30% to the sYSL vault), distributed on each block
Community, if you would like to learn more about YSL.io, here are some useful links for you:
Telegram: https://t.me/ysl_io
Twitter : https://twitter.com/ysl_io
Official Website: http://YSL.IO/