On Thursday, YFX participated in our second AMA event of the week. Wednesday’s event was in a very popular Korean crypto trading community, ICO Pantera. On Thursday the Vientamese event was held in another very popular crypto group, known as Crypto Family.
We will be participating in more AMA events next week so make sure to stay tuned to our social media channels for more information. Our main social media channels are all linked at the bottom of this article and very active.
Part 1. Overview questions
1. First, please make a brief introduction of yourself and YFX.
The meaning of YFX is the formula Y=F(x), which reminds us to be in awe of mathematics, products and logic.
YFX.COM is a cross-chain decentralized perpetual contract platform based on Ethereum, Binance Smart Chain, Huobi Ecological Chain, TRON, OKEx public chain and Polkadot. It provides up to 100 times the perpetual contract trading BTC, ETH and other assets. Different from the common automatic market maker model (AMM), YFX.COM adopts the QIC-AMM market maker pool trading method to provide users with high liquidity and low trading slippage. YFX.COM has successfully supported layer2’s perpetual contract trading function. YFX.COM’s goal is to build a DEX that can compete with CEXs on the derivatives trading track.
2. Please tell me some advanced features that make YFX that make it ahead of other competitors.
YFX.COM is the culmination of many years in the centralized perpetual contract trading system, we have focused on development of our technology, the original QIC-AMM mechanism. This mechanism can ensure that users on YFX.com have a smooth experience and opportunity of 100 times the contract position if they choose.
Furthermore, YFX.COM has been deployed to four public chain master networks, ETH (layer2), BSC, Heco, and Tron, which other teams are currently unable to accomplish. We are a trailblazer in cross-chain financial products.
3. Is there any hot news or big events of FYX to get people more engaged in the project?
YFX.com has completed Genesis Mining, during which more than 30,000 addresses have authorized YFX.com and nearly 20,000 addresses have participated in Genesis mining. YFX tokens will be issued soon, so those who have not participated in Genesis mining can stay tuned to yfx.com’s announcements.
Part II
1. Hello team. Will you support USDT, BTC, ETH and other top coins on Tron, BSC, Huobi Heco Blockchain, OKex chain, Polkadot and other Blockchains in the future. What are your goals in the next few years?
A:
Currently YFX.com has been deployed to four public chains — — Ethereum XDAI, Heco, BSC and Tron. YFX.com supports coin margin swap, USDT swap and hybrid swap, and now supports top coins such as USDT, BTC and ETH of each public chain. We’re constantly innovating with our product so there will be additions in the future but those are the chains we’ve deployed for our users thus far.
2. Can you give us more details about YFX tokonomics and token supply? What is YFX token generated for, do you have any mechanism of token burn or buyback in the future to reduce the token supply and increase its investment attractiveness?
A:
Token supply.
1. The proportion of community users will be 50%: Distribution will be through airdrops, mining, risk compensation, security rewards, community rewards, etc. The estimated distribution cycle is 3 years. Among them, 50% is distributed in the first year, 25% in the second year, and 25% in the third year.
2. 15% for the strategic investors: for the benefit of early ecological investors and IDO’s market pricing. Strategic investors will unlock 30% initially, and the remaining part will be unlocked linearly in one year.
3. 25% for the founding team + early equity investors remain unchanged: the team and equity investors initially release 20%, the remaining equity investors will unlock linearly within 1 year, and the founding team will unlock linearly within 2 years.
4. 10% for foundation reserve: used to support the construction and improvement of the ecosystem, the related costs of the circulation of the head exchange, the construction of related partners, the internal insurance fund of the system, etc.. Unlock when needed, before they’re unlocked there will be an announcement to the community simultaneously.
Token economic model:
1. 50% of the fee received by the platform is used to repurchase and destroy directly in major decentralized exchanges from time to time, which is open and transparent.
2. No more than 50% of the risk fund can be used for the repurchase and destruction of platform tokens.
3. Platform tokens can be used as margin for contract trading to expand the liquidity of tokens.
4. Incentivize market maker liquidity market maker, stake LPToken to reward YFX.
5. YFX.COM will be handed over to the community for shared governance, holding YFX token will have the right to propose and vote on the platform governance, etc. Staking a certain amount of YFX token can open and configure the trading market and enjoy the benefits.
3. What do you think about the DeFi future and can you be sure that YFX products will be in demand in the long term? What are your plans to contribute to DeFi’s growth? What are some milestones to look forward to from now on?
A:
Instead of relying on old, inefficient infrastructure, Decentralized Finance (DeFi) uses cryptography, decentralization and blockchain to build a new kind of financial system. The system allows for more efficient, fair and open access to well-known financial services to complete payments, lending and transactions. DeFi is also likely to become the new cornerstone of the financial system. According to the development path of traditional exchanges, the derivatives market is several times larger than the spot market, so the decentralized derivatives exchange is about to explode, and its market potential is several times larger than the current DEX, YFX.com will be based on and defi derivatives track, with a professional focus on our products, through continuous technical iterations to create a completely decentralized, transparent, safe and stable financial system. We will build a fully decentralized, open and transparent, secure, stable, simple and efficient, and highly innovative derivatives trading platform through continuous technological iteration.
4. Could you please tell me about your listing plans? Specifically the ones involving major exchanges, CEX and DEX. What types of partnership are you looking for and what values would they bring to YFX’s expansion? @BENSTOCk23
A:
Currently the yfx.com token is not issued.
We will release all of those details soon, please subscribe to our communities on twitter and telegram for news.
5. Regulation is very important. Projects are closed in many countries for failing to use proper regulations and permits. To be worldwide, and how do you handle this problem? @alisa_crypto
A:
We think DeFi will definitely be regulated, and as long as the regulation is done in the spirit of punishing evil and promoting good things, then it will be good for the development of DeFi. What is the biggest problem in the DeFi world today? I think it’s certain obvious crimes, frauds, that go unpunished and unchecked. The pass-through economy is effective when it comes to positive incentives, but it is often powerless when it comes to imposing negative incentives, or penalties. Without effective regulation, our current DeFi industry will soon be overrun by one rogue bully after another.
YFX.com will always embrace regulation and will proactively cater to it. YFX.com has assembled a professional international legal team to adapt to local laws and regulations.
Part III
1st winner @Stevensas:
Q:Can you introduce the YFX ecosystem? What services / infrastructure does the YFX ecosystem include and what the project is headed for?
A:We are focused on perpetual contract trading with AMM technology. Our cross-chain platform enables us to provide 100x leverage to users and the market for the first time in the world of decentralized finance.
2nd winner @galdirik:
Q:Derivatives and synthetic assets trading are a very hot topic right now. Where do you see the differences of decentralized platforms compared to their centralized counterparts when it comes to derivatives trading? What advantages do users have on a decentralized platform?
A:The power of any project is their community. We take our communities’ feedback very seriously and we’re here to serve our users. We know without our users that what we’re doing isn’t as important, so our number one initiative is to provide the best trading experience around the world and lead DeFi in trading perpetual contracts.
3rd winner @yansosan
Q:Now that technology is changing every second, are you afraid that in the future YFX will lag behind new projects with newer technologies? Do you have a plan for this?
A:We are at the forefront of DeFi innovation but we know how fast this industry moves — so we’re working day and night to make sure we continue our pace of being the industry standard. We’ve team members all over the world so the sun never sets on our progress and development.
4th winner @KPro_11
Q:Can you write some great features of YFX that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
A:We’re the only DeFi exchange in the entire world to utilize more than one chain to settle TXs. By using four chains currently and two more additionally are being deployed we allow the fastest settlement in the entire industry. This feature is something that other exchanges can only dream about and with the fees on Ethereum being high right now, we’ve also deployed xDAI to help settle TXs on Layer2 so that our users don’t bear the cost of a bulky Ethereum network and low throughput.
About YFX
YFX.COM is a cross-chain decentralized perpetual contract platform based on Ethereum, Binance Smart Chain, Huobi Ecological Chain, TRON, OKEx public chain, and Polkadot. It provides up to 100 times the perpetual contract trading BTC, ETH and other assets. Different from the common automatic market maker model (AMM), YFX.COM adopts the QIC-AMM market maker pool trading method to provide users with high liquidity and low trading slippage. YFX.COM has successfully supported layer2’s perpetual contract trading function. YFX.COM’s goal is to build a DEX that can compete with CEXs on the derivatives trading track.
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