Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with YFDAO, on November 16th at 1.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Paul, Project Lead at YFDAO so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce YFDAO to our community in layman’s term?
Ans — YFDAO is a community farming tool protocol governed by the community.
Any asset can be deposited and farm following community vote to add it.
Q2. What are the advantages of YFDAO to other alternatives in the Blockchain field?
Ans — 3 factor. Ease of use rendered by a modern user interface. Community is our core. All aspects can be voted and adjusted. Providing a adaptable protocol that can adapt to the constant changes in the crypto trend.
Q3. What are the major milestones YFDAO achieved so far & what are in the future pipeline?
Ans — Our major milestones have been the successful development of our community protocol, Completion of our seed round. 5 day marketing and events geared to building our community.
Questions Asked on Twitter For YFDAO Team!
Q1. I could see that NFT isn’t yet included in YFDAO ecosystem, should incase there’s high community demand for it, will it be considered? If yes, how will it be done? perhaps voting or which other means?
Ans — Nft is not yet part of it but it’s being considered. Depending a favorable vote from the community, we will introduce NFT power cards that can increase yield and give special farming powers.
Q2. When locking $YFDAO to stake, users can earn up to 350% APY .So it’s quite high compared to others,how this percentage being obtained? What is the minimum amount to stake?
Ans — The APY is adjustable and will be reduced according to our formula and community voting. Minimum amount to stake is 1 token.
Q3. Looking at the new $YFDAO walet mobile app Roadmap for coming out in 2021, can you give us a leak, what features are in it?
Ans — Farming, LP mining, staking and select token wallet.
Q4. Can you tell us what are the main benefits of a $YFDAO Token holder? For investment purposes, why do we have to invest in YFDAO & what benefits does YFDAO give to holders?
Ans — YFDAO token is used for voting and governance purposes as well as being a reward for using our protocol.
Q5. Your staking system says Lock YFDAO for 30 days and earn 350% APY This APY is great What is the minimum amount to lock in order to receive it? Is there only one option or do you have other pools with different amounts and different APYs? Finally when are the earnings distributed?
Ans — The staking lock in period is 30 days. Rewards are available to be claimed immediately, LP mining does not have a minimum staking time. APY is also higher.
Questions Asked by our BlockTalks Community Members during live Session to YFDAOTeam!!
Q1. Is the community important to the YFDAO project? What is the role of the YFDAO?
Ans — The community is our key component. The users and voice of our protocol. we’ve geared our product to appeal to a wide range of crypto users.
Q2. How did you come across naming the project Yield Farming DAO and what does the name mean? How soon will YFDAO be ready for public release?
Ans — We’re a yield farming protocol. were the average user can stake his coins and earn a profit. Any coin can be added to provide flexibility. You become a real farmer😊
Our protocol is ready for release once we live on Uniswap.
Q3. Doing Staking, Transferring And Claiming. What Are The likely difficulties That Might want to happen? Will There Be Burn doing staking, transferring and claiming?
Ans — All functions are extremely smoth. There’s a 1% token burn tax on YFDAO transaction as well as buybacks to build value.
Q4. You really need an ETH gas expenditure for the purchase and sale of the tokens in Uniswap, but why implement consuming ETH gas in the YFDAO agriculture? Why not just use and consume native tokens from the project, which will eventually be burned?
Ans — Our goal is to provide buybacks + deflation to increase token scarcity and reduce the supply
Q5. You have a working DApp already, what coins can I start farming presently to earn YFDAO? Is it true that YFDAO will enable its participants to vote on which coins can be farmed on the platform?
Ans — We’ve got 30+ assets such as Link, Bat, usdc, mkr, dai.. Community can decide which coins get listed or delisted.
Q6. You said that you need to expand the community to achieve your full goals and become a community farming reference, how will you achieve this? Do you offer local community Ambassadors program? How to apply, what are the criterias? I am interested in staking and I want to know what are the minimum and maximum amounts that $YFDAO requires to enter their Staking system?
Ans — We’ve got multiple bounties and marketing events to grow our community. More is coming stay tuned!
Q7. What is the point of launching your own mobile wallet? Why is it necessary, what advantages will we enjoy?
Ans — Allow users to engage with our protocol from the comfort of their phones.
Q8. About security. Is a top priorities to Yfdao? Since some DeFi protocols have been hacked. what makes users trust YFDAO?
Ans — We’ve got a audit and community bug hunting bounty, stay tuned!
Q9. Will YFDAO farm protocol buy back your tokens? and why did you choose to farm with erc20 that we know gas for erc20 is very expensive whether it will be convenient.
Ans — We have buybacks and we use erc20 since it’s the most common token used by the crypto community.
Q10. Why should I invest in YFDAO while I have a trust issue on YFDAO as you guys are anonymous. YFDAO has no big partnership or something big based on which we can trust and invest. Now-a-days projects are doing rug pools with even public teams so how are you planning to give us a secure and promising investment?
Ans — We’ve delivered a working product and are growing our community to adopt it.
Q11. Recently YFDAO mention about team token locked by trustswap,
What’s the Usage of this locked token?
Ans — Those tokens are vested with release starting in May 2021 to provide community trust.
Q12. 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 COMBINE FINANCE yield farming?
Ans — Provide community the tools they want. Issue is not farming is that protocol get outdated and people get bored. Our protocol adapts to the community.