BlockTalks x YFUNI Finance AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with YFUNI Finance, on March 17th at 10.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Bo, CEO at YFUNI FINANCE , 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 YFUNI FINANCE to our community in layman’s term?
Ans — YFUNI is a Yearn Inspired, next-gen suite of products that revolutionizes the Decentralized Finance (DeFi) Infrastructure. YFUNI Finance aims to provide new-innovation via yield farming aggregation, lending aggregation, crypto banking investment, all on the Binance Smart Chain. We have designed it to allow users to access the best yields available within the YFUNI Ecosystem and DeFi market.
YFUNI powers a decentralized saving and multi-level interest generation protocol built on the Binance Smart Chain. The ecosystem can guarantee equality, equity and security for users in staking cryptocurrency assets whilst simultaneously improving the user experience through its simplified DeFi smart portal.
YFUNI Finance attempts to mitigate the traditional risks of depositing funds in smart contracts by upping the governance powers of its users.
Q2. What are the advantages of YFUNI FINANCE to other alternatives in the Blockchain field?
Ans —We have several new-innovations in DeFi infrastructure:
1. Yield Farming Aggregation
2. Lending aggregation
3. Crypto Banking Investment
Our Tokenomics are better than others, healthy distribution of YFUNI Governance Token and holding back inflation well.
Buyback and Burn mechanisms will be carried out immediately after the launch of the LP Staking Pool
By becoming a member of YFUNI, everyone can access the following ecosystem advantages:
Deposit your crypto assets and get the optimal interest rate with the highest yield.
uVault is where you will earn interest when you deposit YFUNI or any stablecoin. Your deposited assets will grow and generate passive income without any risks this is similar to staking but with flexible/varied apr
An easy way to swap/exchange crypto assets in a P2P (Peer to Peer) way.
Is a loan system that does not require KYC.
Are built to an autonomous and non-custodial pegged asset layer for the YFUNI Decentralised Finance (DeFi) ecosystem.
Is a YFUNI pawn system that provides more benefits for customers, with up to a maximum of 75% borrowing of the total tokens is available, and all YFUNI pawned will go into staking.
Q3. What are the major milestones YFUNI FINANCE achieved so far & what are in the future pipeline?
Ans — Our best achievement is to do IDO with BSC Starters and our long-term partnership with them. As our gratitude, a SPECIAL LP Staking Pool for $START holders will be launched after IDO, with YFUNI and UNICORN Pool
Some good news will be published soon such as Listing with Hotbit and several other Partnerships with other BSC projects
We’re going to do some development on the ecosystem and we’ve already written this on the roadmap:
R&D development will be going on soon. After the listing, we will prepare best strategies with several partners and artists for uNFT.
Questions Asked on Twitter For YFUNI Finance Team!
Q1. I read that you have for YFUNI members, one feature called uBarter which is a combination of P2P and swap. Could you tell us more and how is this possible? Bring this things together wouldn’t make it more complex to people especially to new users?
Ans — Simply put, uBarter has features that can make it easier for users. They can set the price they want to set, set what tokens will be traded on uBarter and buyers can choose a list of tokens and can compare prices.
Details will be explained in the article at the launch of uBarter
Q2. On their website they mention that they want yield farming aggregation, lending and investment on BSC,but, at the same time, their protocol is built on Etherium,so does it have any cross chain mechanism that links their assets to both networks?
Ans —Actually, our developer was wrong in writing on website and I also forgot about it because there were too many business proposals and marketing that were done before the IDO started.
For now we are operating on the Binance Smartchain mainnet and Ecosystem Products will be launched soon on the roadmap
Previously we were on the Ethereum mainnet, due to some financial problems. We decided to refund the token sale which previously did not reach 500 ETH, at that time we also collaborated with Dextools and several Ethereum Projects.
Q3. How much of the token can users who want to borrow in the uMortgage system borrow? How will you prevent the abuse of this system?
Ans — I have a leak related to that from devs, Smartcontract or the system will automatically analyze the personal Wallet of users who want to use the uMortgage platform, analyze ‘In and out’ in BNB.
uMortgage requires users to deposit a YFUNI Token or UNICORN Token on a Staking Smart contract, then the user gets 75% of the guaranteed token
When the user pays and returns the loan, the previous funds are automatically added because the staking reward.
This allows users to get more incentives from the uMortgage feature.
I get this from the developer, actually the abuse of this feature is almost non-existent.
Because the loan will automatically enter into the staking contract and the user only gets 75% of the loan.
Penalties will be given to users if they do not return 75% of the funds on time and the developer can freeze the funds with the Smartcontrac system
So we still have 100% of the user’s initial funds in Smartcontract and the funds will be transferred to the uMortgage Pool.
Q4. Name that one of the advantages of the YFUNI ecosystem is, uVault, which is where interest will be gained when YFUNI is deposited. Can you explain what is the role of “uVault” in the process of accessing the platform?
Ans — I can not provide a tutorial on accessing the Platform, because it is currently still in the development stage.
Actually our uVault is the same as the others, it’s just that I can’t explain some other implementations at this time because the product hasn’t been launched yet.
Apart from that, we have healthy tokenomics and a planned distribution will have a positive impact on uVault and other ecosystems.
Q5. What is the utility of Yfuni ? What does determine the value/price for it, is there anything within your ecosystem that increases the demand for the YFuni ?
Ans — YFUNI Token (Next YFI on BSC) will be distributed in the sprit of YFI: No pre-mine, No Founder Shares & No VC interests — simply equal-opportunity staking distribution to attract a broad and vision-aligned community to steward the future of the protocol and token.
YFUNI Tokens can only be obtained from mines in the ecosystem. Listing on DEX starts at $1000 + 400 BNB (Liquidity Locked Permanent). In addition, demand will increase because a lot of people want to get YFUNI with only one way, mine YFUNI on the uEarn Platform.
With an initial circulating supply of only 100 tokens, which varies in available supply based on how many tokens are deposited to or removed from the staking or farming contract, YFUNI will be one of the easiest and most profitable coins to invest in and hold. Since YFUNI works on a deflationary model and using BaB Mechanism, token supply will continue being decreased as time goes on.
Questions Asked by our BlockTalks Community Members during live Session to YFUNI Team!!
Q1. Many projects rug pulled and exit scam recently.
Why should investors trust your project not to do the same?
Ans — We have conducted 2 Smart contract audits reported by QuillAudits. We will not do that, since 2020 we have stopped operating due to financial problems during the pandemic, we continue to secure the previous token sale funds and return them to investors at that time.
After all this time, we learned from experience and rebuilt YFUNI Finance on the Binance Smartchain protocol. We get a lot of attention and we thank to BSC Starters Devs+team and Community for their support and we have long-term cooperation with them.
Q2. NFTs is hot topic today, Does YFuni Finance have NFTs? What are those NFTs? How can we get Nfts
Ans — We’ve added NFT in R&D, we’ll have them soon but keep the roadmaps ahead of time.
We have several strategies for that, users who always interact with the ecosystem will get incentives from future Airdrops or NFT Drop.
Q3. What is the staking mechanism and how will it work with regards to inflation? how can you deal with security and Scalability? As you know security and Scalability is the big challenge in any field.
And — Currently the development team is working on the LP Staking Pool, the mechanism and calculations have been prepared, only a few other things are still being improved.
We know and understand that security and scalability are very important, after or before the uEarn Platform is launched we will audit everything to one of the best auditors in BSC.
Look forward to further information after IDO and Listing
Q4. I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
Ans — It is likely that it will happen, because it is to maintain the safety of user funds. Feedback from several other developers and the community will be very meaningful to us. The more reports related to bugs or problems, the developer will be able to find out and fix the problem as soon as possible
Q5. At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?
Ans — Currently we are more focused on the development of LP Staking Pool, the development will always continue and if it works well users or investors will flock to YFUNI Finance
Our Marketing will run faster after IDO and Listing on Pancakeswap. We will work with some influencers and YouTubers and they can share our project with their fans
Q6. uVault is only designed to hold stablecoin or YFUNI tokens? do you have plans to open up the possibilities in the future?
Ans —We are focused on YFUNI Token at launch and several stablecoins will be supported on the platform. One example is the Venus stablecoin is likely to be supported in the uVault ecosystem.
The Venus community can also use our uVault once that implementation has occurred
Q7. DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?
Ans — Interesting, you can see the roadmap written on the website or docs. We have long term plans for that and are already working with BSC Starter.
YFUNI Token have Smart and healthy distribution can ensure Platforms and demand remain stable, New innovations will be developed so that all Holders enjoy incentives from our ecosystem.