BlockTalks x YFX AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with YFX, on May 18th at 2.00 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 R.L. Bryer, YFX Global ambassador. 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 YFX to our community in layman’s term?
Ans — YFX.com 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.com will build a closed-loop ecosystem and gradually develop decentralized currency, lending and option transaction products.
YFX.com 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.com 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.com, 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.
Q2. What are the advantages of YFX to other alternatives in the Blockchain field?
Ans — Ur trading platform is quite a bit like Uniswap, since we both utilize an AMM for trade. However, unlike Uniswap’s Constant Market Maker, we use a Quoted Index Price and Constant Integral Based Automated Market Maker. You’ll see the acronym on our site, QIC-AMM. It works similar to AMM but it can determine prices in high frequency and do margin trading, instead of spot trading.
However, we’re the first cross-chain DEX that employs 4 different chains currently. That’s the first thing that really separates YFX from the field, our users can use the chain that allows for the cheapest transactions. YFX also implemented xDAI, a layer2 scaling solution for Ethereum because of ETH’s mainnet scaling issues.
Q3. What are the major milestones YFX achieved so far & what are in the future pipeline?
Ans — YFX has already held multiple trading / mining competitions that have been very successful and outdone Uniswap in volume and liquidity at times. We will continue to improve and work hard to become even better though, we don’t rest. $YFX token launched last week and we’re working hard on our current competition now.
Questions Asked on Twitter For YFX Team!
Q1. YFX developed a system called QIC to combat blockchain delay problems, what does this system consist of and how is it executed when there is a delay in the chains? Does it apply to all chains?
Ans — QIC-AMM which is short for Quoted Index price and Constant integral based Automated Market Maker.
The trader directly completes the long or short order with the automatic market maker according to the price at QIC-AMM. There is no slippage, the depth is a function of the available balance of the LP pool, and there is no impermanent loss in the LP pool.
YFX’s price index is calculated using a weighted average of last Prices from coinbase. binance, kraken, bitstamp, huobi and okex.
QIC-AMM would automatically remove the deviation value of the mistaken price.
QIC-AMM use constant integral to calculate depth of Market Maker Pool and use normal distribution on liquidity provider for depth of Market Maker Pool, X~N(index price, σ2).
Q2. On your website you state that YFX is a secure platform as it is audited by several blockchain security institutions. Could you tell us which have been these institutions that have collaborated with the security of the platform? How many audits have they performed?
Ans — Users are completely in control of their keys on our site 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. Our team values security highly. We’ve made certain that security is a top priority and our DEVs work very hard to protect our protocol. We’ve also been audited by CertiK, one of the top code security agencies in the space, so our code has been vetted and we’ve passed all of their tests. So far two audits have been performed.
Q3. I read that YFX is one of the pioneers in cross-chain financial products, successfully operating on 4 public chain master networks: ETH (layer 2), BSC, Heco and Tron. Do you plan to act within other chains or do you consider that they already cover the main ones?
Ans — We’ve covered the most popular chains currently for volume and the chains that devs are using to build applications on thus far. We are hoping to add OkEx Chain and Polkadot in the future which we also believe have a great future. There are a lot of great blockchains now so we will add what our customers would like to see.
Q4. Your trading platform currently supports the most important chains in DeFi ecosystem, but which one is the most important regarding the infrastructure and fees for YFX?
Ans — That’s honestly a very subjective question and that’s all dependent on the variables that each user believes are the most important to their experience.
Q5. Kindly outline the advantages of trading on the YFX DEX platform ? What benefits are there to be derived by users of YFX trading platform.
Ans — Our strategy is to continue to be the best option for DeFi traders that want to trade with leverage cross-chain and efficiently. There are other competitors coming to challenge us, we’re sure of that. However, we were first to market and the first mover advantage we now have is massive. Think about it like Bitcoin with p2p money or Ethereum with smart contracts, we’re the first to market with cross-chain perpetual contract trading and that’s important. We’ll continue to distance ourselves from the field because we work tirelessly across the world to make sure no other team closes the gap we’ve already put between us and the field.
Questions Asked by our BlockTalks Community Members during live Session to YFX Team!!
Q1. Will it be effective using 4 different chains? How do you incorporate it in the ecosystem?
Ans — It is far more efficient to use multiple chains. Interoperability is the future of blockchain tech and cooperation amongst different blockchains and protocols like YFX make the world a more efficient place.
Q2. On other platforms, users are constantly clamoring for improvements without being heard. How does YFX Protocol deliver power to the players over the project and development within it?
Ans — Our users have our ear when it comes to what they want to see in the future. We are nothing without our users so we work to make them happy. Our telegram is always open to voice opinions and desires.
Q3. The dream of all projects is to become the top decentralized contract in the world. What is the YFX project plan to achieve that dream? What is the reason YFX chose four chains consisting of ETH, BSC, tron & heco?
Ans — YFX was first to the market with cross-chain perpetual contract trading. So we’ve already achieved our first goal, now it is to stay king of the mountain.
Q4. How to buy $YFX? What is your listing plan after the sale? DEX or CEX?
Ans — $YFX is currenty already listed on both CEXs and DEXs, the list of exchanges are on our website, yfx.com.
Here are some important links of YFX👇
🌎 Website: www.yfx.com
📱 Twitter: twitter.com/YFX_Defi
📢 Telegram: t.me/YFX_EN
📚 Medium: yfxdefi.medium.com