RECAP AMA IDCRYPTO X YFX

Speaker : R.L. Bryer (YFX Global ambassador RL)
Date : Saturday,May 1th, 2021
THERE IS 3 SESSION FOR AMA

  1. INTRODUCTION
  2. QUESTION FROM TWTITTER
  3. FREE ASKING

SESSION 1 ( INTRODUCTION )

IDCRYPTO:
hello R.L. Bryer, welcome to our community.

R.L. Bryer:
Hello, thanks for having me, great to be here with your community today on behalf of YFX!

IDCRYPTO:
Nice to meet you here to discuss the YFX project.

R.L. Bryer:
Likewise, really excited to share YFX with your group.

IDCRYPTO:
Perfect, can’t wait for your explanation.
Are you ready for first session sir ??

R.L. Bryer:
Thanks, yes sir, let’s begin.

IDCRYPTO:

  1. Please introduce yourself and tell how you started a crypto business to the idcrypto community !?

R.L. Bryer:
I’m R.L. Bryer, one of YFX’s community ambassadors.YFX 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 will build a closed-loop ecosystem and gradually develop decentralized currency, lending and option transaction products.

IDCRYPTO:
Glad to know you here by bringing up this wonderful project ..
I hope you can be a motivation for us.

R.L. Bryer:
I appreciate it, thank you very much for the opportunity.

IDCRYPTO:
my pleasure sir.

  1. Can you explain what is YFX and how long your project launch !? Please explain in simple sentences.

R.L. Bryer:
YFX 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
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, 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.
YFX launched around 3 months ago but has been conceptualized and has been worked on for multiple years now. Now that DeFi has matured and the world showed it is ready for YFX, we launched.

IDCRYPTO:

  1. Can you share with the community what YFX has been doing from the roadmap ?

R.L. Bryer:
Yes, our Genesis Mining events allow for our users to gain YFX tokens as a bonus or reward for trading with us. We want our community to be the first to hold the YFX token because they are the ones that we rely on for success. We appreciate our users a lot! Our token roadmap was just released yesterday. The token roadmap is May 6th-9th, here’s the map below.
You can also read more about our token and all YFX updates on our Medium Blog.

IDCRYPTO:
Very happy to know your progress, I hope here can make more succesfull development in the future.

R.L. Bryer:
One moment, not finished with 3.
IDO (May 6th — May 7th)
On May 6th, YFX will start IDO (Initial Dex Offering) on 2–3 platforms (on Ethereum and Heco Chain). Investors participating in YFX IDO need to be whitelisted in advance on the platform. The list of IDO platforms and participating tutorials will be announced in the official channels in advance. Please stay tuned!
LBP (May 7th — May 9th)
The YFX token will be deployed to Balancer’s Liquidity Bootstrapping Pool (LBP) on May 7. Investors will be able to purchase YFX after opening LBP which is open to all investors. Investors participating in LBP do not need to be whitelisted. The address of LBP Pool will be announced in the official channel in advance.
Note: LBP uses a variation of Dutch auction and reverse auction. At first YFX token will be set at a high price and if there are no buying orders, the price of YFX token will keep decreasing with time. Please make sure you are familiar with the auction rule first!!!
Launch DEX (May 9th)
After LBP, YFX Token will be released. YFX will Launch DEX on May 9th and investors will be able to trade freely at that time. The YFX token will be fully priced by the market!
NOTE: All the information will be released in our official channels.

IDCRYPTO:
Cool, I see that there is great potential in the YFX token.
Thank you for starting the session with enthusiasm.

SESSION 2 ( QUESTION FROM TWTITTER )

IDCRYPTO:

  1. as a trading platform, minimum trade, minimum deposit and withdrawal, transaction speed greatly affects people’s interests, does YFX support all of this?
    from @Yayafartya

R.L. Bryer:
We are completely decentralized, all a user needs to participate in our ecosystem is a metamask wallet to connect, the crypto you want to trade and a bit of gas to fuel transactions. Since we are a cross-chain platform, the first in the world, we have the cheapest fees. We also use xDAI layer2 scaling solution on ETH to help limit fees on Ethereum when the network throughput is throttled.

IDCRYPTO:

  1. How does limited genesis mining work? is it in the form of mining hardware that depends on the user’s device or cloud mining?
    from @Ghon13414930

R.L. Bryer:
Great questions, Genesis mining is based on the amount of liquidity that one provides over the duration of the competition. The more liquidity provided, the more YFX tokens that a liquidity miner will receive as a result. There is no need for ASICs or mining hardware to participate, we made it inclusive to all that want to participate.

IDCRYPTO:
The explanation is quite detailed, I hope the participants who have this question are here.
Next question, 3. Who are your potential customers and which market are you focusing target ??
from @naise0

R.L. Bryer:
We’re focused on expanding the ability for anyone that wants to take control of their financial sovereignty and trading to participate in global markets. The legacy financial world or old system doesn’t allow for users to interface with decentralized assets and protocols but that’s what we’re building. This is true empowerment for individuals that want to participate in the future of finance. By being first to market with our tech we have the first mover advantage so everyone is and will be chasing us because we never rest on our early success.

IDCRYPTO:
It is a fairly new platform and has a good concept, I like your project, sir.

R.L. Bryer:
Thank you, sir, we appreciate hearing that!

IDCRYPTO:
My pleasure.

  1. What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
    from @Sophiamangak

R.L. Bryer:
Firstly, our goal is to get as many people out of the legacy system as possible and onboard to the future of DeFi, YFX. Secondly, our goal is to continue to serve our users and enable the participants in our contests to be the earliest token holders of YFX. Thirdly, we want to continue to take market share from legacy institutions, CEXs, and other DeFi AMMs.

IDCRYPTO:
Cool answer, I hope many will be interested in yfx, because of new innovations in trading using contracts and of course having a fair and real system.

R.L. Bryer:
We’re a truly revolutionary protocol, I believe we will continue to take market share.

IDCRYPTO:

  1. Please explain what is the advantage of YFX over similar projects? How can you capture the most value from this nascent market for data governance, among others? How will that benefit your tokenholders?
    from @elliekingcash

R.L. Bryer:
The advantage of YFX is that users are able to trade the way they want and do it cheaply without bulky, cumbersome, central intermediaries with high fees taking part of the trade gains.
Also by being decentralized traders don’t have the same sort of risk of being liquidated on a scam wick like on CEXs because we have developed our own price system called, QIC-AMM, that enables YFX to provide high liquidity and low slippage – legacy CEXs and DEXs can’t compete with this innovative technology.

IDCRYPTO:
Yes I am sure, this will be very big in the future, and of course we know how big the potential defi in the global market is, this is extraordinary sir.

R.L. Bryer:
Thank you for the kind words, it means a lot to hear this from you and your community!

IDCRYPTO:
Yeah, I hope everything will go well.

SESSION 3 ( FREE ASKING )

thuy Hien:
In your opinion, will YFX development direction be most attractive to financial institutions and large organizations? To do that, how has the YFX group tried and succeeded?

R.L. Bryer:
We have some very big investors in YFX already, we expect more investments in the coming year and the legacy financial systems will have to get onboard eventually. We are more focused on our users and our investors and making them happy. Without our users we’re nothing.

Bruh Bruh:
How is the development of YFX happening? Can you describe in detail the current development efforts, the plans to expand the market, the expected applications and when they will be commercially available?

R.L. Bryer:
Our development is completely decentralized. We’ve team members on many different continents and countries within them. We are focused on developing a product that people anywhere can use and people from any sort of financial backgorund have acceess to. We want to provide the most inclusive trading product in the history of the world.

Queen :
If a competitor appeared today offering the same services as yours, what would you do to maintain YFX and maintain relevance?

R.L. Bryer:
We work harder than any group in the entire world. We were first to market with our product and we will not give up our lead. We will continue to advance YFX and make sure we do not relinquish our first mover advantage. If you look at Bitcoin with sound money or Ethereum with smart contracts, they were first. We are first with perpetual future contracts and DeFi and we will continue to build to distance YFX from the lot.

Khoahd:
Why did you build YFX, what was your motivation to start this project? What is the difference between the YFX project to attract the interest of investors?

R.L. Bryer:
We built YFX because the people of the world deserve a fair shake. We believe that everyone should have equal financial footing. So, our goal is to provide fairness and our investors see this as the future of the world too I believe, that’s why they invested in YFX.

Anh QSA:
What is your long-term vision of the industry in which you are working? Are you afraid one day there will be another project with more advanced technology that could replace your YFX project?

R.L. Bryer:
Our long term vision is to be the number one DEX in the world and to pave the way for a future of free markets and wealth. We want everyone to have a chance at fulfilling their financial goals. YFX is building an ecosystem that will allow for all people to trade and have an opportunity, not just the rich few in the legacy system.

MORE DETAIL ABOUT YFX

Website
Twitter
Medium
Telegram chat
Discord
Media Contact

Leave a Reply

Your email address will not be published. Required fields are marked *