CryptoThrust X YFX Protocol AMA
Guest: R.L. (Global Ambassador)
I’m R.L., I’ve been in the blockchain space since 2009 and written a lot about cryptocurrencies and the future of technology. Today, I’m a Global Ambassador for YFX.
Segment 1- Project Introduction
Q1) What is YFX and what it provides?
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.
Q2) How is YFX different from other decentralized trading platforms?
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 is the only protocol to do cross-chain perpetual contract trading, a member industry advantage.
Q3) As you said it’s deployed on the Ethereum layer2, HBC, Tron, Heco and other public chains. Are you planning to deploy on more blockchains?
Polkadot and OKEx.
Q4) Partnership is one of the important factor of the project’s growth, could you please tell us about YFX partnership(s)?
YFX has a long list of partnerships and investors in this space. This includes exchanges as well, YFX is listed on a number of exchanges already and the token just launched last month.
Q5) Could you please tell us about the tokenomics & utilities of $YFX token?
The YFX token is a governance token that users will hold if they choose to have voting rights in the future of the protocol. Eventually the protocol will become completely decentralized and turned over to the community. So, holding $YFX token enables traders on our platform a voting stake in the YFX community and how it operates. The total supply of the $YFX token will be 100 million tokens. The $YFX token will be distributed across all four chains we use currently so traders can enjoy using our token across the chains and help scale the protocol and for ease of use.
$YFX token is now traded on Sushiswap, Mdex, MXC, BitZ, COINBENE, GateIO and BiKi.
Q6) What kind of expectations can we have from YFX in the near future? (Any event/update)
Well, it’s simple, YFX wants to be the #1 exchange in the world and do it decentralized and not in a centralized way. So, the team is spread across the world and is working 24/7 somewhere to make sure it does just that. It’s a tough process but worth it.
Segment 2- Questions from Twitter
Q1) Liquidity in any exchange or trading platform is very important. If the platform has no liquidity no one will use it, so how are you going to make YFX a high liquidity platform? Why did you choose your project as a futures exchange?
Well what we’ve seen over the past year is that users flock to provide liquidity to decentralized exchanges if there’s incentive. The incentive is easy, some of them trade so they’re already get the most efficient trading experience. Secondly, they’re also getting a reward for providing liquidity during the competitions YFX holds and one is ongoing now.
Q2) I read on your website that “YFX, invented the QIC price quotation system”, to ensure trading efficiency and fairness, but how does this system work, through some specialized algorithm? Where does it take data from and what data does it take?
Our 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) You interpret that the YFX smart contract is controlled by several blockchain security agencies. Can you tell us which companies are responsible for running the audit process? Are you planning to send your project to other audits in the future?
CertiK did the audits, you can actually just search for YFX on their page and read the entire report by them, they’re an industry leader in checking security protocols.
Q Bonus) Are you planning to do the audits on your own without the help of any other agency in the future?
Maybe a bug bounty program but any time new protocols are added audits generally occur so users will feel safe.
Q4) YFX is the first Defi trading platform that supports 100X leverage, but these tools never come without risks. How do you guide the less experienced traders to have a successful investment experience?
YFX can’t give financial advice of any kind, users should only partake in things they understand, this is common sense.
Always read the site to make sure you’re complying with your jurisdiction as well.
Q5) What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project to play in this?
YFX wants to be the leading exchange in the entire world! That is a lofty goal so it will take time but with a lot of hard work and a dream anything is possible. You can already see the volume on sites like CoinGecko, millions everyday.
Users are finding utility in the site and protocol.
Segment 3- Live Telegram Session
Q1) What is the Main FOCUS of your project?
b) Partnerships and Collaborations
Wow great question, all of those are important to YFX. YFX is developing collaborations all over the world. The services that YFX provides are the reason so many people are using the protocols and the efficiency is unparallel. So I would say all of that and like I mentioned earlier, YFX has been audited.
Q2) What is the competitive advantage of your project? Can you point out the strengths of your project that other projects do not have to attract investors?
The biggest advantage is the first mover advantage YFX has by being a cross-chain perpetual contract protocol, nobody else was able to do that. First mover advantage is huge in crypto. Look at BTC as money and ETH for smart contracts. First mover is super important.
Q3) Do you have a Token Burning plan to increase Token value and attract Investors to invest?
There’s not a token burn of any sort, the max supply is 100 million.
Q4) What wallet does your project support or do you have your own wallet?
Metamask is a common wallet, it accepts other 3rd party wallets though, you connect to YFX just like you connect to UNISWAP.
Q5) Where can I buy your tokens right now what is your current contract and how can I buy them?
$YFX token is now trading on Sushiswap, Mdex, MXC, BitZ, COINBENE, GateIO and BiKi.