On April 28, 2021 at 8pm BST ( 19.00 Wib ) In the Crypto Hunter Telegram Group, AMA started with YFX Protocol Mr. R.L Bryer ( YFX Global Ambassador ) as guest speaker and Guz Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Twitter, Telegram and Free Asking will get a total prize of $100.
The following is a summary of AMA questions and answers announced by the moderator and guest speaker:
can you inform to us about you background ?
@RLBryer :Sure, I’m the author of Blockchain: Project Renaissance Volume I and II. I’ve written for countless projects in the space, coins and news outlets. I’m a Global Ambassador for YFX now and want to build a sustainable future for DeFi
(Sessions 1 QNA )
Q1. Could you explain to us, what is YFX Protocol ?
@RLBryer : R.L.:The meaning of YFX is the formula Y=F(x), which reminds us to be in awe of mathematics, products and logic.
YFX.COM is a cross-chain decentralized perpetual contract platform based on Ethereum, Binance Smart Chain, Huobi Ecological Chain, TRON, OKEx public chain and Polkadot. It provides up to 100 times the perpetual contract trading BTC, ETH and other assets. Different from the common automatic market maker model (AMM), YFX.COM adopts the QIC-AMM market maker pool trading method to provide users with high liquidity and low trading slippage. YFX.COM has successfully supported layer2’s perpetual contract trading function. YFX.COM’s goal is to build a DEX that can compete with CEXs on the derivatives trading track.
We’re a decentralized team around the world and the sun never sets on our success.
Q2. What advantages does YFX.com have? and what benefits does YFX.com provide for users?
@RLBryer :YFX.COM is the culmination of many years in the centralized perpetual contract trading system, we have focused on development of our technology, the original QIC-AMM mechanism. This mechanism can ensure that users on YFX.com have a smooth experience and opportunity of 100 times the contract position if they choose.
Furthermore, YFX.COM has been deployed to four public chain master networks, ETH (layer2), BSC, Heco, and Tron, which other teams are currently unable to accomplish. We are a trailblazer in cross-chain financial products.
Q3. Could you explain to us about what is QIC-AMM and how the mechanism of this system?
@RLBryer:QIC-AMM is a mechanism we have employed to make sure we get the prices right across the market when users are trading. It ensures that we use an aggregate of prices so that one price feed is not an issue.
QIC-AMM is short for Quoted Index price and Constant integral based Automated Market Maker.
Q4: On the web page, YFX has a genesis mining feature? How can users use this feature and what are the requirements?
@RLBryer :Genesis Mining is what we named our competitions that our traders and liquidity providers participate in. So far we have had two Genesis Mining events. These events all for traders to compete in futures trading with each other and liquidity providers to ensure it goes smoothly. The traders and miners are rewarded with the YFX token that will be released in the near future.
Q5. What is YFX Protocol trying to solve to help users in the blockchain industry? What things will be realized in the future?
@RLBryer :YFX envisions a world where the future is completely decentralized and investors and traders take responsiblity for their own money and assets. YFX has the first mover advantage, no one else in the world beat YFX to market with cross-chain decentralized trading with 100x. YFX is working very hard to distance ourselves even further from the field of competitors that will try to copy our success.
(Sessions 2 Questions From Twitter)
Q1 :from @BENSTOCk23
What is the most ambitious goal of your platform? I would admire it if you could share with us any Upcoming Updates?
@RLBryer :YFX has a goal to provide the best trading experience in the world and continue to take market share from CEXs around the world that are cumbersome and outdated. We want cheap user fees and users that have just a little bit of gas to be able to experience the world of DeFi and the free market.
Q2 :from @yoriLipB
Does YFX work on global marketing and promotion? What are your global opportunities to reach more investors and users?
@RLBryer :YFX has a global team. The YFX team is located across many different continents so the team and community are vast and working 24 hours a day to generate the best experience in the world of DeFi trading. We use our social media channels, twitter, telegram, medium blog and are adding more communities to reach even more people around the world. We want everyone to have financial freedom.
Real Blockchain – Real Benefits So what is the real benefit of YFX ?
@RLBryer :The real benefit of YFX is the ability for traders to be able to trade with leverage with extremely low fees. Since we are a cross-chain platform and also utilize xDAI on Ethereum, the layer2 scaling solution, we are ensuring that traders aren’t bogged down with high fees on-chain and also don’t suffer from high exchange fees that CEXs charge users because of the monopoly they once had.
Q4 :from @Xeko899
DEFI is evolving too fast and the ability to break is very high. What do you think about this and can you be sure that YFX_Defi’s products will be demand in the long term? What is YFX_Defi planning to contribute to DeFi’s growth?
@RLBryer :We have some of the most innovative and brilliant developers in the entire world. YFX is at the cutting edge of innovative products and ensuring it stays at the cusp of decentralized financial product innovation. The other DEXs are already chasing us so we never rest, we work hard to make sure we stay at the top of the DeFi mountain
Q5 :from @lucky_mbu
While you build your project, do you take into account community feedbacks and demands?
@RLBryer :We 100% embrace and welcome feedback from our community! We are nothing without our users and we want to satisfy all of their DeFi trading desires. We always leave our Telegram open for questions and anyone can come into our channel and ask about any particular matter and receive a prompt response.
(Sessions 3 Free Asking)
1.From : @toom_st
Stake and farm systems became very popular. Is there a farming and staking program for your users?
@RLBryer : We do not have a staking and farming system currently. We are focused on perpetual contract trading and providing that to the community.
2. from @Montubiri
What are your targeted customers and audiences for the market?what are your strategies to aware for non english community?
@RLBryer : Our targeted audience is anyone that wants to gain financial freedom through DeFi. We’re publishing a lot of content in English but we also have translations into other languages available and our telegram groups are not just in English but other languages as well.
3. From @djvai32
What are you major goals to achieve in the next 3-4 years ? And What are your plans to expand and gain more adoption ?
@RLBryer : YFX wants to be at the top of DeFi perpetual trading mountain where we are serving all of our users. 3-4 years down the road we will offer a great deal more but right now we’re focused on the present requests of our community.
4. From @Mahmud_7777
In terms of security, how reliable and solid is your project? Will it be necessary to implement privacy mechanisms or protocols to achieve your security? or is decentralization safe enough?
@RLBryer : We’ve been audited by more than one company and CertiK has done two audits already on our protocol. Decentralization is important but so is the code. We are constantly having our code checked and making sure there are no bugs.
Has your project been completely decentralized, and will there be any risk of centralization in the future?
We’re completely decentralized and we have no plans on having a central intermediary in the future. DeFi should be decentralized 100% and that’s our aim. Without DeFi it’s just the same as the legacy financial system.