YetiSwap AMA Recap

Date: 21 October 2021
Guest: YetiSwap (Avalanche) | Team panel: CM:MB, Dr. Cat, Gregory, CyberSensei
Host: Pedro (@0x_pedr0)
Venue: Elk Discord
Format: Text

This recap has been lightly edited for length.

Pedro (Elk): Let’s give a big, warm Elk Herd welcome to our guests from YetiSwap! Let’s start with a quick TL;DR on Yeti for the lazy Elk who haven’t done their homework…

CM:MB (Yeti): Yetiswap is one of the first DEXes on the Avalanche network, and now we are integrating NFTs into our ecosystem. NFT Marketplace is live and more good news are on the way.

Pedro (Elk): Very cool. NFTs are changing the game at the moment. And Elk has some pretty sweet (and useful) ones if I do say so myself!

Gregory (Yeti): It’s exciting to be so early with so much growth and potential ahead of us.

Pedro (Elk): Awesome!! Alright, let’s start with the questions from the community and get into this. First, from @xxxxxx: “How will Yetiswap build a thriving community that truly cares and supports the project for a long time, instead of only getting temporary benefits?”

Gregory (Yeti): Hi everyone I’m Gregory, one of the CM’s with Yeti, pleasure to be here with you all and thanks to Elk Finance for hosting us. First off, I can say thank you to all community members, we are a young project that is still developing and your support and loyalty up to date is invaluable and appreciated. Community is #1 and we know the most important foundation of any project is the collective strength, positivity & engagement of members. Our priority is to cultivate an environment for community members which is welcoming, informative, fun and of course rewarding for token holders!

We are always listening to your ideas and are in the process of working on several things that will reward $YTS holders and continue an exciting journey together. These include:

1. Referral/invite contests and rewards for holders

2. Rewards for community engagement on our social channels

3. NFT airdrops from listed partners to YTS holders

4. And other fun stuff that we will leave as surprises

We will be releasing specific details of these in the near future so look out for announcements on our social channels…

We are also talking to bring in ambassadors for international communities and different language speakers. We have recently launched a Yeti Brazil and Germany community and are looking to do the same for Asian / African countries. If you have any specific requests about this, we are always available on Telegram and DM.

Pedro (Elk): Great stuff. Next question from the community: “What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?”

Gregory (Yeti): Great and important question! Firstly having a long term vision for sustainable growth means we have to play to our strengths AND also recognise where we can improve and be reactive to external crypto developments. The space is moving so fast so we realise the need to keep an eye on developments in the Avalanche ecosystem and wider crypto space.

In terms of our strengths, as you know our major USP is as the first DEX & NFT marketplace combined. With NFTs set to play a huge role in the future of crypto and beyond, we want to be and continue to be the #1 market place in Avalanche and beyond (let’s think big!).

We have had a great start with many major projects coming to us for listing partnerships (like AvaPepes, Secret Lions, Angry Bears, and many more… it’s been busy recently) and our goal is to build a world-class marketplace that will bring over more and more fantastic projects to the Avalanche network and us in turn.

As mentioned before we are looking at several ways to reward YTS holders via our NFT marketplace and to constantly develop the UI. e.g. bringing in an auction function, an option to make an offer on a piece and more. The Devs are hard at work with all this and of course we need to give them time to build.

In terms of ‘’weaknesses,’’ we are aware of the need to engage and reward our community to incentivise people to buy and hold YTS for the long term. This of course means having a clear marketing strategy that can bring to life our Yeti token. Our new CM, Sussana, is developing several strategies including bringing in Ambassadors, working with influencers and developing our social presence.

Pedro (Elk): Beautiful! Next question: “Right now YTS is available on AVAX chain, so I would like to know is there any future planning to Cross chain the network to Polygon or other Blockchains? (Heco, KCC, FTM, BSC)? What are the main benefits of holding the YTS token? What are the main use cases?”

Dr.Cat (Yeti): That is a good question too. Currently our team is focused on developing our product by adding more functionality, unique UI and UX in shorter timeframes.

As you can see in our roadmap we are not planning to bridge in the near future to other networks however bridging and accesibility in cross chain is the direction of all DeFi platforms, so in our long term plans of course we are planning to support cross chains. We have already started talking with other networks and are trying to find the best network for YetiSwap DEX and our NFT marketplace.

Pedro (Elk): Life comes at you fast around here

CyberSensei (Yeti): Yep, need to adopt

Dr.Cat (Yeti): And also, based on the community’s demand, we are seriously considering the network bridging too

Pedro (Elk): Cross-chain NFT marketplace sounds wonderful. Here’s a question on security: “How do you deal with the security threats of your project? DO you have any AUDIT in recent times for trust?”

CyberSensei (Yeti): Security must be the biggest concern in blockchain and smart contracts because you write your code, deploy it and can’t change how your code works.

Because of this, the security of our products is our biggest concern. For the NFT market side we already worked with 0xPaladinSec and they audited our contracts, you can find it from there: https://paladinsec.co/projects/yetiswap-nft-marketplace/

Then for the DEX side, our codes are same as UniSwap V2 and Pangolin. YTS token is hardcapped, this means there is no way for someone to find a bug and mint our token.

Also all of reserve tokens have timelocks for release, so there is no way to mint more than timelock gives access.

Pedro (Elk): Great answer, thank you. Switching back to benefits of YTS, a good question from the crowd: “One of the biggest benefits is the fact that it rewards the holder. That’s really a good thing, but through what mechanism did they manage to do this, i.e., what mechanism was put in place to be able to reward holders with YTS?”

Dr. Cat (Yeti): Last week we started single stake options for $YTS holders where you can stake your $YTS and earn $SISTA. SISTA is a community NFT project on BSC and we have brought them over to Avalanche, which is a big step. We will always look for and consider more staking options to benefit you as a community. Other than this we are currently talking with our partners about new options for rewards $YTS holders.

Pedro (Elk): Love the name SISTA, so sassy. Here’s another one: “How does a nft collection get partnered with Yetiswap? What can you do with the NFTs on the X Chain? Is there a way/platform where we could list them?”

CM:MB (Yeti): I will take this one. Before making a partnership with a NFT project, first of all we check their contracts. If there is no security of scarcity problem on their contracts, then we check the NFT quality, the art must be unique.

For the last part, we check the project’s community. If their community is solid and the community interaction is high, then we accept forming a partnership with that project.

Let’s speak about the X-Chain NFTs part of the question now.

Speaking for today, X-Chain NFTs cannot be listed on our marketplace. NFTs should be on C-Chain.

Pedro (Elk): Contract, Community, and C-Chain. Thank you CM. Another question for you:

“As it was mentioned it is the same as other swap like uniswap, sushiswap in your introduction, can you please clarify why we should use this swap if it is the same like others? Is there any benefits on the platform that make yeti swap unique??”

CM:MB (Yeti): Every DEX has its own advantages and disadvantages. For some pairs you may find using Yetiswap more profitable for you if you are going to do a swap, or if you want to add liquidity, our APR might be better than other DEXes.

But they are not the only things that make Yetiswap better, our platform is not just a DEX. We are building a mixture of DEX and NFT Marketplace and everyday we bring new ideas to our community about integrating those two different topics.

As you can see from our roadmap, our next goal is to update our NFT Marketplace with new features and create NFT Farm system to bring YTS more use cases. To sum up, integration of DEX and NFT ecosystem makes Yetiswap unique and gives it the best advantages above our competitors.

Pedro (Elk): Speaking of features, here’s an interesting question:

“As NFT’s gain popularity and the appetite for NFT’s with functionality increases, will Yetiswap consider the possibility of renting/leasing NFT functionality as well as buying/selling? If so, what challenges do we face to making this sort of marketplace a possibility on Yetiswap?”

CyberSensei (Yeti): It depends on the collection’s contract. I prefer coding directly on NFT collection contract, not a dynamic marketplace for renting. Everything is possible when coding but we need to think deep in this issue. Maybe for renting you can make it like escrow, where a market contract holds the original NFT and gives a renter another NFT for rent. This one first

Pedro (Elk): Interesting to think about. Here’s another one:

“There’s mention of NFT farms for approved NFT projects, does that mean that these NFTs will have some kind of utility to boost or earn additional farming rewards? Would that require a rework of current farm contracts? Or will they be separate from what you currently have?”

CyberSensei (Yeti): We are planning to separate NFT farms from our standard LP farms, we’ve already coded a new version of our farm contract compatible with NFTs and we are testing them.

Pedro (Elk): Very cool. Here’s a question dear to our Elkish hearts: “Does YetiSwap have any plans to leverage the cross chain ability of the Elk Project?”

Dr.Cat (Yeti): Not in the short time. But maybe in the future!

Pedro (Elk): Well, we do have the current Mooses (Meese?) listed already, which is a great start. Here’s another one: “Does Yeti check whether the Moose NFTs listed are legit? Or is that DYOR?”

CyberSensei (Yeti): We have whitelisting for collections, so only our user can directly create an NFT and sell without verification. And if we see these kinds of NFTs we directly blacklist the NFTs’ creators and their NFTs will never be shown on our marketplace. Be sure before the buy there is a blue tick on NFT.

Pedro (Elk): Thank you, important info! Well we’re about out of time. Love having this team here.

CyberSensei (Yeti): Thanks for this good opportunity!

Gregory (Yeti): Some great, thought out questions! Any that we didn’t answer, the team will answer your tweets on the elk finance twitter asap. And thanks a lot to Elk Finance and the moose fam for the super organised session!

CM:MB (Yeti): I loved the questions, I hope you enjoyed as much as we have.

You can find our links here: https://linktr.ee/yetiswap