AMA Satoshi Club x YFACT, November 7th
It’s always nice to see our old and good friends again, especially when they bring us good news. And today we would like to tell you about the AMA session with our friend & partner from YFACT @Chrisfletcher. The AMA took place on November 07.
The total reward pool was $500 and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram & Bitcointalk community
Chris: Today’s update that we’ve launched all FACT project
Staking is live 2 pools (FACT Bonus Pool & FACT Lending Pool)
0% loans is live
now we’re building our next project which is YFACT a governance token + Yield Farming
the reason behind YFACT is we have to support our lending project FACT by having our own governance token and YFACT will host 10 farming pools 3 for FLP holders and YFACT/ETH Univ2 LP holders. the remaining pools will be dedicated to YFACT partners
**Q1 from Telegram user @reidman_rosa**
Your website is a bomb! I like it. Who inspired you to do this? What system do you have in the background? Is it Linux? Also, isn’t it too tech for an average user?
Chris: we had to think out side the box and as you know that most of the governance tokens have their own unique website designs.
actually the team’s developers inspired me https://s.w.org/images/core/emoji/12.0.0-1/svg/1f604.svg
using terminal is fun and you feel like it’s interactive with you (you ask YFACT answers)
to be honest i’ve got some comments because not everyone is familiar with it so we’re enhancing the user experience by adding buttons beside typing the commands
we will add more secrets commands like what Google does for the search engine we’d have satoshi Club command LOL
it will be even better when you connect your wallet and type commands like /farm /withdraw etc
No actually it’s for everyone, i feel it might look weird for some users but once they got used to it they’ll like it.
To use YFACT website you only need to help as the first command then choose your next command from the list and type it pretty simple isn’t it ?
**Q2 from Telegram user @Brainchest**
You have become a DEXTools partner. What are your plans for developing cooperation? Will you limit yourself to creating a pool for farming or will you develop joint tools for analysis and profit making in the DeFi sector?
Chris: DEXTools is one of the great project in the industry and we’ve had this partnership to have mutual benefits for both projects let me list some:
1- DEXT holders will add liquidity on their Uniswap pool and this will benefit them by increasing their Uniswap liquidity
2-DEXT holders will receive trading fees from Uniswap because they’ve provided liquidity
3-DEXT holders will earn YFACT as well because they will come to YFACT website to farm their Univ2 Lp tokens
4-YFACT will be in the sponsored section on DEXTools website (this will give YFACT the exposure and of course YFACT will be on their trending section because their trending section algorithm will measure the visits on YFACT page on DEXT)
5-YFACT farming requires 5FACT in your wallet to burn it so it will increase the FACT value as well
so what’s about partnership with DEXTools? it is hard to get? because as i know not every project has DEXTools as its partner
Chris: i had a lot of meetings with their team and they’re open to new ideas and to know what we can offer and what they will offer from their end.
And YFACT won’t be the last partnership with them because right now we’re discussing the partnership deal for FACT as well.
**Q3 from Telegram user @PaoloMonte87**
To farm you need to lock your liquidity pool tokens for 1 year. While this is a good thing for the YFACT price & long-term holders who already believe in the project, don’t you think it can also scare away more reluctant investors, who will probably want to evaluate the opportunity costs of such an operation, as well as develop a sense of confidence in the project before deciding to lock their funds?
Chris: locking your LP tokens for 1 year is not a concern because you’ll receive your ROI in less than a year specially if you’re farming YFACT using the FLP (FACT staking LP token) because it’s almost double rewarded. some other projects you’ll need to lock your LP tokens forever and it’s one of the most successful DeFi projects.
**Q4 from Telegram user @chinthaka93**
According to your website YFACT is the defi product of FACT, Why are you issuing another token for that? You can go with FACT as the defi features also can be included to FACT? Is there any special reason to issue a new token?
Chris: Good Question
FACT is lending + staking token as i mentioned earlier. and to support FACT we had to create another Governance token and as you know that Yield farming has different tokenomics and different products than the lending and the staking, let me explain.
1- Staking pools which you earn rewards by staking only FACT tokens in the pool and there’s a rewards wallet which has 700K FACT.
2-The staking liquidity providers are lending borrowers by lending them FACT on a 0% interest rate.
3-Borrowers are paying 2% processing fees which is divided on the FLP liquidity providers.
4-Check FACTNOMICS on the website you’ll find marketing,team,liquidity,rewards and bounty program wallets and each wallet has different job.
1-Farming pools that only accepts LP tokens and FLP from FACT projects which i just explained
2-Governance token, all YFACT holders will have the right to vote on the future of the project and for the new partnerships because new pools will be created only for parners, and holders needs to vote on the most project will add value to YFACT.
3-In the Future YFACT will have it’s own Decentralised exchange once we reach huge liquidity on Uniswap we will migrate.
4-YFACT Total supple is 10K YFACT & circulating supply is very limited as we’ve allocated 100YFACT for the pre-sale and the remaining will be only rewarded by the farming pools.
check what each project offers carefully and you’ll know why YFACT is not FACT. (Two different Defi ecosystems and two different Tokenomics )
**Q5 from Telegram user @magic2crypto**
You will have only 8 pools for DeFi partnerships. Do you think that the economy should be economical? Why not 12, 13 etc? Is there any mathematical or economic justification for this figure? Are there any projects that have already booked their partnerships with you and their names will be inscribed in gold letters in the history of YFACT pools?
Chris: Good one.
having limited farming pools will save YFACT rewards over the time, on the top of that we’ve designed YFACT smart contracts to decrease the allocated rewards/block just like how BTC works to make sure that YFACT rewards will last forever and the value will increase over the time.
Regarding the next partnership we’ve approached the project already and we will have a meeting next week to discuss it. BTW we will pick YFACT partnerships carefully and they should be one of the biggest projects to be able to add value for YFACT.
**Q6 from Telegram user @rich_hardx**
Where does YFAT make a profit if the loan interest is 0%? How do I borrow it and what if the borrower doesn’t return it?
Chris: This is a FACT related Question
Borrowing FACT is safe in terms of the FACT value and securing your original collateral.
How to borrow FACT:
1-Desposit DAI as collateral and then chose your collateral factor to borrow up to 80%
2-you can stake your borrowed FACT in the FLP (FACT Lending Pool) to receive 3 revenue stream. please visit our Telegram community to know more about the 3 revenue streams https://t.me/factfinance
3-if the FACT value increased you can keep your FACT with profits and the smart contracts will liquidate your collateral in 6 month or if the Borrowed FACT is more than your collateral in DAI.
4-if The FACT value decreased you can retrun (pay-off) your loan and take your DAI back safely with 0 loss.
Note: Loans work only if the Pool has more than 25% out of 400K FACT and the FACT price is above $1
i think that we’re pretty much clear about YFACT and if anyone has more questions please ask me on the group https://t.me/yfactfinance
Part 2 — live questions from the Telegram community
**Q1 from Telegram user @AugusS7**
I understand that community-governed projects allow the holders of a certain amount of tokens to botch for improvement proposals, but will these proposals be really launched by the community or will they only be proposed by the management team?
Chris: proposals will be proposed by YFACT holders only
**Q2 from Telegram user 2. @NataliyaKil**
You mentioned the possibility of lending. What are the conditions for using this service?
Chris: FACT Lending pool (FLP) has only one condition which is minimum 500 FACT to stake it then you’ll receive the 3 revenue streams
**Q3 from Telegram user @warny**
How is FACT going to solve impermanent loss which is a major issue for liquidity providers?
Chris: IL problems are solved in both projects
FACT: you stake only FACT so you won’t be affected by impermanent loss
YFACT: stable coin pools for the very first time we will create stable coin pools (farming YFACT and the smart contract will auto choose other protocols to reinvest the stable coins and then the returns will be spent on YFACT and FACT together to benefit both token holders)
**Q4 from Telegram user @Nickkiii**
What is the difference and relationship between YFACT and FACT?
Chris: This is the core relation between both project this answer is copied from the group because it’s pinned in FACT telegram group:
1-All the Farming pool will require 5FACT to be burned as a farming fee this will make FACT deflationary forever
2-FLP pool is the Highest APY Farming pool (double rewards)
3-The stable coin farming pools will be invested back automatically by Choosing the highest APY and this return will be spent as the below:
– 40% will be rewarding the YFACT holder
– 30% will be use to Buy Back and Burn $Fact
– 30% will go to the Treasury Fund for marketing and other purpose.
**Q5 from Telegram user @Coinlord504**
Does your token project include burning or token buy back
Chris: yes burning FACT in YFACT protocol will happen in the cases below:
1- 5FACT to be burned to be able to farm YFACT
2- the FLP farming pool will take 20% of the generated YFACT rewards/block to buy and burn FACT.
3- the stable coin pools (30% of the return will be used to buy and burn fact from the market)
**Q6 from Telegram user 6. @wonderkit**
What are the benefits of the Yfact stake platform?
Chris: YFACT is not a staking platform so let me explain the difference.
Staking: you deposit the tokens directly and receive rewards just like FACT.
Farming: you’ll need to add liquidity on Uniswap first and then Stake the LP tokens to harvest the rewards (pretty much staking but for the LP tokens not the tokens itself)
**Q7 from Telegram user @cryptovgh**
To contribute for FLP, How many tokens should I have and what will be the rewards for staking there? @Chrisfletcher
Chris: you need to but at least 500FACT then you’ll open the FACT ecosystem portal https://app.fact.finance, choose i have more than 500FACT then connect your metamask wallet and click on stake then enter the staking amount and approve the transaction.
you’ll receive 3 revenue streams by entering the FLP (FACT Lending Pool)
1- 57.5% APY in FACT
2–2% fee distribution in DAI from borrowers
3-FLP tokens to farm YFACT
**Q8 from Telegram user @Huntdrop**
“Total $YFACT Presale allocation is = 100 $YFACT.” If not all $YFACT tokens are sold out during presale, what will you do with the remaining $YFACT tokens that are not sold?
Chris: will be allocated to the YFACT farming rewards as well
**Q9 from Telegram user @Emidm37**
I did read that no Pre-sale and no Private-sale will be held on YFACT, why not?
Chris: basically it wasn’t in the plans to even run a pre-sale since the YFACT tokenomics are different and to make the circ supply limited we are only allocating 100YFACT to be sold on the pre-sale just to initiate the uniswap liquidity and the remaining will be only for the farming rewards and these rewards will last forever because we’re using similar Bitcoin mechanisms as i mentioned earlier.
**Q10 from Telegram user @Huntdrop**
Lots of Defi projects that promise long term projects but after the presale is over they just walk away. How do you convince investors that YFACT is a long-term project?
Chris: the team has delivered all the promises for FACT and we are known by our transparency and credibility the only thing is that Kucoin listing which i’m still working on as it just delayed for some reason that i shared with the community.
YFACT is promising:
1- YFACT farming pools
2- 8 big partnerships
3- Governance smart contracts
4- DEX later on when we have the right Uniswap liquidity to migrate
Part 3 — Quiz Results
In the final part we tested your knowledge in terms of YFACT. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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Our partners: YFACT https://yfact.finance/