YVS Finance x Satoshi Club AMA Recap from 15th of December
Welcome to a new episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from YVS Finance. The AMA took place on December 15 and our guest was LUCAS — CEO and speaker from YVSFinance.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Gold Rocket | Satoshi Club: Hello dear community! We continue our today’s AMA marathon with the YVSFinance project. Our guest today is LUCAS — CEO and speaker from YVSFinance! Welcome to Satoshi Club, @yvsfinance_lucas!
Lucas @ YVS: Hello everyone! Happy to be here in the Satoshi Club community and present our project, YVS Finance!
D. | Satoshi Club: Please, tell us a bit about yourself and about your project.
Lucas @ YVS: Gladly, let me start by saying something about myself and the team behind YVS Finance. After a few years of experience in fintech companies throughout Europe, I have decided to leave the “traditional” sector and focus on developing innovative, transparent, and self-executing smart contracts focusing on decentralized finance products, because I found that traditional finance is just too far out of reach from the customers they serve. In any case I’ve long had the wish to create something of my own and here we are today!
I have completed my studies in the field of macroeconomics and have been involved with crypto since 2017 when I started to do blockchain programming and creating mining software and similar applications such as analytic tools for early adopters.
Together with my team, our goal is to build blockchain services that do not require governance or admin control and are completely self-sustainable from the deployment onwards.
Gold Rocket | Satoshi Club: It is very interesting! what does your project name mean?
Lucas @ YVS: We chose the name because it means YVS = Yield-farming, vaults and staking. We didn’t want to complicate with the name itself and so we decided to go with something descriptive that exactly portrays the use-cases of our platform, which brings me to a brief introduction to the project :).
YVS is an innovative decentralized finance project that combines the best features for creating a truly unique, transparent and secure yield-farming platform. Because the smart contracts are completely pre-programmed before launch, investors can be calm with their deposits into our project. All tokens, from the pre-sale to the last token distributed, are coded in the contracts and cannot be changed anymore. Everything will be audited by the top blockchain security firm Hacken, from which we’ve just received a spotless audit report, and there will be no admin control on the contracts and no functions exposed that could lead to exploits. Everything is pre-defined.
Gold Rocket | Satoshi Club: How big is your team? Are you public or anonymous?
Lucas @ YVS: We have collectively decided to stay anonymous, because we cannot have and do not wish to have any further impact on the project after the initial launch as everything will be pre-programmed. This will bring the ultimate security for investors. Otherwise, we’re composed of a team of three developers, two of which are solidity programmers and website developer. We have two main advisors, which help us with marketing and promotions as well as a general project advisor. Along with that we’re working with a designer and several community managers.
Q1 from Telegram username @Highpee
While studying your project, I found out that you said your smart contract will be audited by top security firm and there will be no admin control on the contracts once deployment has been activated. What does this “no admin control” means? If for instance there is an obvious bug noticed in your smart contract after deployment, how will such be rectified?
Lucas @ YVS: By “no admin control” we mean that the contracts can not be changed after deployment. The owner of the contracts has no control over functions which could change the distribution, transfer any funds or similar flaws that similar projects have been exposed to recently. For example what happened to Compounder, can not happen here, as there are no back-door exploits. What happened to Pickle or Harvest can not happen here, because we’ve disabled arbitrage and enforced a time period between depositing and withdrawing. Everything is pre-defined.
That’s why we’ve mentioned the audit from Hacken — we’ve fixed all the issues they were able to find and we’re more than certain there will be no problems after launch!
D. | Satoshi Club: What about bugs? if something will go wrong, how could you fix your contract?
Lucas @ YVS: We’ve conducted several full tests of the contracts on the Ropsten testnet to check for exactly that! While some small modifications could be done still after the launch, this kind of decentralized commitment means that there is almost nothing we can change, but that is also the goal of the project itself.
Q2 from Telegram username @KevSalom
In the whitepaper in the pre-sales area you mention that the “Bonus per day will be 12.5%, 7.5%, 5%, 2.5% and 0%” but you don’t explain more about this in your medium publication. Can you explain to us better what these bonuses are and how I can benefit from them? Or will anyone who buys $YVS Token receive these percentages automatically the next five days?
Lucas @ YVS:Our pre-sale has been running from Friday and will end tomorrow on Wednesday at 4pm UTC. During this period, users can earn a bonus on their deposit the earlier they join the presale — this is what the percentages in the whitepaper mean. However, even if there is no presale daily bonus tomorrow before the timer runs out, you can still earn a 0.5 % deposit bonus by using a referral link!
D. | Satoshi Club: And how can get this link?
Lucas @ YVS: Any user can set it up on our presale page at yvs.finance/presale. You can also use a referral link provided by someone else if you are interested to join. There have been several posts with links included in them and I’m sure some of the community members would be glad to share theirs for you!
Q3 from Telegram username @abujoans
Pre-sale is a good strategy for marketing and investors.After the end of the pre-sale, will YVSFinance have plan to running more advertising campaigns or airdrops with token rewards to attract users? How will YVS finance focus on marketing your product in the future?
Lucas @ YVS: 80 % of the funds collected in the presale will be used as revenue for the project. This will be used for launching marketing campaigns, providing initial liquidity on Uniswap and for exchange listings. We’ve teamed up with several influencers that believe in our project and will help us get even more investors. We’ve launched successful collaborations with JustLiquidity and Hacken to provide the best security standards on the market for investors.
We will be subscribing to marketing campaigns on prominent cryptocurrency sites to attract new people. We still have several other venues to reach new investors such as YouTube and more.
D. | Satoshi Club: Thanks! by the way, how many tokens are you planning to sell and what will you do if you not sold all allocated for pre-sell tokens?
Lucas @ YVS: We’re planning to sell 100.000 tokens and any tokens that will not be purchased will be burnt.
Q4 from Telegram user @Winterkom
Liquidity at Uniswap will be locked for 1 year after the launch of the smart contract. My question is, will the pre-sale tokens also have a lockout period?
Lucas @ YVS: No, the pre-sale tokens will not have a lockout period. As you’ve mentioned the liquidity will be locked for a one-year period, enforced by a time-lock contract. Additionally, half of the deposited liquidity on our platform will be locked forever, which will insure a healthy liquidity and low slippage on orders.
D. | Satoshi Club: So each buyer be able to easily trade your tokens right after end of the sell? and when we can see your token on exchanges?
Lucas @ YVS: Exactly, they will be immediately tradable after the end of the pre-sale. We’re already in talks with several exchanges for possible listings, but we’ll start with Uniswap and work from there.
Q5 from Telegram user @JesusFre1tes
In a few hours the YVS Finance liquidity pools will be open. How easy will it be for users to create liquidity in these pools? What will be the platforms where it will be possible to do this? How will your liquidity creation model improve on all the others we know?
Lucas @ YVS: We will have one liquidity pool — ETH-YVS on Uniswap. It will not be possible to peg YVS against a stablecoin. This pool will receive 65 % of the total allocation of rewards. 50 % of the deposited liquidity will be locked forever and will ensure good liquidity and low slippage. We think this is very important for any defi project. You will still receive rewards on your entire amount and it can be claimed at any moment without any additional fees. Additionally, we will also have a staking pool and two vault pools for interested users!
Gold Rocket | Satoshi Club: Please tell us more about staking. Participants are always interested in it.
Lucas @ YVS: Our staking pool will receive 20 % of the daily created rewards and will have a minimum deposit period of 2 weeks with additional rewards for users who will be willing to lock their tokens for longer periods, up to a period of 12 weeks and a maximum bonus of 10 %. Rewards can be claimed at any moment without any additional fees.
Q6 from Telegram user @borysfireball
Why did you abandon such a fashionable now governance function? What is the value of your tokens and their future if there is a need for new features for DeFi in the future and neither you nor the community can change anything?
Lucas @ YVS: Because the functions itself will be controlled by the smart contract! This is the meaning of true decentralization where no actor can have an impact of the direction of the project. The so-called controller contract will keep distributing rewards in the future and provide incentives to investors for as long as the blockchain itself exists. No possible changes in the allocation of the pools, or any other form of flaw, that could be exploited by external hacks. Everything is pre-defined and will stay so. If you ask us, then this is the true value preposition of a decentralized finance project!
D. | Satoshi Club: Thanks! now we come close to the second part of our AMA!
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @AmitGoyal1444
$YVS Finance collaborate with the renowned blockchain security firm Hacken for official audit of the entire project. Can you tell us the result of the Audit? Why do you choose Hacken to audit your project?
Lucas @ YVS: Hacken is one of the best cyber-security firms in the world and that’s why we’ve chosen them. The audit results have revealed their best possible security score and absolutely all issues have been fixed and amended. We’re very glad to be able to share this audit report with the community!
Q2 from Telegram User @Cakelov
How many pools that YVSFinance have in their platform including Staking, liquidity and vault pool? Do you also have pool for a stable coin like USDT? Is there any limit if we want to deposit in your vault pools?
Lucas @ YVS: In total there will be four pools on our platform: a staking pool, a liquidity pool (ETH-YVS pair on Uniswap) and two vault pools. There will be no liquidity pools offered against a stablecoin pair. However, you will be able to deposit stablecoins in one of our vaults which will accept USDT/USDC/DAI/USDN.
There is no impermanent loss in these pools and you will only continue to earn your investment while receiving additional YVS rewards! The only limit is the minimum deposit period of one week, but we don’t believe this should be an issue as vaults are long-term investments :). Additionally, there will be a wrapped bitcoin vault with exactly the same features, so make sure to check it out!
Q3 from Telegram User @borysfireball
I see big expenses that have been made by YVS.Finance lately — a lot of AMAs, Hacken audit (we all know, that it’s not cheap), JustLiquidity lock etc, this list is long. Where this funds come from? If it’s from early VC investors can you tell us if they have any preferences or bonuses?
Lucas @ YVS: We have conducted no VC sales or private rounds. Everyone can access our presale. 80 % of the funds collected in the presale will be used as revenue for the project. This will be used for launching marketing campaigns, providing initial liquidity on Uniswap and for exchange listings.
Our project will generate revenue from the collected burn rate and from the vaults which will continuously generate revenue from investing into underlying strategies.
Q4 from Telegram User @bathulosnom
We know that Ethereum has high gas fee for the DeFi trend. Is this the main reason behind partnership with Justliquidity to solve the hog gas fee? In future will you expand on more chain?
Lucas @ YVS: JustLiquidity is a renowned name in the blockchain industry, which provides many services to both normal users and emerging projects themselves. We will be using their services to connect to BSC in the future to provide cross-chain liquidity and also locking all remaining project tokens in their protocol for ultimate security. This will be a huge benefit for us as it will show we have no bad intentions with the project funds and they will only be used for specific purposes such as exchange listings in the future, promotions, marketing campaigns etc.
Q5 from Telegram User @rockmorti
800,000 $ YVS distributed into pools for 20 months, how do you plan to counteract this inflationary shock and if you have any intention of introducing governance models to counteract these effects?
Lucas @ YVS: Because of the limited total supply and no minting capabilities we have a deflationary token system with a constant reward amount per day — this will balance out the inflation on a longer basis and provide long-term value to the token. Along with a 0.75 % burn rate on all transactions this should mean that the inflation should not be too high — only for a short initial period which should be counteracted by the locking periods in our pools.
Q6 from Telegram User @BboyForteVZLA
To get my referral link to invite people to participate in your presale, is it mandatory to buy your token in your presale or not?
Lucas @ YVS: No, it is not mandatory for you to purchase our tokens to create a referral link which you can share to other people who will participate in the presale!
Q7 from Telegram User @AmirJosh
50 % of deposited LP tokens will be locked forever and cannot be access anymore. Will this apply for all the liquidity providers? What is the compensation fo losing half of the tokens?
Lucas @ YVS: Yes, 50 % of the deposited liquidity will be locked forever. However, you will still gain rewards from the full amount of liquidity you provide and rewards will be claimable at any moment. The only limit will be that when you try to withdraw your funds, you will only be able to withdraw 50 % of the total deposited amount. And to answer why, there are several reasons. The most important one is as you already have said to stabilize the price of YVS on the market. By locking half of the liquidity, trading will always be possible and with very low slippage — this is the main advantage locking LP tokens will give us. Everyone likes a project with good liquidity on Uniswap and that is what we will provide.
Q8 from Telegram User @JP_Morgan_Chase
Even the most reputable cybersecurity companies like Hacken cannot guarantee that a smart contract is 100% secure. Since your contract cannot be changed, what if a vulnerability is found after launch?
Lucas @ YVS: We are experienced solidity developers and we believe in the quality of our code. That is why we’ve announced a collaboration with Hacken, one of the most reputable blockchain auditing firms, to conduct a full review of our project repository. All the functionality has already been pre-tested on Ropsten and this audit will only solidify the quality of our code and products.
And remember, all of this is done pre-launch so there is no doubt for our investors. Not many other projects can say something like this. All possible security breaches have been accounted for — flash loans, back-doors and all other types of exploits are programmatically disabled and we’ve made it completely decentralized where only the contract itself can execute functions.
Q9 from Telegram User @Orrangelp
What are the requirements for staking? What are the daily returns? Is there any lock-period for withdrawing my asset? And for claiming my rewards do I need to pay extra fees?
Lucas @ YVS: Staking is the process of holding native tokens in a so-called staking pool which pays out rewards for locking the tokens for a certain amount of time. We will be offering a staking pool with attractive rewards starting with a 2 week locking period. The maximum locking period will be 12 weeks and if you decide to stake for this period, you will receive an additional 10 % of rewards.
Q10 from Telegram User @stargateeatlantis
How much do you plan to burn for every transaction occur in yvs?
Lucas @ YVS: We have a 0.75 % burn rate active on all transfers except to the main staking pool. This burn rate will be used to fund future rewards in the protocol.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about YVSFinance. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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