Wolfonaire Chatbox : AMA With YSL.iO (15th June, 2021)

Hello! Wolfonaire Family & Crypto Enthusiasts

We recently hosted an AMA With YSL.iO 15th June, 2021 at 11.00 AM UTC. This session was phenomenal. If you have missed then here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure…

Guest Speaker :

Mr. Hardev Dhillon | Co-Founder, YSL.IO

(Note: This is the transcription of the event. Please note that the transcript was edited for comprehensibility and coherency, while the content was not changed.)

INTRODUCTION

Hardev : Hi Everyone 👋🏻

Its great to e-meet you all today, and thanks for tuning into this AMA!

I am Hardev Dhillon, the Co-Founder of YSL.IO

Let me begin with a brief intro of the other Co-Founder of YSL.IO, Simran Dhillon. @simran_ysl has diverse professional background across IT and Business, and has notable industry experience with companies such as Microsoft and HSBC. More importantly, he is a crypto veteran 💪 that has garnered significant experience within the crypto space, both as a programmer and working in the background as an advisor for a number of Blockchain projects including Zencash (which is now known as Horizen).

A brief background on myself; I’m a Certified Practising Accountant (CPA) 🤓 with a professional background in Finance, Accounting and Business, specialising in Financial Risk Management and Advanced Taxation (I love numbers!). I have broad experience across banking/accounting (HSBC, Westpac, KPMG, and Deloitte), which has allowed me to appreciate the importance of driving error-free standards for compliance, develop strategic plans for transformation, and create risk frameworks for the evaluation of a range of sectors/functions.

Beyond work, I’ve always been an advocate for Blockchain and passionate about all things Crypto. My Crypto journey initially began as an investor about 5 years ago, whilst completing my Masters Degree in Professional Accounting. I was drawn to the techs rapid innovation and endless solutions it offered, and needless to say i was convinced it would be a game changer not only for the finance sector but all other industries as well 🦾
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More recently, the emergence of DeFi has essentially returned crypto to its roots by opening up a world of possibilities to disrupt traditional finance. With this revolution a number of product-focused systems began popping up. @simran_ysl (the other Co-Founder of YSL.IO) and myself found ourselves drawn to the inner-workings and mechanics behind these systems, inspiring us to build one of our own.
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We both had a good understanding of the yield farming space, being ‘farmers’ ourselves, and decided early on that our concept had to not only be unique but also be able deliver real value to the BSC ecosystem. Our ethos was simple; provide value to a DeFi farmer and ensure long-term value for our native token holders. After months of trial and error, testing countless hypotheses and perfecting models, we created the unique protocol design of YSL.IO 🚀

In addition to @simran_ysl and myself, we have a dedicated team of blockchain developers + UI/UX designers focused on the development of our smart contracts and platform . Each of them are experts within their respective fields and are all busy working their magic behind the scenes ✨ to ensure we can deliver the best possible version of YSL.IO for our 11k+ community. We also have a marketing team that are hard at work, drumming up informative articles and materials that will help spread awareness of our unique concept and the numerous benefits that YSL.IO offers.

Here’s a quick overview of YSL.IO and our key features:

YSL.IO 💎 = [ ⭐️ Yield + 💗 Staking + 🌊 Liquidity ] = 🚀

YSL.IO is a cutting-edge DeFi tool designed to OPTIMISE and AMPLIFY the returns from yield farming platforms,
whilst maximising the benefits of LOCKED LIQUIDITY to create a truly unparalleled token economy.
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✅ Zero Platform Fees — YSL.IO does not charge a Deposit fee, Withdrawal fee or a Performance fee
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✅ Novel Tokenomics — The price of our governance token (sYSL) is correlated to YSL-BUSD liquidity

✅ Continual Growth in Locked Liquidity — Our protocol autonomously creates YSL-BUSD LOCKED LIQUIDITY

✅ Block Rewards — We provide appealing staking options for sYSL token holders and YSL-BUSD liquidity providers

✅ Highest APR (%) — Our protocol will OPTIMISE positions (held on a AMMs) by 300%, and is capable of AMPLIFYING these returns by a further +100% APR!

Wolf : For our members who are not already familiar with the project, can you give us a very high-level overview of what #Ysl.io is and what competitive edge it brings to the Crypto Universe?

Hardev : What makes YSL.IO unique from other BSC projects is that we’ve managed to implement a Tokenomics model that not only provides stability but improves the value of our native governance token sYSL, ensuring we are able to have sustainable growth whilst simultaneously creating long term value to our native token holders.
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There are 3 key components to our token economy:
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⚡️YSL token (Utility token)
💎 sYSL token (Governance token)
🌊 YSL-BUSD liquidity pool (Held on ApeSwap Finance)
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The token supply and price for the sYSL token (governance) and YSL token (utility) will only be determined after our 30-day Price Discovery Phase (23-day private sale + 7-day public sale). The amount collected during the sales will be used to establish the YSL-BUSD liquidity pool (Held on ApeSwap Finance). The amount of YSL-BUSD liquidity established will determine the token supply and price for the tokens, for all the details please refer to our Gitbook ( 👉 https://docs.ysl.io/ysl-io/ysl-core-protocol/price-discovery )
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Liquidity is an integral part of any DeFi ecosystem, and that’s why we’ve made YSL-BUSD liquidity the heart and soul of YSL.IO 💖

Our protocol has been designed to auto-generate YSL-BUSD liquidity whenever a user interacts with the platform, this will ensure there is a CONTINUAL creation liquidity! This has been made possible though our protocols capability of creating YSL-BUSD liquidity AUTONOMUSLY (You can learn more about the 10 ways in which this is done in our Gitbook 👉🏼 docs.ysl.io). More crucially, all the liquidity that is generated by our protocol will be LOCKED in the locked liquidity contract (ApeSwap Finance vesting factory) for a period of 1000 years!
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What makes our Tokenomics model truly novel, is that the price of our native governance token (sYSL) is tied to YSL-BUSD liquidity! This means a rise in YSL-BUSD liquidity will inadvertently create a progressive price floor for the token and mitigate its exposure to price volatility!
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This approach provides true long-term stability and value to sYSL token holders, given our protocols unique capability of auto-generating YSL-BUSD locked liquidity whenever a user interacts with the platform. Put simply; as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token!

⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀

docs.ysl.io (https://docs.ysl.io/ysl-io/ysl-core-protocol/price-discovery)

Wolf : Mind-Blowing 😃. How do holders of the $ysl.io Tokens benefit in the ecosystem? What power within your model do individuals hold? Why is it so attractive and what are the basic requirements to participate?

✅ ZERO FEES
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Fees are something we thought much about when developing YSL.IO, typically there are two common pain points faced with farming: barrier-to-entry and the costs involved. In view of this, we designed our platform to be extremely cost effective from a users perspective!
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❌ ZERO SWAP FEES
❌ ZERO DEPOSIT FEES
❌ ZERO WITHDRAWAL FEES
❌ ZERO PERFORMANCE FEES
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This not only provides the user with ultimate flexibility but also makes it extremely easy for a user to benefit from our protocols exceptional yield optimisation and amplification functions, simply deposit LP tokens into any of our vaults and our protocol will handle all the heavy lifting of maximising your returns, its that simple!
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✅ HIGH APR (%)
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Its not a secret that a large number of individuals look to DeFi to make returns on their crypto assets through attractive APYs.
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YSL.IO challenges the status quo by being different. We have a completely unique approach to yield optimisation, that is fuelled by the creation of YSL-BUSD locked liquidity. Our protocol has been designed to maximise the returns of third-party tokens through the creation of locked liquidity, optimising the APR (%) of positions held by users on a AMMs (such as ApeSwap and PancakeSwap) by 300%!

For example — It will increase the APR of a users CAKE-BNB position on PancakeSwap from 58.29% to 173.67%!
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That’s not all! Users will be able to amplify their optimised returns from YSL.IO by a further +100 APR%, by utilising our Amplification function! More details on our revolutionary optimisation and amplification function can be found in our Gitbook (docs.ysl.io).
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✅ BLOCKS REWARDS

Any user that stakes tokens in either the sYSL and/or YSL-BUSD vault will be entitled to a share of the automated monthly buy-back and the inflation rewards that are distributed on each block!
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We offer appealing STAKING OPTIONS for our token holders!
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1️⃣ All holders of our native governance token (sYSL) will be able to stake their tokens in our sYSL vault.
2️⃣ Any liquidity providers of the YSL-BUSD pool on ApeSwap Finance will have the option of staking their LP tokens in our YSL-BUSD vault.
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In addition to all of these features, I also whole heartedly believe the dedication of our team is what makes us stand out, even though these efforts are behind the scenes its an aspect that has really propelled us to develop the best possible version of YSL.IO 🦾

Wolf : Awesome 👌🆒️🙌. Have you met all your goals in the roadmap till now? And were there any difficulties that you didn’t expect and were not prepared for?

Hardev : We’re extremely proud of what we have accomplished so far, although these efforts are mostly behind the scenes its an aspect that has really propelled us to develop the best possible version of YSL.IO!

Here are some of our recent milestones:

✅ Smart contract development
✅ Gitbook Release (23k words)
✅ Partnership with Peanut (NUX)
✅ Frontend development (UI/UX)
✅ Scheduled 20 pre-Launch WeChat AMAs
✅ Scheduled 60+ pre-Launch Telegram AMAs

No difficulties due to our teams dedication, everything is going full steam ahead and on target 👍

Wolf : Good To Hear 👏. Can you please give us a short tutorial on how even a nontech guy can easily use and enjoy your platform?

Hardev :

With YSL.IO, we have made it extremely easy for a user to benefit from our protocols exceptional yield optimisation function, users simply need to deposit their LP tokens into any of our active vaults and our protocol will handle all the heavy lifting of optimising your returns, its that simple! 👍🏼

Deposit

Wolf : Lets Move For The Twitter Round

Q1. What are the benefits of holding $YSL? Is there any incentive scheme for the Holders of $Mogul in long term?

Q2. Explain your views on where your “project” plans to gain more visibility and how you plan to make it sustainable. And what is the plan of your project to survive the global recession?

Q3. How can $YSL encourage market liquidity? Does $YSL have an in-house market maker to ensure continued liquidity? What if people are interested in providing liquidity for $YSL?

Q4. The security of the platform is very important when many projects get hacks & bugs in the early period, so what security measures are taken? Will you have an Audit from a third party company & will you have a bug bounty program?

Q5. Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’s eyes. What did #YSL do and plans to do to achieve real world adoption?

Ans. 1: Liquidity is an integral part of any DeFi ecosystem, and that’s why we’ve made YSL-BUSD liquidity the heart and soul of YSL.IO. 💖 Our protocol has been designed to auto-generate YSL-BUSD liquidity whenever a user interacts with the platform, this will ensure there is a CONTINUAL creation liquidity! This has been made possible though our protocols capability of creating YSL-BUSD liquidity AUTONOMUSLY (You can learn more about the 10 ways in which this is done in our Gitbook 👉🏼 docs.ysl.io). More crucially, all the liquidity that is generated by our protocol will be LOCKED in the locked liquidity contract (ApeSwap Finance vesting factory) for a period of 1000 years!
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What makes our Tokenomics model truly novel, is that the price of our native governance token (sYSL) is tied to YSL-BUSD liquidity! This means a rise in YSL-BUSD liquidity will inadvertently create a progressive price floor for the token and mitigate its exposure to price volatility! ‌This approach provides true long-term stability and value to sYSL token holders, given our protocols unique capability of auto-generating YSL-BUSD locked liquidity whenever a user interacts with the platform. Put simply; as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token!🚀

⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫sYSL token price

Ans. 4: You can rest assured that safety and security is the absolute top priority for YSL.IO! 🦾

It’s crucially important as a user to remain vigilant given the recent hacks and exploits within the BSC ecosystem. In view of this, our protocols core system architecture and smart contract logic will undergo MULTIPLE EXTERNAL AUDITS before launching. We plan to engage with well-known and reputable parties such as Certik and Zokyo, so you can have piece of mind that your funds are SAFU!

More importantly, our smart contracts have been developed by a team of experienced blockchain developers that not only have extensive knowledge of DeFi protocols and their associated specifications, but also have an internal audit process embedded within their development process to ensure the reliability and safety of our protocols functions.

And having a background in risk management myself, i appreciate the benefits of having a risk-oriented mindset and believe its critically important to be proactive when it comes to the implementation of practices to detect any potential hazards. Therefore, we have decided to make our code publicly accessible via GitHub (https://github.com/ysl-io) only once it has undergone multiple audits. In addition to this, we also intend to conduct ongoing audits on a regular basis, to ensure the long-term maintenance of our protocols security, reliability and safety.

Here’s are some examples of features that we have incorporated into our protocol to ensure MAXIMUM SECURITY:

1️⃣ Price Feeds by Chainlink: the protocol can better resist flash loan attacks, network congestion, and centralised infrastructure disruption.

2️⃣ Smart Contract Timelocks: these will be integrated across all of our smart contracts to protect our users and funds, as a delay/period of time is required before any changes can be made to any smart contracts.

3️⃣ Real-Time Monitoring of the Main Oracle Price: When there is a serious deviation between the main oracle and the system, the system will alert and notify our development team to ensure timely action.

4️⃣ Prevention of External Smart Contract Interaction: With the recent flash loan attacks on BSC, we will incorporate a stop on all external smart contracts to interact with the our contract, mitigating the risk of any flash loan attack within our protocol.

Ans. 5 : Awareness and adoption go hand in hand and are both key factors to ensure any blockchain project remains sustainable. In view of this, it was an aspect that @simran_ysl and myself really focussed on during the development of YSL.IO.

Our design ethos revolved around creating a simple and secure DeFi experience, a place where users can benefit from high returns on their optimised LP tokens without any barriers. I believe our intuitive user interface will leave a great impression to drive adoption, even amongst those who have not dealt much with yield farming. More importantly, our platforms zero fee structure for all LP token deposits and withdrawals will make it an extremely cost-effective tool for experienced farmers.

We recognise the value of community engagement on awareness and adoption, and we plan to release informative articles and videos to help convey all the benefits of our unique protocol. I’d also highly recommend that you check out our Gitbook, it has an extensive collection of examples and guided tutorials that cover all aspects of YSL.IO. Forming strong bonds with our community will help us get a deeper understanding of what the market needs, and we have a team that are ready to deliver!
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In view of this, we have scheduled over 70+ AMA’s with several local communities based all across the globe, including China, Vietnam, Indonesia, Malaysia, Singapore, Korea, India, Turkey, and Iran. We are also having our comprehensive Gitbook translated into several languages, this will help ensure our concept is better understood in the countries/regions where English is not commonly used.

However, regardless of our efforts to spread awareness on YSL.IO, true adoption is ultimately driven by the community and we want to build a strong one. In my eyes, this requires each member is proactive from all perspectives. From helping us spread the word, hitting that star button when our token is listed, retweeting our announcements, helping out newcomers with basic questions — that’s what an proactive member is, and that’s what can really help YSL.IO strive in the long term.

Ans. 3 : The YSL.IO protocol has been specifically designed to generate YSL-BUSD locked liquidity autonomously through 10 in-built mechanisms:

Price discovery phase ✅
(100% equivalent locked value created)

Purchase of YSL tokens ✅
(100% equivalent locked value created)

Purchase of sYSL tokens ✅
(200% equivalent locked value created)

YSL.IO Optimisation function ✅
(180% equivalent locked value created)

YSL.IO Amplification (Strategy 2) ✅
(200% equivalent locked value created)

Balance transfers between vaults ✅
(200% equivalent locked value created)

Balance transfers into the sYSL vault ✅
(100% equivalent locked value created)

Balance transfers into the YSL-BUSD vault ✅
(100% equivalent locked value created)

Withdrawals from the YSL-BUSD vault — LP token deposit ✅
(100% equivalent locked value created)

Withdrawals from the YSL-BUSD vault — Transfer deposits ✅
(100% equivalent locked value created)

⏫ YSL-BUSD locked liquidity = ⏫ sYSL price 🚀

Ans. 3 : Its true that marketing is a key aspect, however we also strongly believe that the key to real success as a token is to have the fundamentals down in terms of long-term stability and value for native token holders something I’d say isn’t present in many of today’s tokens. We are here to stay and show that yield farming can be sustainable long term. So from the outset we decided the best way to make this happen was to ensure that our token economy would be resilient, even in a bear market.

We have achieved this by designing a truly unique Tokenomics model that revolves around our protocols novel capability of autonomously creating YSL-BUSD locked liquidity. This auto-generation of liquidity occurs whenever a user interacts with our platform, and there are total of10 in-built mechanisms that to this! (explained in our Gitbook 👉 https://docs.ysl.io/ysl-io/ysl-core-protocol-1/auto-lock-liquidity)

The benefit of this novel design is that even during a bear market, our optimisation function will be even more attractive due to its ability to provide high yields. As during a bear market, farmers would likely switch their positions to stable coins which typically have low APR (%), and platforms that are able to offer greater returns on stable coin positions will increase in demand.

For example; the BUSD-USDT farm on ApeSwap Finance currently yields an APR of 14.66%. Traditional optimisation (harvesting + compounding daily) would only result in an APY of 15.79%. Whereas YSL.IO optimisation is capable of obtaining an APY of 42.78% 🚀

This will not only guarantee our survival during a bear market, but will increase our market share + TVL. 🤩

And as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token!🚀

⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫sYSL token price

Now Community Question & Answer Session Began

Q1. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnerships?

Hardev : We recognise that forming meaningful partnerships that will not only propel our project forward but also grow and expand our reach. Recently we formed our first-ever strategic partnership with peanut.trade, whereby NUX-BNB liquidity providers will be able to benefit from our protocols novel optimisation function that autonomously creates YSL-BUSD locked liquidity.
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Once our platform launches, NUX liquidity providers will be able to deposit their LP tokens from PancakeSwap into the NUX-BNB vault held on YSL.IO. By doing so, NUX liquidity providers will earn sYSL optimisation block rewards based upon their TVL held within the NUX-BNB vault. What’s more, we are airdropping sYSL tokens to the Peanut (NUX) community!
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To learn how you can be apart of this airdrop and our partnership with Peanut, check out our recent Medium article 👉 https://t.co/JIX1B4gKG5?amp=1

Q2. Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?

Hardev : Here’s our GitHub 👉 https://github.com/ysl-io

Here’s details about our sale:

💎 Private Sale [1st July — 23rd July]
💰 Bonus: 3.0x Multiplier
💵 Minimum Deposit: $5,000
🔒 Lock: 750 days (daily linear unlock)

Example:
User deposits $5,000 WBNB/BUSD
User gets back $15,000 sYSL at the end of the price discovery.

— — — — — — — — — — — — — — — —

💎 Public Sale Day 1 [24th July]
💰 Bonus: 2.0x Multiplier
💵 Minimum Deposit: $2,500
🔒 Lock: 750 days (daily linear unlock)

Example:
User deposits $2,500 WBNB/BUSD
User gets back $5,000 sYSL at the end of the price discovery.

— — — — — — — — — — — — — — — —

💎 Public Sale Day 2 [25th July]
💰 Bonus: 1.8x Multiplier
💵 Minimum Deposit: $2,000
🔒 Lock: 600 days (daily linear unlock)

Example:
User deposits $2,000 WBNB/BUSD
User gets back $3,600 sYSL at the end of the price discovery.

— — — — — — — — — — — — — — — —

💎Public Sale Day 3 [26th July]
💰Bonus: 1.6x Multiplier
💵 Minimum Deposit: $1,500
🔒 Lock: 450 days (daily linear unlock)

Example:
User deposits $1,500 WBNB/BUSD
User gets back $2,400 sYSL at the end of the price discovery.

— — — — — — — — — — — — — — — —

💎Public Sale Day 4 [27th July]
💰Bonus: 1.5x Multiplier
💵 Minimum Deposit: $1,000
🔒 Lock: 375 days (daily linear unlock)

Example:
User deposits $1,000 WBNB/BUSD
User gets back $1,500 sYSL at the end of the price discovery.

— — — — — — — — — — — — — — — —

💎Public Sale Day 5 [28th July]
💰Bonus: 1.3x Multiplier
💵 Minimum Deposit: $500
🔒 Lock: 225 days (daily linear unlock)

Example:
User deposits $500 WBNB/BUSD
User gets back $650 sYSL at the end of the price discovery.

— — — — — — — — — — — — — — — — -

💎Public Sale Day 6 [29th July]
💰Bonus: 1.2x Multiplier
💵 Minimum Deposit: $250
🔒 Lock: 150 days (daily linear unlock)

Example:
User deposits $250 WBNB/BUSD
User gets back $300 sYSL at the end of the price discovery.

— — — — — — — — — — — — — — — —

💎Public Sale Day 7 [30th July]
💰Bonus: 0.0x Multiplier
💵 Minimum Deposit: $0
🔒 No Lock

Example:
User deposits $5,000 WBNB/BUSD
User gets back $5,000 sYSL at the end of the price discovery.

Q3. I’m new to crypto, and I trust a project. I ended up investing my hard-earned money; and some of them turned out to be SCAMMED, what guarantees will you give to a lay investor like me. that you won’t SCAMD? IS your project AUDITED?

Hardev : These points will convince you!

✅ YSL-BUSD LOCKED LIQUIDTY ( Locked for 1000 YEARS) — Funds from our sales will create locked liquidity, No Rug Pull!
✅ SMART CONTRACT AUDITS — Our protocol will undergo multiple audits, your funds are SAFU!
✅ TRANSPARENCY — Our team is not Anonymous !

Q4. Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?

Hardev : Absolutely! We’re always thinking ahead!

We want to expand YSL.IO, and plan to have a cross-integration onto chains such as Polygon and Ethereum! You can refer to roadmap for all details on our cross-integration plans and what you can expect from us in the near future! ( 👉https://docs.ysl.io/ysl-io/roadmap)

Q5. How do you plan to spread awareness about your project in different countries where English is not spoken well?

Hardev : Diversity is the most overlooked aspect of most projects. I’m a strong believer in diversity and its ability to propel a project forward though community driven innovations, initiatives and resources.

We are committed to creating a truly diverse community, and to achieve this we have arranged over 70 AMA’s with several local communities based all across the globe. This includes countries such as China, Vietnam, Indonesia, Malaysia, Singapore, Korea, India, Turkey, and Iran!

Currently, we are having our comprehensive Gitbook translated into several languages, this will ensure our concept is better understood in any countries/ regions where English is not commonly used!

In addition to this we intend to release informative material in several languages so that people from all across the globe will better understand the benefits of YSL.IO.

On top of this, to help raise adoption of our platform in any countries/ regions where English is not commonly used, we plan to offer different languages for the frontend language in the near future!🦾

Now the session ends with lots of thanks to our Guest Speaker…

Here are some important links of YSL.iO

Website | Telegram | Twitter | Wolfonaire Family Chatbox | Wolf