AMA RECAP: YIN Finance with 8848 Community
On 11st Aug 8PM UTC+8, YIN Finance held a live AMA with 8848 Community, Here’s the recap for those who missed it.
Introduction from Sylvia— YIN Finance CMO:
Hi, I am Sylvia from YIN Finance, I am so happy to introduce our project in 8848 community.
Q1: Can you briefly introduce YIN Finance to the 8848 community? What role does YIN Finance play in the DeFi world?
Sylvia: YIN Finance is a multi-strategy NFT liquidity optimizer. We aim to provide the best proactive liquidity management services on multiple public chains and decentralized exchanges. YIN Finance consists of 4 modules: YIN, YANG, CHI and Grand Master. We will describe it in detail later. YIN Finance will accelerate more liquidity to the Defi ecosystem as liquidity is a key component of Defi and vital to its continued growth. Our goal is to provide a user-friendly liquidity management platform in order to simplify complex strategies and assists users in subscribing with one clock. Our platform achieves automatic re-providing of liquidity for users, allowing them to get multiple rewards of the $YIN token.
Q2: Can you introduce the background and story of your team?
Sylvia: We are an anonymous team. I am mainly responsible for global marketing strategy, user growth, project collaboration and pitch VCs. Our team members possess rich experience in DeFi project development, professional liquidity strategy as well as smart contract auditing experience, thus ensuring the security of our project.
Q3: YIN, YANG, and CHI tokens are the core concepts within the YIN ecosystem. What are the functions of these tokens in the ecosystem? Why do you design the token model in this way?
Sylvia: Sylvia: Actually, $YIN is our platform token; YANG is your personal vault; CHI is the programmable strategy NFT.
YIN is YIN Finance’s platform token. YIN Finance allows users to capture its value by holding the $YIN token. Staking YIN allows for fee revenue sharing from the platform, and YIN Finance will periodically repurchase. The role of the $YIN token, which is not only a platform token, but also utilized in lots of applications such as pledging to earn platform transaction fee sharing, governance, liquidation shares, increasing leverages, and strategy creation.
YANG is your personal smart vault. Users can invest their personal assets in YANG to generate LPNFT, and then subscribe to CHI which is our platform’s programmable strategy in order to obtain mining revenue.
CHI is a programable strategy, which will be provided by the platform in the initial stage. It will become an open platform in 2022Q1, allowing users to create their own strategies, and we will set up a whitelist for approved users.
Q4: YIN Finance hopes to solve the liquidity problem in the DeFi world. What are the main problems currently facing in this field? What are YIN’s unique solutions?
Sylvia: The high entry barrier is the most serious problem regarding active liquidity management, the setting of numerical liquidity, the distribution of assets, how to price track in order to get the best APR, and how to avoid and reduce risks caused by the infinite amplification of volatile losses, all of which are the problems faced by new liquidity providers. YIN Finance offers you a worry-free liquidity management service through its flexible liquidity management strategy CHI, One-click subscriptions allow users to complete proactive liquidity management in line with their risk appetite.
At the same time, being deployed on multiple chains, we can take advantage of the various main chains to offer better liquidity services to users. The platform itself has different strategies for users with different risk preferences. In the beginning, low-risk stablecoin trading pairs will be the primary focus and then other trading pairs will be added according to the market situation and user demand.
Q5: What is the Grand Master protocol in the YIN Finance ecosystem? On a transparent blockchain, how do you ensure that YIN’s active liquidity management strategy is better than other strategies and not copied by other products?
Sylvia: Grand Master is our leveraged liquidity pool, which allows users who don’t want to engage in liquidity management to lend their assets to earn interest as well as other liquidity providers who need leverage to gain income. The biggest technical advantages of YIN come from our rich experience in Defi and excellent security awareness. Our team emphasizes longevity with the focus on how to optimize the user experience and improve the asset utilization rate of user liquidity.
Q6: Can you introduce YIN Finance’s investment background and ecosystem partners? How are these cooperations carried out?
Sylvia: Investment institutions at this stage include Fenbushi Capital, DoraHacks, EVG, and Digital Renaissance Fund. The specific list of investment institutions will be announced at that time, and investment institutions will also provide us with a lot of financial and resource support.
We have partners in different dimensions of the product, including wallets and math wallets, on-chain data analysis and user portraits such as Parsiq and Litentry, oracles such as Pyth, Chainlink, etc., and airdrops will cooperate with CMC and the Defi community.
Q7: Before Uni V3 was released, there were many projects focusing on the field of liquidity management? Compared with Visor, Lixir, and other products, what are the unique advantages of YIN Finance?
Sylvia: We will design a more long-term layout. CHI’s design is multi-interval and supports API dynamic update strategy (it is easier to access other trading systems). We will access DODO’s liquidity management (PMM) on Polygon. Our attempt at multi-chain is one step closer than other projects. At the same time, we support multi-mining, low-risk stable currency trading pairs, and supports users to create CHI strategies, which are more optimized than other projects.
Q8: Where is the current development of YIN? How can ordinary users participate in the future?
Sylvia: Recently we conducted an Alpha test. Users can try YIN Finance’s active liquidity management through the Rinkeby test net. There will be airdrop opportunities and Bug Bounty. Please follow us on Twitter: @Yin Finance, more project progress will be posted on Twitter.
Q9: So after the testnet event, I believe everyone is concerned about: When will YIN Finance launch on the main net? Which exchange will YIN choose to list?
Sylvia: Our testnet has attracted many users, and will be finished in about a week. The main network is expected to go live at the end of August, and we will open the platform to users after we get a high-quality third-party audit report. As for the listing, YIN Finance will conduct a round of IDO on the IDO platform. Welcome to guess which IDO platform we’ll launch on.
Here are three random questions selected from community users.
Q10: What is the estimated APY of using your platform compared to directly doing LP for UNI v3?
Sylvia: We will start with stablecoins pairs at the beginning, conservatively estimated that the annualized rate is about 15%. Compared with directly providing liquidity to uni v3, we can not only obtain mining rewards on our platform, but also gain YIN incentives. The platform will receive dividends, and the platform will also help users to re-invest automatically. You only need to subscribe to the strategy CHIs that achieves the user’s own risk appetite with one click.
Q11: Security is very important in DEFI. For example, yesterday’s incident of Poly funds being stolen by hackers, what are YIN’s preparations to fund security, how to avoid similar incidents, can you explain?
Sylvia: Security is very important in the DEFI project. For example, 50% of YIN’s income yesterday will be used to repurchase YIN token. Secondly, YIN staking can also obtain rewards. At the same time, creating a strategy CHI on the platform also needs to consume YIN token. YIN is also a governance token, which can be used to vote for listing assets and other functions.
The team consists of three crypto scientists. The founders have experience in the development of head DeFi projects. At the same time, team members have rich experiences in risk hedging and smart contract auditing. Our smart contracts are currently audited by SlowMist and SECBIT Lab, which further guarantees the safety of the project.
Q12: Will YIN Finance develop NFT?
Sylvia: We will make some NFTs as rewards for users participating in the testnet based on the level of participation and contribution. We also want to inspire some users who have been very supportive of our project from the early stage. I hope everyone can grow together.
About YIN Finance
YIN Finance is a multi-strategy NFT liquidity management platform that allows users to subscribe to the project’s strategy to achieve effective high yield liquidity management. YIN Finance aims to provide proactive liquidity management services on different public chains and decentralized exchanges. Currently, we are deployed on Ethereum and will be deployed on Polygon and Solana soon. (Note: We’ve already received a grant from Polygon)
Project information:
