Road to Success: Q1 2021 — Special Update
In this article we will provide updates on the release of the liquidity farming platform, the release of the special staking event with Ferrum, and also discuss an exciting new exchange listing!
What better way to kick off the new year than with not one, not two, but THREE exciting updates for the YfDFI Community. Yesterday we announced the rebranding campaign that has been set in motion for mid-January 2021, where community members will be invited to submit their designs for the new logo. Today we have an update on the release of our farming platform, information about the special staking event in collaboration with Ferrum Network, as well as news regarding a new exchange listing for next week.
Safety First — Farming Release Delay
YfDFI Finance has made the decision to delay the release of the Liquidity Farming Platform by approximately three weeks as we await a final audit report from cybersecurity firm, Hacken. The Hacken team, who have been enlisted to provide full audits upon ALL smart contracts within the YfDFI Finance ecosystem, are taking their much deserved annual holiday until mid-January.
On our end, everything is ready to go. However, security will always be the primary concern at YfDFI Finance, even if it means occasionally having to delay product releases. Nothing is more important to the ecosystem than ensuring the safety of community funds. Releasing the farming platform before the final audit report has been delivered is not an option. The time-lock on the farming rewards pool funds has been extended and will now expire on the 20th of January 2021. All farming audits are on track to be received by the 15th of January 2021, so farming should launch at the expiration of the new time-lock on the 20th.
As all solutions and products are developed by skilled members of the community, occasionally issues such as the complication in the time-lock coding are overlooked. Whilst not a cause for concern, in this instance it created unnecessary complications in that we now need two locking contracts instead of one. To avoid any similar issues going forward, YfDFI Finance have now hired an expert “in-house” developer who has reviewed all elements of coding in existing smart contracts, and will do so with all future smart contracts within the ecosystem. This is a huge development for the project. We will be introducing the new dev shortly in the main telegram channel where he will be available to answer any technical questions that arise. He will also be in charge of setting up all future integrations, some of which will be introduced imminently, including Chainlink, Zoracles, Chartex, and many more.
Farming Structure Update
Liquidity Farming through the online platform will now offer liquidity providers the choice of four different vaults, each with impressive reward rates. Rewards will be sent from an allocated pool of 5000 YFD. Holders are currently enjoying 375% APY through the YfDFI Finance Staking Platform, which is expected to last until April 2021.
Q4 Achievements
To-date, YfDFI Finance has delivered everything detailed within their roadmap (published by Altcoin Buzz) on time, and much much more. As Q4 drew to a close (after only 2 months on the DeFi scene) YfDFI Finance delivered their Staking Platform and DEX platform (beta version), as well as brokering numerous partnerships and collaborations with high profile crypto projects such as Ferrum Network, Zoracles and Hacken. YfDFI Finance has injected over $60k USD (from staking platform fees) back into the community via the funding of a special staking event with Ferrum and the “re-charging” of the Gigs and Rewards Wallet, which are funds allocated to reward future contributors within the YfDFI ecosystem.
Q1 2021 — What To Expect
Launching Farming in January 2021 will be but one of many exciting releases that the community can look forward to — Governance, Self-Banking, DEX and SWAP Protocol (full versions) are also scheduled for release in Q1 2021, to be followed closely by Insurance and Ventures in Q2. In addition to the releases detailed above, in the first week of Q1 we will be releasing the special staking event in collaboration with Ferrum, as well as listing on another well known exchange.
Special Staking Event
As announced previously, all the staking fees collected up until Christmas Eve, have been redistributed to the community. A portion will go back into the Gigs and Rewards wallet to fund future developments for the project, and the remainder was used to fund a special staking event with Ferrum Network. This staking event has now been finalised and will be released to the community within the next 7 days. Those staking their tokens during this event will enjoy up to 10% interest weekly on their staked tokens!
New Exchange Listing
YfDFI Finance has also finalised discussions with a well-known exchange who will be listing YFD/ETH pair within the next 7 days. This will bring in many new buyers from an entirely different market and represents another huge step toward global adoption. Stay tuned to find out who!
And finally…
YfDFI Finance would like to thank all of the community for being such an active part of the journey so far. Being a community-driven project, YfDFI Finance relies on our community to build and develop the ecosystem. If Q4 is anything to go by, 2021 will be a VERY exciting year for all of us. We will move forward together whilst keeping these key notions at the forefront of our minds — community. transparency. security. freedom.
Together, we are building DeFi for a better world.
Join YfDFI Finance Community
- Official Website: https://yfdfi.finance
- Documentation: https://docs.yfdfi.finance
- Official Telegram: https://t.me/yfdfi_finance
- Announcement Channel: https://t.me/yfdfi
- Gigs & Rewards Channel: https://t.me/yfdfi_gigs
- Medium: https://medium.com/yfdfi-finance
- Twitter: https://twitter.com/YfDFI_Finance
- Discord: https://discord.gg/jUTNmpp
- YouTube: https://www.youtube.com/channel/UC-EUg37O4rg89ADqWWmWBL
