UPDATE: YFD LIQUIDITY ISSUE
On the 22nd of April at 21:59 UTC the 6 month Unicrypt lock on YFD’s initial Uniswap liquidity expired. This article shall discuss the details of what happened, why, and where the project is headed.
The providers of the initial liquidity on Uniswap were volunteers from the community who agreed to put the liquidity forward in order for the early-contributors to be able to launch YFD. They were (and still are) believers in community-centred DeFi.
What happened?
Over the past few weeks, the early contributors attempted to negotiate with Liquidity Providers in order to relock their liquidity for 3 additional months. The Liquidity Providers however felt that their contribution to the development of the project had been successful and that in order for YFD to become truly decentralized, it was time to leave liquidity in the hands of the community (the community currently provide nearly 60% of the total liquidity YFD had prior to the unlock, thanks to all those earning through the YFD and VOTX farming platforms). Unfortunately as well as removing their ETH, they also sold their YFD tokens, negatively impacting the price of YFD.
Why?
The early-contributors had negotiated with the liquidity providers that they would not immediately sell their YFD tokens, but instead hold their investment and scale out gradually, should they choose to. For reasons unknown (and still now uncommunicated), the liquidity providers did not uphold this agreement. Instead they sold all of their YFD tokens almost immediately after unlocking liquidity, causing the price of YFD to drop sharply. The price has since recovered well and we are presently around 45% lower than the pre-unlock price.
The daily community contributors had no control over these events. They do not manage the project wallets (with the exception of G&R) and received all this information at the last minute.
Where is YFD headed?
YFD still has a bright future ahead, providing the advocates for true decentralization decide to remain (that’s you guys!).
YFD = community.
We have fought and won many past battles including: staking contract issues, WarOnRugs Christmas Eve FUD, locking contract issues, anticipated staking ending… The initial liquidity unlocking and being removed without sufficient warning from the providers has hit us hard, but it is just another bump in the road to success. Together as a community we can move forward together.
We are now, for the first time, truly 100% Decentralized. 100% of our remaining liquidity is owned by the community, our DFI.Governance platform is almost ready to be released so from now all decisions will be taken by the community itself and our community is getting more and more VOTX every minute in order to earn their power of decision,
Let’s complete our roadmap and reach our goal of becoming the First DeFi Financial Center fully powered by the community. The contributors are still here, the devs are still here, our strong community is still here, we’ve lost 41% of our liquidity nothing more.
Our Devs are still working just as hard behind the scenes to make all of this a reality. DFI.Swap is complete awaiting audit report, DFI.Exchange and DFI.StaaS are well underway —additional updates and preview videos will be delivered soon.
The project is still here, let’s keep pushing together and make true DeFi a reality. No other DeFi project exists that is not built around a centralized team. YFD can achieve this still.
We are willing to fight but we are nothing without our community, so we ask you all now to stand with us as we move onto the next stage.
DFI.Governance
The time has come to prepare your proposals for the imminent launch of DFI.Governance. Many great ideas have been put forward by the community since the project’s inception — it’s time to organize them and decide how we will manage this project together.
VOTX will be listed very soon on Uniswap and DFI.Governance is coming too
Team Tokens
The early-contributors are a group of friends with a vision and a passion for true decentralization of finance. They began YFD because they wanted to launch the world’s first fully decentralized financial solutions project, entirely powered by the community. In exchange they reserved just 500 tokens (2.5% of the total supply) for themselves. At the beginning of April they effectively “burnt” their 500 team tokens by transferring the ownership of the team tokens contract to the contract itself. This means that the new max supply is now 19,500 YFD. The early-contributors sacrificed these tokens for the cause. They are still avid believers that this project can succeed.
The time has come to hold our heads high and move forward together, pioneering the way to become the first fully community-powered DeFi solution. We are the closest any project has come to achieving this aim. And we have an incredibly loyal and strong community behind us. Let’s do it.
Join YFD Community
- Official Website: https://yfd.io
- Documentation: https://docs.yfd.io
- Official Telegram: https://t.me/yourfinancedecentralized
- Announcement Channel: https://t.me/yfd_announcements
- Gigs & Rewards Channel: https://t.me/yfd_gigs
- Medium: https://medium.com/yfdfi-finance
- Twitter: https://twitter.com/YFDecentralized
- Discord: https://discord.gg/jUTNmpp
- YouTube: https://www.youtube.com/channel/UC-EUg37O4rg89ADqWWmWBL
