YFD Progress Report: Farming, Staking, Rebranding & More…
YFD is quickly becoming a household name within the crypto community. This article summarises some of our achievements so far, provides updates on our rebranding campaign, as well as our farming and staking platforms, and also sets out what our community can expect in the near future!
In the 4 short months since our conception, YFD has achieved much more than most other DeFi projects ever do. This is thanks to our amazing and loyal community members, our diligent admins, our tireless community managers, expert ‘in-house’ devs and ever-expanding allegiance of expert contributors. We are all evidence to the fact that a successful and powerful true DeFi Project can be more than a mere ideology, for together we are quickly making it a reality. Let’s get started with an important update regarding our recently released Farming platform.
Farming
On Wednesday the 20th of January, YFD released their much anticipated Yield Farming platform. The Farming platform consists of 4 pools (vaults), each with varying time-lock periods and reward pool supplies. As with all of YFD products, the Farming Smart Contracts and UI have been developed by contributing members from our community. Prior to deployment, all contracts were audited by cybersecurity firm, Hacken, and all have been found to be “well-secured”.
Following a successful deployment, the team have now been informed of a specific feature within the smart contracts regarding the accumulation of pending rewards. This feature was not communicated as well as could have been to the YFD admins prior to release. The feature requires that rewards be disbursed manually to the contract, which is why the pending rewards are not being displayed at present on our Farming platform. What it means for farmers is that you will now be able to claim your rewards on a weekly basis every Wednesday at 11:59PM UTC. This will be possible, regardless of which pool you enter into. Previously it was communicated that rewards, as well as LP tokens, would be locked for the duration of the time-lock (either 3, 30, 60 or 90 days — depending on vault selection). This also means that all Farmers will now be able to compound their rewards far more quickly than previously thought.
One of the side effects of being a community-driven project, with independent developers and contributors, is that it can (very rarely) present communication issues between the dev teams and our own project admins. This is why we are so diligent in our testing and why we have hired Hacken to audit all of our contracts. Nonetheless, this farming feature detailed above did indeed go undetected until now. To ensure that this is an isolated incident, we have established a more in depth testing procedure for our future products. Once again it is important to note that this was never a security issue. Hacken did their job perfectly in carrying out the security audit and users’ funds have always been, and will always be safe within the YFD ecosystem.
Tomorrow marks 7 days since the deployment of our Farming platform, meaning all Farmers can look forward to their first rewards being made available! It is not obligatory to claim your rewards tomorrow, you can leave them there to accumulate for as long as you like. Each Wednesday you will see them updated and after tomorrow, you can claim them at any time.
Staking
It is no secret that our Staking platform has been one of the most generous staking pool setups that can be found within the DeFi space. It has been one of the many alluring factors that have made YFD so popular amongst its loyal and proactive community. The 375% APY (7.2% weekly; 1.02% daily) Staking Pool was established by our first contributors to create and unite the community that you see before you today. The rewards have always been held and distributed from a separate allocated pool so as to ensure that this APY was sustainable for as long as possible. Our initial estimation for the duration of the staking pool was that it would last until Spring 2021, which was based on a non-compounding model of the platform. For this reason, no “auto-restake” button was ever installed on the UI.
In truth however, many of our Stakers have been enjoying significantly higher APYs than the planned 375%. This has been achieved through compounding (the claiming and then re-staking of rewards). Those who have been compounding daily have in fact been earning a massive 4071% APY; those compounding weekly, 3638% APY; and if you have been compounding monthly, 2513% APY. Needless to say, this has meant that rewards have been distributed more quickly than initially anticipated, and as such, the staking rewards pool is now coming to an end. (It is impossible to give an exact date and time as it depends entirely on the number of tokens staked. We will make an announcement within the official Telegram group when the rewards pool comes to an end.)
Firstly, a big congratulations to everyone who has taken advantage of the staking here at YFD so far. A total of 6000 YFD (30% of our total supply) were initially allocated to the staking rewards pool. Today, nearly 5700 of those have now been claimed by our community! At the time of writing, that is valued at over $2.3M. Secondly, now that staking is nearly over, the time has come to take full advantage of our lucrative Farming Pools. Over 20% of our total supply has been allocated to farming rewards. This is an excellent opportunity to earn more YFD, whilst also locking up more of the circulating supply, which in turn will push up the price of your tokens.
It is important to remember that as we continue to grow and develop our ecosystem and establish our circular economy, YFD holders will benefit greatly, not only from the “flow-backs”, whereby fees taken within the ecosystem will be redistributed to token holders to provide a passive income, but also because YFD holders have the ability to shape the future direction of this ‘first-of-its-kind’ project, by way of our, soon to be released, DFI.Governance.
Rebranding
Which brings us to some very exciting news! Our rebranding campaign is ready to be set in motion. Our rebranding campaign marks what will be no doubt the first of many exciting community initiatives, helping to shape the future of YFD.
Several weeks ago, the community put forward the idea to change the name of the project to “Your Finance Decentralized” — creating an acronym from our ticker “YFD”. The aim was to move away from the YFI-esque image with which we began back in October. This was voted upon in our community forum, DFI.Community, and received a unanimous ‘yes’ vote. We then moved directly on to the creation of a new logo to go with our new name. Being a 100% community-driven project, the community were asked to ignite their artistic flare and submit designs of their own creation. The top 5 designs were then chosen and once again voted upon within the community forum. At this stage of the process it became obvious that one or two overly enthusiastic members of the community had a clear vision of what they believed the new logo should be, and in ensuring that this logo was chosen, multiple accounts were created in order to submit additional votes for one of the logos. Admins immediately picked up on this and cancelled the vote. A fairer and more transparent alternative was found in Telegram Bot Project, Collabland. Collabland provide a token-permission configuration bot that ensures that multiple accounts cannot be created using the same wallet address, and also that wallets contain a predesignated quantity of any ERC-20 token of the designers choosing. This bot enabled us to hold a second vote within our own YFD Voting Booth TG group where we received an unequivocally fair voting process.
The winning logo did so by a landslide, receiving over 50% of the votes, bearing in mind there were five logos to choose from! The creator Notajang, will receive 1 YFD as a reward for his contribution to the project. We are very pleased to now present our community with their new project logo:
Now that we have our new name and new logo, the rebranding process can commence. This involves a significant amount of work such as building a new website, changing all of our social media accounts (TG, Twitter, Reddit, Facebook, Medium, etc), editing our Project Documents, contacting and updating all partners as well as data feeds such as Coingecko and Coinmarketcap, contacting exchanges, and the list goes on. We expect that the rebranding process will be completed by mid-February.
& More…
We have come a long way since our conception in October 2020. In only 4 months we have achieved significant progress, ticking off everything on our road-map so far. We have forged multiple advantageous partnerships and relationships with the likes of Crust Network, xProject, Zoracles, Hacken, Ferrum Network and Cover Protocol, and our Partnerships Manager 10Crypt is working around the clock to find additional suitable partners.
We have deployed our very successful staking and farming platforms, as well as having given back over $80k to the community by way of a special staking event with Ferrum Network and the recharging of our Gigs & Rewards Wallet.
We have caught the attention of several very influential twitter personalities — such as Lil Moon Lambo, Crypto Vanessa, Macro CRG, The Cryptomist, Altcoin Buzz, Bitcoin News and many many more.
And all of this in only 4 short months. Imagine where we will be by the end of 2021!
In Q1 alone we have scheduled for release DFI.Governance and DFI.Swap. Q2 will see the release of DFI.Exchange V 1.0, DFI.Ventures and DFI.Insurance, as well as a DFI.SelfBanking feature for our users.
Our community is now growing rapidly as we approach 2000 members in our official Telegram channel. New members come for the staking or the farming, or the fact that they know that we provide the highest level of security for users’ funds. However once they join our community, they stay for, what is quickly becoming, the most welcoming and helpful community of any project within the crypto space. We are not just a community, we are a family. And we look out for one another. Recently one of our community members fell victim to a scam. He accidentally purchased a fake copy of YFD on Uniswap. He came to the community with a question regarding the lack of liquidity for his token, and shared with us the fake token’s address. The community responded by sending him YFD to help counteract his losses. He did not ask the community for help, they did so because that is who we are at YFD.
We are creating something unique here. Pioneers are those who shape history. They allow society to evolve and they shift the trajectory of progress. We are pioneers of the true decentralization of finance.
Together we will progress and develop the first-ever truly decentralized financial solutions project. Together we are building Your Finance Decentralized, for a better future.
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
- Reddit: https://www.reddit.com/r/YfDFI?utm_medium=android_app&utm_source=share
