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Your Finance Decentralized — Q2 Progress Report

Calliba
Your Finance Decentralized (YFD)
Published in
6 min readApr 8, 2021

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The last few months of Q1 were a time for getting our heads down and working tirelessly on product development. Our loyal community have been very patient during this period. Now all of the hard work is about to pay off.

In this article we discuss YFD’s progress to date, and roadmap for Q2 in detail.

YFD is cryptocurrency’s first entirely community-driven DeFi solutions project. What started as an experimental concept devised by several DeFi enthusiasts, has now blossomed into a fully functioning decentralized financial ecosystem. The establishment of our circular economy, whereby fees charged within the ecosystem are directly recycled to fund future developments, cover operational costs, and (most importantly) reward YFD holders, is what really sets us apart from the competition.

Our initial Staking Platform, offering 375% APY to all stakers, was a profound success. The idea was to distribute over 30% of the total supply to the members of the community who were here since our conception. It was our first great achievement.

In January 2021 we launched 4 Farming Vaults, also offering a large reward supply to all those providing liquidity for YFD on Uniswap. Farmers simply stake their LP tokens on the platform, via yfd.io, and immediately begin earning a passive income. Over 30% of the total supply is locked up in the Farming Rewards Pool and the supply will last until July 2022. YFD Farmers are currently supplying over $400k in combined liquidity on Uniswap.

Staking and Farming are both excellent ways to sustain a project and provide handsome rewards to the community, but they are only the appetizers for what is to come. A truly decentralized financial suite must provide a full range of bulletproof products for their community. And YFD plans to do just that.

This quarter will see the release of DFI.Governance, DFI.Swap, DFI.Exchange AND DFI.StaaS — the first four products of our arsenal. Q3 will bear witness to our impressive DFI.Ventures Platform, and DFI.Insurance will follow in Q4. Let’s take a look at each of these platforms, and see precisely how they will be of benefit to our community:

DFI.Governance
YFD’s Governance Platform is now complete and is scheduled for release on Tuesday the 20th of April 2021. Development has been carried out by Blue Dragon — a full stack developer with a wealth of programming experience. He came from the community (and is also developing YFD’s soon to be released DFI.StaaS Platform).

DFI.Governance will be powered by the token, VOTX.

VOTX has a max supply of 100,000 tokens and, as with YFD, contains no mint function and no burn function. The token distribution will be as folllows:

  • 65,000 VOTX will be locked in the Farming Rewards Pool, whereby UNI-V2 LP holders can stake their LPs in return for 7.2% returns weekly;
  • 10,000 VOTX will be locked in the Staking rewards pool, whereby YFD holders can stake their YFD in return for 4% returns weekly;
  • 10,000 will be used to provide liquidity in the Uniswap liquidity pool;
  • 10,000 will be distributed amongst the early contributors of the project, and;
  • 5,000 will be used to provide liquidity in the DFI.Swap pool.

DFI.Governance will instate a Quorum of 25000 VOTX (this means that if fewer than 25,000 VOTX are used, the vote will be void, preventing small groups validating decisions that are not desirable for the whole community). The Power of Decision is calculated based on the number of VOTX deposited by a Voter in the Governance Contract. We will also provide a Leader board, displaying the most active voters and those who hold the largest power of decision.

Our Governance Platform will empower the community with the ability to propose and vote on decisions within the YFD Ecosystem. Only through Governance will we achieve true decentralization, which is why it is our first and most important product scheduled for release.

DFI.Swap
Development of the V1 Swap Protocol, designed and developed by community developer, Remix, is also ready for launch.

The idea with DFI.Swap is that it will evolve over time. The first version is very similar to the world’s foremost decentralized exchange, Uniswap.

We already have a solid framework of plans for all future versions of the Swap. Our V2 will include the ability to vote in order to list new token pairs. Whilst this will be possible in V1 with the utilization of the DFI.Governance platform, we feel that the ability to vote directly within the Swap itself would simplify the procedure and enhance decentralization. V3 will include the ability to trade LP tokens directly, reducing network costs by avoiding the necessity to withdraw liquidity prior to trading. And if that isn’t enough to whet your appetite, the final version — V4 DFI.Swap — will include the ability to swap tokens cross-chain.

DFI.Exchange
YFD’s Decentralized Exchange is currently under development. Our DEX developer, who goes by the pseudonym, Solidity Wolf, is a full stack developer with a plethora of experience writing smart contracts for the Ethereum blockchain. As with all developments and contributions within the YFD ecosystem, he came forward from the community and offered his services to help advancement of the project.

DFI.Exchange will be a fully functioning DEX with a complete range of options to set market and limit buy/sell orders, as well as the ability to place stop losses. We will also provide tutorials to assist some of the less experienced users, helping them minimize their risk and use the platform wisely to execute their trades.

Completion of the DEX is expected by early May 2021.

DFI.StaaS
Our Staking-as-a-Service Platform was not on our original roadmap. A member of the community put forward the idea as a way to bring staking back to our community, on a sustainable and long-term basis.

Staking is one of the most popular products on offer within the DeFi arena. The ability to assist the functioning of the blockchain, whilst earning a generous passive income, is of interest to all.

Our DFI.StaaS platform will enable DeFi projects to set up a quick and easy staking system to offer their community, at a significantly reduced cost. Usually, staking platforms are either original developments or forked from other projects. Even forking a contract can take weeks and cost tens of thousands of dollars in developer fees. Our platform will facilitate the rapid and inexpensive creation of a staking system, enabling projects to offer an almost immediate product to their communities. In addition it will provide their project with excellent exposure to the entire YFD community, broadening their reach, and offer our community a host of safe staking options to earn an excellent passive income.

YFD are building the framework for what will become one of the most comprehensive DeFi Solution Suites within the entire realm of decentralized finance. The imminent release of DFI.Governance, powered by VOTX, has enabled us to supply not one but TWO incredibly lucrative earning platforms prior to launch. This will firmly establish the true decentralization of our ecosystem.

YFD would like to thank all of the community for being such an active part of the journey so far. Being a community-driven project, we rely on the community to build and develop the ecosystem. With all of the completed products ready for launch, and those nearing completion, Q2 and Q3 will be a VERY exciting period for all of us. We will move forward together whilst keeping these key notions at the forefront of our minds — community. transparency. security. freedom.

Join YFD Community

Yfd
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Staking
Passive Income

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Calliba
Your Finance Decentralized (YFD)

Written by Calliba

23 Followers

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