Your Finance Decentralized or YFD aims to become the first DeFi Financial Center fully powered by the community. To achieve the goal, the ecosystem is building products to provide all the financial services that are offered by centralized finance. These include staking, farming, governance, lending, trading, insurance self-banking, and more. In January 2021, YFD launched its Farming platform where the liquidity providers can earn a certain percentage of transaction fees, farm LP tokens, and earn double-digit weekly interest.
According to the latest roadmap shared with Altcoin Buzz, YFD is primed for even bigger releases in Q2 of 2021. A lot of development activity has been happening in the ecosystem after new developers joined the community-centered project. As a result, during April and May 2021, the team will roll out the following products:
DFI.Swap – It will be the first community-owned and governed Automated Market Maker (AMM). Interestingly, the community (YFD holders) will share all the income generated by the AMM on a monthly basis.
DFI.Governance – A fully decentralized decision-making platform for the governance of the YFD Finance ecosystem.
StaaS Platform – The platform will offer its users a Staking As a Service Platform for other approved ERC-token projects. The users who pay fees in YFD will enjoy reduced fees.
DFI.Exchange – It will come across as the first community-owned DEX.
Full decentralized governance system
YFD was built to be an ecosystem fully governed by the community. As a result, the platform will redistribute all the profits earned by any product to its users. However, to govern this setup, the platform will soon release its fully decentralized governance system powered by VOTX.
VOTX: The Community Voting Token
YFD has issued its new token, the VOTX, a voting token that will be used on DFI.Governance to help the community make the decisions. According to the details shared with Altcoin Buzz, the total Supply of VOTX will be capped at 100,000.
Furthermore, most of the VOTX supply will be made available for YFD holders through a new staking and liquidity platform. In order to get VOTX, the YFD holders will have to stake their tokens. Moreover, they can farm their LP tokens from the YFD Uniswap pool.
Contract address: 0xf94d66fb399a98b33563d87447b41a6a75bffdf0
Etherscan explorer: https://etherscan.io/token/0xf94d66fb399a98b33563d87447b41a6a75bffdf0
Massive Q2 Roadmap
During Spring 2021, all YFD products will be rolled out. To ensure that a fully decentralized ecosystem is ready before all the products roll out, the team has created a roadmap named “Road to Decentralization”.
This roadmap below clearly depicts the events that will take place before the ecosystem becomes a fully decentralized community-centric ecosystem.
Here is our take on the platform (previously YfDFI) and why we think it holds great potential.