YfDFI Finance comes across as a remarkable community-powered DeFi project. As per the official documents, the platform aims to become the first fully community-powered DeFi Financial Center. Interestingly, YFD, the governance token of YfDFI Finance launched without any value. However, at the time of press YFD is trading over $109. This clearly proves that the new standard used for building YfDFI Finance holds potential. In simple words, YfDFI Finance is a platform built by a decentralized community using decentralized technologies.
As a community-powered ecosystem using decentralization at every level, YfDFI Finance aims to reconstruct the traditional financial services using DeFi protocols. These services include insurance, governance, exchange, credit, farming, self-banking, and more. According to the project documents, the community will develop all these solutions required to support the ecosystem. Furthermore, the system will automatically distribute profits generated by the ecosystem to the contributors.
The community is already all excited about the developments and price surge.
4 days later we are 10x on this one.
And the best part is that the party is only starting!$YFDCongratulations to everyone who took this starship trip with me! https://t.co/RjiqkrnQVe
— Shitcoin Shelby (@MuttSB) November 17, 2020
YfDFI Finance – Against the DeFi Pump and Dump
Some DeFi enthusiasts got together to build a community movement against the pump and dump projects that plague the DeFi market. To start with, they started a Telegram channel by the name of Gigs & Rewards and started building a skill rich community. Moreover, the initial community members received YFD tokens for their contributions.
Impressively, in less than two months, the YfDFI Finance community has already developed and delivered:
1) Community-powered liquidity pool on Uniswap
Currently, all the liquidity providers (LP) in the pool share 0.3% of the transaction fee. Therefore, as an LP if you provide 20% liquidity to the pool, you will earn 20% of the transaction fee.
2) BETA version of their DEX (DFI.Exchange)
It is the first Decentralized Exchange (DEX) that is fully governed by the community (DAO). Very soon it will start token listings. The tokens will be selected based on community voting results. Additionally, once the exchange is operational, YFD holders will receive all the fees generated every month.
3) The first version of Staking Pool (Pool A)
The staking pool is already live and it offers a 7.2% interest rate weekly. The YFD token holders can stake their tokens and keep earning the interest until all tokens reserved for Pool A are distributed. According to the stats shared with Altcoin Buzz, the pool will last a minimum of 8 months and even longer.
4) Live community forum (DFI.Community)
These forums support general to technical community discussions.
A “No Rug” DeFi Project
YfDFI Finance envisions to become a fully community-centered project. To offer peace of mind to the community, it has locked all non-circulating tokens through different contracts. Notably, the total supply of YFD caps at 20,000. Currently, the tokens remain distributed across as Uniswap liquidity tokens, team tokens, staking tokens, and farming tokens. Moreover, these now remain locked in different contracts. Furthermore, these will remain locked until the end of development.
Audited Smart Contract
The YFD smart contract is an audited contract and Nasdax Security team marked it safe and fair. Nasdax Security Team basically conducted the audit.
That’s an impressive roadmap
As a community-powered ecosystem, YfDFI Finance is buzzing with activity. Coinmarketcap listed the token on 16 November and YFD was among the top gainers/trending during the first days.
This week is also full of excitement because YfDFI Finance will be releasing its liquidity farming pool UI (Pool B) to the community. The final release seems planned for December 2020 and the Liquidity providers on Uniswap Pool #1 will be able to farm their LP tokens (Uniswap Pool Tokens).
Additionally, they will be able to earn up to 10% interest WEEKLY. The pool will sustain until all YFD tokens reserved for Pool B are distributed.
Furthermore, the community is already working on developing:
1) DFI.Swap
2) DFI.Insurance
3) DFI.Self-Banking
4) DFI.Insurance
5) DFI.Ventures
YFD Price
At the time of press, YFD is trading close to $109.89 and Uniswap is the best exchange to pocket some of the YFD tokens.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
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This is a quality project with a strong community. The big influencers haven’t got into this yet, which gives it great growth potential. Of course any coin can be risky, but with proper risk management, expect to see another 3-5X from here, and even that would be undervalued.
Great article guys, I’m a big fan and it’s great to see you speaking about a project that I am already in. It has been going I noticed until now as the team have opted for development of sustainable working products rather than marketing hype. Now the hype has started organically. The staking rewards from this alone have been making me great returns.
I have never been more excited for a crypto project. The staking rewards are amazing. The community is very committed. Transparent roadmap that is delivering, and to think we’ve only just started!
Wow, this is exciting! A community run DeFi Financial Center with 7.2% weekly staking.. AND farming, governance, insurance, swap, exchange, and ventures etc.
‘All solutions are community developed and all profits generated by the ecosystem will be automatically redistributed to $YFD holders.’ I can really see this taking off (easy 10x!)
This project honestly seems good. It’s exactly what I hoped would come out of deFi.. Decentralized, fair, engaged small community, and a proven track record in terms of development (in extension staking). Yes there is still things to be built, but they really do seem be on the way. I hope the price is not too volatile, and the developers build a good agile process around development it self, so they don’t get stuck 🙂
Good article thanks.
What about $SSL and $SERGS?
Great review and good community based project.
try utopia p2p ecosystem. best in cybersecurity