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 $109. This clearly proves that the new standard used for building YfDFI Finance holds potential. In simple words, YfDFI Finance is a platform built by a decentralized community using decentralized technologies.
As a community-powered ecosystem using decentralization at every level, YfDFI Finance aims to reconstruct the traditional financial services using DeFi protocols. These services include insurance, governance, exchange, credit, farming, self-banking, and more. According to the project documents, the community will develop all these solutions required to support the ecosystem. Furthermore, the system will automatically distribute profits generated by the ecosystem to the contributors.
The community is already all excited about the developments and price surge.
4 days later we are 10x on this one.
And the best part is that the party is only starting!$YFD
Congratulations 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:
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.
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