Yfdai.finance is an entire permissionless DeFi ecosystem that combines Staking & Farming services and soon, Lending/Borrowing services, SafePredict, and Insurance together with their own DEX called SafeSwap and their own LaunchPad where legitimate projects in the DeFi space can launch their new vetted projects with contract audits, locked liquidity and locked dev tokens in time-release smart contracts.
Yfdai.finance is airdropping a total of 21,000,000 SSGT tokens to YF-DAI holders, stakers and farmers. Hold, stake or farm as mentioned in the below steps to be eligible to receive free SSGT rewards. Users who’ve not sold or moved their rewards will receive additional rewards. The rewards will be equally distributed every month over the course of six months.
Hold YF-DAI in a private wallet or stake or farm YF-DAI.
The first snapshot was taken on March 9th, 2021 and users who held YF-DAI during this time will receive SSGT in a ratio of 1 YF-DAI : 1250 SSGT and users who were staking or farming YF-DAI during this time will receive SSGT in a ratio of 1 YF-DAI : 1350.
Holders between March 9th, 2021 and March 16th, 2021 will receive SSGT in a ratio of 1 YF-DAI : 1100 SSGT and users who stake or farm during this time will receive SSGT in a ratio of 1 YF-DAI : 1150 SSGT.
Users who hold, stake or farm YF-DAI after March 16th, 2021, will not be eligible for the airdrop.
The rewards will be equally distributed every month over the course of six months.
There’s no minimum YF-DAI you need to hold to be eligible for the airdrop.
SSGT holders who’ve not sold or moved SSGT during the six-month distribution period will receive a bonus of 5% of their total SSGT airdrop and YF-DAI stakers and farmers who’ve not sold, moved, unstaked or not removed LP tokens from the farms will receive a bonus of 10% of their total SSGT airdrop. Bonus tokens will be distributed after the initial six-month distribution period.
Unclaimed SSGT from the airdrop pool will be distributed to the staking pool.
For more information regarding the airdrop, see this Medium article.
Yfdai.finance is an entire permissionless DeFi ecosystem that combines Staking & Farming services and soon, Lending/Borrowing services, SafePredict, and Insurance together with their own DEX called SafeSwap and their own LaunchPad where legitimate projects in the DeFi space can launch their new vetted projects with contract audits, locked liquidity and locked dev tokens in time release smart contracts. Whereas other DeFi protocols rely upon minting new tokens to sustain their staking and farming rewards,
YFDAI has allocated tokens for these products which will be replenished with fees generated by the ecosystem. YFDAI also has a deflationary burn mechanism built into the platform that will ultimately reduce the total supply to just 13,950 tokens. YFDAI’s mission is to clean up the DeFi space by de-risking the purchase of new projects by performing due diligence vetting and requiring adherence to the same protocols that YFDAI itself adhered to on their launch. YFDAI’s motto is ‘no more exit scams or rug pulls.’
The YFDAI Finance protocol allows users to stake YF-DAI via the dedicated Staking Dapp. With just a 72hr initial lock period users maintain control over their tokens. The YF-DAI Staking Dapp can be found at: https://stake.yfdai.finance/
Farming will allow participants to earn returns by providing liquidity in a variety of pools. Our first 6 farming pools went live on 10/25/20.
The flagship, SafeSwap exchange will list and support projects that have met our strict criteria including locked tokens and fully audited contracts.
A community made of borrowers that have instant access to a variety of loans while providing a collateral liquidity.
A community made of depositors and borrowers, depositors earn a passive income by providing liquidity while borrowers have instant access to a variety of loans.
The YFDAI Launchpad ecosystem will promote up and coming projects that wish to contribute legitimate services to the crypto space by helping to build their token platform.
YFDAI Finance will offer clients extra peace of mind with our optional insurance program. YFDAI will be offering insurance underwritten by a major carrier to help mitigate risk.
Total Supply: 21,000 YFDAI
Circulating Supply- 7770 tokens fully distributed
Staking and DAO – 7350 tokens locked for 12 months
Team & Advisors- 2520 tokens locked via smart contract released at 210 tokens per month
Development- 2100 tokens
Marketing- 1050 tokens locked for 6 months released at 175 tokens per month
Reserved- 210 tokens used for new incentives/emergencies.
After seeing the negative precedents being set in the DeFi space with reports of fraudulent projects ascending contemporaneously with the rise of DeFi’ s popularity, Olivia and her team saw the opportunity to develop a trusted and secure platform. That’ s exactly why in Q3 of 2020, YFDAI was created. Having been affected by illegitimate projects personally, Olivia knew the central focus of YFDAI should revolve around transparency and security. To achieve this, the YFDAI protocol and smart contracts first had to undergo a thorough inspection by an accredited auditing firm.
In addition to this measure, the tokens belonging to the team would have to be locked with the address made public for all to verify. While these steps solidified YFDAI’ s commitment to security, the project couldn ’t stop there. The YFDAI team made it a point that the DeFi space had to embrace a “best practices approach” in order to truly flourish, that is why YFDAI’ s LaunchPad and SafeSwap exchange was created. The creation of the LaunchPad and SafeSwap exchange was designed to help scaffold the DeFi space as a whole, and to construct a truly trustless, transparent, and secure environment.
Pillars of the YFDAI Ecosystem
YFDAI Finance has many features that make it an attractive DeFi protocol. Below is a list of reasons why it is poised to be one of the biggest players in the DeFi space.
The YFDAI protocol is structured to allow for multiple pools and staking options to be offered over a more extended time period. With an easy-to-use user interface coupled with detailed instructions, YFDAI brings a simple and delightful user experience.
Project security is one of the primary goals for the YFDAI protocol. To ensure a secure yet transparent protocol, YFDAI leverages its unique “LaunchPad Management” system, where new start up projects tokens are protected through a series of time-locked smart contracts.
Intuitive Governance Model –
A flourishing community is vital to the YFDAI platform. To facilitate a healthy ecosystem, YFDAI will transition to a unique on-chain voting mechanism that will introduce flexible voting parameters. This governance model is a first of its kind and allows for cost-free voting publicly verifiable by YFDAI holders.
Trustless Protocol –
Blockchain is revolutionary in creating distributed, trustless, permissionless and decentralized systems. YFDAI Finance holds this philosophy in the highest regard. That’s why YFDAI is one of the few DeFi protocols that stores tokens inside fully audited, time-locked smart contracts to eliminate all possibilities of tampering and exploiting the protocol.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.