AMA Recap: CRYPTO MINERS X YFX PROTOCOL
YFX is a decentralized perpetual trading platform. All the assets are hold by smart contract. Our smart contract been audited by professional institutions. You have full control of the fund trade in our smart contract.
- First Defi trading platform support 100X Leverage.
- First Defi trading platform support Ethereum, Tron, Binance Smart Chain and Huobi Heco.
- First trading platform support coin margin swap, USDT swap and hybrid swap.
We hosted an AMA session with YFX Protocol on 15th October at 2:00 PM UTC.
Mr. Ramsy was the host from Crypto Miners and Mr. Alex, product VP of YFX was our guest. He shared delightful knowledge and unique features of YFX Protocol with us.
Segment 1️⃣: Introduction
Hello everyone 👋 and welcome to the Crypto Miners AMA session with YFX Protocol
Thank you all for joining us today!❣
To help us learn more about the featured project of this AMA session, we are lucky to be joined by Mr. Alex Welcome to our community 🤝
Gald to see you here
Thanks for bringing Us YFX Protocol❤️
Nice to meet you
I'm pretty sure that our AMA participants are very much excited to learn more about YFX Protocol, so let's get started if you're ready
let's start it now!!!
I am ready
Alright, Can you please introduce yourself and what you do at YFX?
I’m Alex, I have been in the cryptocurrency space since finding Bitcoin in 2009. I’ve written for a lot of different projects and today I’m a product VP at YFX.
Alright, Moving to our first introduction question
1.Can you introduce YFX PROTOCOL to our community?
YFX.COM is a cross-chain decentralized perpetual contract platform based on Ethereum, Binance Smart Chain, Huobi Ecological Chain, TRON, OKEx public chain, and Polkadot.
YFX provides up to 100 times the perpetual contract trading BTC, ETH and other assets. Different from the common automatic market maker model (AMM), YFX.COM adopts the QIC-AMM market maker pool trading method to provide users with high liquidity and low trading slippage.
YFX.COM has successfully supported layer2’s perpetual contract trading function. YFX.COM’s goal is to build a DEX that can compete with CEXs on the derivatives trading track.
Moving to our next introduction question
2.What are the core features of YFX PROTOCOL ?
1. YFX is the world's first cross-chain perpetual contract DEX that supports 100x leverage.
2. YFX's trading fee is the lowest among all DEX, the fee is only 0.05%, and the funding rate is 0.
3. YFX only focuses on decentralized derivatives trading, and the products are more professional and convenient for users.
4. YFX is the world's first cross-chain perpetual contract DEX that supports 6 major blockchains.
5. YFX's contract code is fully open source and has passed Certik's security audit, allowing users to maintain complete control over funds.
6. YFX is the world's first perpetual contract DEX that supports USDⓈ-Margined, Coin-Margined, and MIX-Margined contracts.
7. YFX perfectly achieves no over loss and no societal clawback.
8. YFX adopts the leading QIC-AMM mechanism to provide extremely high liquidity and extremely low trading slippage.
9. YFX users don’t need to register and log in, don’t need KYC, can withdraw money freely, and have a 24/7 free deposit.
10. YFX has supported all wallets to open transactions, just open the wallet and enter "yfx.com".
Wow, Lot of Features providing to users 👌👌
3.Is YFX convenient for new users?
YFX is very simple to use, which is not as complicated as CEX. You only need a wallet and a little gas to provide fuel for your agreement transactions, then you can use YFX for transactions.
It is easy to operate and use. Make it easy for users to use and get started directly. This is what the team and developers care about, so that ordinary people can use it to achieve inclusiveness.
4. From what aspects does YFX guarantee the security of the platform?
Code risk control: Every line of YFX.COM's code can be deployed only after the security audit by CertiK, a well-known American audit institution.
YFX audit report: https://certik.foundation/projects/yfx
Financial risk control: Take examples of the accumulated experience and models of the existing financial risk control industry. Aiming at the characteristics of blockchain financial applications, the risk control model and rules of YFX.COM's own business characteristics have been formulated: system de-risk mechanism, and the risk control on and off the chain control.
Smart contract security: YFX.COM contract developers have rich experience and hire at least one well-known security agency in the industry to conduct a comprehensive audit. In addition, YFX.COM's unique DEFI security component can greatly improve system security.
Data monitoring: YFX.COM transaction data is completely run on the blockchain, and user funds are also completely managed by smart contracts. The solution to abnormal data is very sound.
Here’s the last introduction question,
5.How is the economic model of YFX.COM’s platform token YFX designed? Does YFX
have a repurchase/ hedging plan? For token holders, where are the main functions of
tokens? What are the main ways to obtain YFX tokens?
YFX.COM meticulously designed its economic model and launched the governance token YFX communally in the next four years. YFX is the platform token of the YFX.COM cross-chain decentralized perpetual contract trading platform. The platform token will be released on each of the major public chains such as ETH, BSC, Heco, Tron, OKExChain, Polkadot, and the total amount of YFX is 100,000,000. YFX is used for the governance of the entire decentralized platform.
YFX adopts installment rewards, in which the community is obtained through mining or market-making liquidity contribution rewards. The development team and early investors only own a small part of the token, and it will be linearly unlocked in the next few years. At present, YFX tokens are used for the ecological governance of the entire decentralized trading platform. The specific functions are as follows: 50% of the trading fee received by the platform is directly used for repurchasing and destruction in major decentralized token exchanges from time to time, open and transparent.
No more than 50% of the risk fund can be used for the repurchase and destruction of platform tokens · Platform token can be used as margin for contract transactions to expand the liquidity of tokens · Encourage market makers to liquidity market makers, pledge LP token will be rewarded by YFX ·
The platform token can balance the net position of the liquidity pool and reduce the risk exposure of the liquidity pool · When the time is mature, YFX.com will be handed over to the community for common governance. Holding YFX will have the right to propose and vote on the platform and pledge a certain amount of YFX to open and configure the trading market and enjoy the benefits.
The most important part of the YFX token economic model is that 50% of the transaction fee received by the platform and no more than 50% of the risk fund will be taken out to repurchase YFX tokens in the secondary market and burn them. The specific repurchase plan has been officially announced. Part of the YFX token lockup plan has been launched, such as pledge YFX will be rewarded by YFX tokens, pledge LP token will be rewarded by YFX tokens. YFX.COM will also launch functions such as pledge YFX will be rewarded by part of the trading fee. The specific time is subject to the official announcement. Judging from the recent YFX.COM non-destructive pledge lock-up data, over 2100% APY is very good.
Thanks for that well detailed introduction about YFX Protocol🤝
That wraps up the first part of the AMA session✅
Let's Now Procced Twitter Questions..
I hope you’re ready for that
Q1) What is YFX's product planning?
YFX.COM aims to realize a fully decentralized, open and transparent data, safe and stable, concise and efficient, and truly innovative derivatives trading platform, which can be completely equivalent to the centralization of the United States in terms of trading. At present, the V1 version of YFX.COM has been launched on the four public chain mainnets of ETH (layer2), BSC, Heco, and Tron. It also supports the mainnet of OKEx Chain. YFX.COM is the perpetual contract DEX that launched on OKEx Chain. Through OKEX Chain you can start decentralized derivatives trading.
YFX.COM, as the world's first cross-chain perpetual contract trading platform deployed on OKEx Chain, provides users with convenient trading of perpetual contract, smooth trading experience and low gas.
YFX.COM only has 0.05% handing fee and no funding rate.
YFX.COM has launched the BTC/USDT (USDT-settled) perpetual contract trading market and liquidity pool. Users use YFX.COM to link OKEx Chain to activate decentralized derivatives transactions. In the future, according to the actual operation of OKEx Chain, other perpetual contract trading pairs will be launched one after another.
With the improvement of the YFX ecosystem, the application scenarios of YFX tokens will be gradually realized. The YFX.COM V2 version is expected to be launched in the third to fourth quarters. It will complete quotation mechanism, funding rate, position management and platform currency application scenarios, and will bring users a smoother trading experience by then. This version will be a revolutionary product of local DeFi derivatives.
The latest events of the YFX platform can be viewed here https://help.yfx.com/portal/en/kb/news-announcements
Guys,Here's Some useful links for more exploring YFX Protocol
Q2) What is the maintenance margin rate of YFX?
The maintenance margin rate of YFX.COM is only 0.5%, which is the same level as that of centralized exchanges. On the other hand, other perpetual contract exchanges generally start at 5%. Suppose a user opens a 10x leverage to do long, and it would return to zero if it fell 10%. If it is a 5% maintenance margin rate, a 5% drop will result in a liquidation. However, through good design, YFX.COM can drop by 9.5% before liquidation. The high maintenance margin rate will only allow users to liquidate their positions in advance, which is extremely unfair to users.
Q3) Where can we see YFX.COM's perpetual contract trading friendly to traders?
The main bottleneck of DeFi derivatives is gas cost, liquidity and transaction delay. In response to these problems, YFX.COM V1 version has solutions which are based on user needs and operations. Every link and every line of code will be reviewed by the security audit agency CertiK. The innovation in the derivatives trading mechanism has achieved fairness, with open and transparent data.
1. We have other projects run on ETH, which has high fees for most users. However, YFX.COM is the first trading platform for a cross-chain decentralized perpetual contract that supports 6 public chains，including ETH(layer2),BSC, Heco, TRON, OKExChain and Polkadot". YFX.COM chose the public chains that are directly launched are low-fee and fast-speed public chains such as Heco and Tron. To reduce transaction friction costs and increase transaction speed, YFX.COM already supports layer2 for providing a better experience. In the true sense, it brings a trading experience that can rival or even surpass centralized exchanges.
2. In the decentralized perpetual contract, YFX.COM is the first to provide 100x leveraged trading. 100x leveraged trading is the trademark of BitMex, the creator of the centralized perpetual contract exchange. I believe that in the decentralized industry, whoever will make it first with 100 times leverage, whoever has the design capabilities of BitMex, may also become the next BitMex in decentralization. Obviously, YFX.COM can!
3. The maintenance margin rate of YFX.COM is only 0.5%, which is the same level as that of CEX. On the other hand, other perpetual contract exchanges generally have at least 5%. The high maintenance margin rate will only allow users to liquidate their positions in advance, which is extremely unfair to users.
4.The fee is only 0.05%, which is the lowest trading fee in the YFX.COM industry. In addition, YFX.COM also has an invitation mechanism. Players use your invitation address for transactions, and 30% of the trading fee will be directly returned to the invitation address, and each transaction can be queried on the chain.
Wow Low fee, It's bring more Users 👌👌
Q4) YFX.COM perfectly supports layer2. What does this breakthrough mean in the field of
Layer2 is an expansion protocol that increases TPS and reduces gas costs. Current layer2 solutions: Rollups, State channels, Sidechains, Plasma, Validium, Hybrid solutions, etc. From a technical point of view, the current layer2 solutions of Ethereum are mainly divided into three categories: state channels, sidechains, and Rollups.
The state channel reduces the burden of Ethereum by facilitating off-chain transactions. It has the characteristics of instant access and high throughput. The sidechain, an independent blockchain with independent consensus rules, is not synchronized with the consensus of Layer1. You can see Roll up as an advanced non-custodial side chain technology that puts calculations off the chain, transaction data and the latest world state on the chain, ensuring the availability of data on the chain.
YFX.COM chooses the mature technology side chain xDai as the layer-2 solution to provide users with decentralized perpetual contract products, which solves the problem of unpredictable Ethereum gas prices, blockages that may slow down the transaction speed, and needs 2 tokens used to complete any transaction using stable tokens.
Through xDai, YFX.COM trading users can simply, easily and stably conduct decentralized contract transactions:
1. Significantly reduce transaction costs. The xDai side chain provides 5 seconds of block confirmation and an ultra-low handling fee of $0.0002 per transaction. Compared with the Ethereum mainnet, the transaction fee is measurable, and the fee is lower. In addition, it is reported that YFX.COM's transaction fee rate is also the lowest among DEX.
2. Faster transaction speed, real-time transaction settlement. The Ethereum mainnet currently has about 15 tps, while YFX.COM uses xDai, the tps will be increased to about 70, the efficiency is increased by about 4.7 times, transactions can be completed in real time, and even reach the level of CEX.
3. Lower the transaction threshold. Because the transaction fees are now reduced a lot, YFX.COM will also lower the minimum transaction threshold, allowing users to conduct perpetual contract transactions on YFX.COM with less funds.
4. General margin. Users can use one margin account to trade on multiple perpetual contract markets, which will greatly improve capital efficiency and make trading more convenient. Users can deposit ERC-20 assets, convert them into xDai collateral via Dai, and then trade all trading pairs (Ethereum Network) provided by YFX.COM in the same account.
5. Higher leverage and lower liquidation fines. Users can use higher leverage (up to 100 times) to trade on YFX.COM. The performance of the oracle is improved, and liquidation can be performed faster and more safely.
Now Moving To Our Last Question From Twitter..
Q5) How does YFX solve cross-chain?
At present, since there is no mature cross-chain bridge on the market that can solve multiple public chains ETH, BSC, Heco, and TRON, YFX.COM adopts the USDT cross-chain solution to solve YFX Token swapping, that is, After YFX.COM receives a certain YFX Token cross-chain request, burn will be destroyed on the source chain, and mint will be minted on the target public chain, and then transferred to the corresponding address on the target chain.
All operations will be announced on the official website, and all operations will be performed using a multi-signature scheme. YFX Token's Mint and Burn management use a 3/5 multi-signature scheme. All Burn and Mint operations requiring three private keys to be signed at the same time can be taken effect. This is currently YFX.com's solution to multi-chain tokens. At the same time, YFX.COM is actively developing multi-chain cross-chain bridge solutions and is also investigating more mature cross-chain solutions in the market.
That's enough for our twitter question segment ✅
Now We're Coming To End of Our AMA Section
Thankyou so much For your valuable answers and information about YFX Protocol,
It Was Pleasure Hosting An Ama With You Alex
Is there anything else you would like to share or you want us to know ?
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Thanks all for being here, See you next time
Once Again Thank you so much for spending time with our community & all the very best for "YFX Protocol" 🚀
Community, if you would like to learn more about YFX Protocol, here are some useful links for you,