{"id":3101,"date":"2020-11-13T12:07:40","date_gmt":"2020-11-13T10:07:40","guid":{"rendered":"https:\/\/esatoshi.club\/?p=3101"},"modified":"2020-11-30T18:18:25","modified_gmt":"2020-11-30T16:18:25","slug":"ama-satoshi-club-x-yield-farmer-dao-november-13th-2","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/11\/13\/ama-satoshi-club-x-yield-farmer-dao-november-13th-2\/","title":{"rendered":"AMA Satoshi Club x Yield Farmer DAO, November 13th"},"content":{"rendered":"

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The AMA took place on November 13 and our guests was @paulyfdaoAdmin, the project lead & the curator of the YFDAO project and the team.<\/p>\n

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The total reward pool was 500$ and has been splitted in 3 parts.<\/p>\n

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In this AMA Recap we will try to summarise the most interesting points for you.<\/p>\n

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Part 1 \u2014 introduction and questions from the Telegram&Bitcointalk community<\/h2>\n

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Mary Satoshi Club: <\/strong>Hello, Satoshi Club! We are happy to announce our AMA session with Yield Farmer DAO! @paulyfdaoAdmin welcome to Satoshi Club\"😀\"<\/p>\n

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Gold Rocket| Satoshi Club:<\/strong> Hi everyone, welcome to another episode of our AMA series. Our AMA today is with Yield Farmer DAO! Welcome @paulyfdaoAdmin and thanks for joining us. Tell us what interesting things you brought to Satoshi Club?<\/p>\n

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Mary Satoshi Club<\/strong> Could you please introduce yourself and tell us about YFDAO)<\/p>\n

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Paul | YFDAO Team<\/strong>: Today, I’ve come here to present to you guys our inovative and adaptable protocol Yield Farmer DAO, a community farming tool<\/p>\n

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Paul | YFDAO Team<\/strong> My name is Paul, I’m the project lead, I oversee YFDAO project and the team<\/p>\n

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Mary Satoshi Club<\/strong> Yes, we are excited to hear more about it)<\/p>\n

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Gold Rocket | Satoshi Club<\/strong>
Yes, many satoshi clubbers are engaged in farming. Burning topic<\/p>\n

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Paul | YFDAO Team<\/strong>
Our farming protocol allows the farming of multiple assets such as Hex, link, Bat, usdc\u2026 We’ve got 30+ assets listed on our platform ready to be used. <\/p>\n

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Staking of the yfdao token <\/p>\n

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LP mining <\/p>\n

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Governance to modify the protocol according to user base wishes and interest.
For YFDAO to succeed we need to gain adoption and stay relevant in the market<\/p>\n

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Paul | YFDAO Team<\/strong>
Very interesting indeed, specially how we have designed a modifiable protocol<\/p>\n

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Mary Satoshi Club<\/strong>
You already consulted with your community which tokens you should add?)<\/p>\n

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Paul | YFDAO Team<\/strong>
We’ve decided to add a initial starting list. More tokens or the removal of such is available through community voting<\/p>\n

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Gold Rocket | Satoshi Club<\/strong>
by the way, what does this name mean? Yield Farmer DAO @paulyfdaoAdmin. it seems to me when you name a project, it’s like coming up with a name for a child\"😊\"<\/p>\n

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Paul | YFDAO Team<\/strong>
Yield farmer DAO. Yield stand for reward, our project geared towards bringing rewards to farmers using community governance hence why the DAO
Very much so, specially when you spend time with it, it becomes like your child\"😉\"<\/p>\n

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Mary Satoshi Club<\/strong>
I think our community with the same feelings approached the writing of questions to you)<\/p>\n

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Paul | YFDAO Team<\/strong>
I want to emphasize that our protocol is developed and ready for public release when we list on Uniswap<\/p>\n

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Our GitHub https:\/\/t.me\/Satoshi_club\/393820<\/a><\/p>\n

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Mary Satoshi Club<\/strong>
When do you plan this listing?<\/p>\n

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Paul | YFDAO Team<\/strong>
We’ve got our crowdsale planned for Monday and will be listing immediately after reaching our cap<\/p>\n

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\"🔥\"Yield Farmer DAO crowdsale information announcement\"🔥\"<\/p>\n

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\"📢\"Join http:\/\/@YieldFarmerDAO<\/a><\/p>\n

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Mary Satoshi Club<\/strong>
After hardcap reached?)<\/p>\n

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Paul | YFDAO Team<\/strong>
Once our sale is over, Uniswap listing with locked liquidity to provide maximum community trust and peace of mind<\/p>\n

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Mary Satoshi Club<\/strong>
When your sale will be over if accidentally hardcap won’t be reached?)<\/p>\n

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Paul | YFDAO Team<\/strong>
We’ll give it 24h but from what we’re seeing so far it will be over quickly\"😃\"<\/p>\n

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Mary Satoshi Club<\/strong>
Which price will be for sale? Do you have min\/max for purchase?<\/p>\n

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Paul | YFDAO Team<\/strong>
The community has liked our protocol so far, we’ve held a few promotional events too and the feedback is extremely positive<\/p>\n

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Mary Satoshi Club<\/strong>
In which way sale will be done?<\/p>\n

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Paul | YFDAO Team<\/strong>
Exact details on the sale will be released shortly, stay tuned to our announcement channel for details.<\/p>\n

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Mary Satoshi Club<\/strong>
Ok, thank you\"👍\" So, let’s go to the community questions then?)<\/p>\n

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Paul | YFDAO Team<\/strong>
You’re welcome! Let’s open up the floor to the community \"🚀\"<\/p>\n

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Q1 from Telegram user @vartolu41<\/em><\/strong><\/p>\n

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Liquidity factor is a problem for DeFi projects with their tokens, so does YFDAO have any liquidity program to encourage natural token demand and liquidity?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
Yes, we have a liquidity mining reward program in place to provide decentralized community liquidity<\/p>\n

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Mary Satoshi Club<\/strong>
Can you share its details with us?)<\/p>\n

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Paul | YFDAO Team<\/strong>
Users providing liquidity on uniswap will be able to stake their LP tokens and get paid. APY over 350%<\/p>\n

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Mary Satoshi Club<\/strong>
Wow) great numbers)
Is it really possible?)<\/p>\n

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Paul | YFDAO Team<\/strong>
Those numbers are adjustable according to community voting<\/p>\n

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Mary Satoshi Club<\/strong>
I think we will see everything soon)<\/p>\n

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Mary Satoshi Club<\/strong>
So, do you have something to add or we can go to the next question?)<\/p>\n

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Paul | YFDAO Team<\/strong>
We’ve set up a adjustable protocol to adapt ourselves to the market needs and at the same time be sustainable<\/p>\n

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Paul | YFDAO Team<\/strong>
Very soon indeed\"🙂\"<\/p>\n

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Q2 from Telegram Username @Jonahapagu<\/em><\/strong>
YFDAO team member names will remain undisclosed to keep the platform KYC free..it is believed that as DEFI which includes projects like yours gradually grows it will eventually fall under the scope of Global Regulators are you not concerned about this\u2026 how do you intend to bring in regulation to YFDAO if there is No KYC<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
Our goal is to stay decentralized the way crypto is meant to be. Using Dex and decentralized protocols to maintain Independence<\/p>\n

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Mary Satoshi Club<\/strong>
But what is the reason you decided to stay anonymous? Because of decentralisation?<\/p>\n

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Paul | YFDAO Team<\/strong>
The reason we decided to stay anonymous is to maintain decentralization and avoid having to instore kyc to our protocol<\/p>\n

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Q3 from Telegram user @cengizhantekin<\/strong>
Your staking system says: \u201cLock YFDAO for 30 days and earn 350% APY\u201d. This APY is great! What is the minimum amount to lock in order to receive it? Is there only one option or do you have other pools with different amounts and different APYs? Finally when are the earnings distributed?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
Avoiding kyc is our goal here<\/p>\n

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Paul | YFDAO Team<\/strong>
Staking of yfdao token has a minimum staking period of 30 days, no minimum amount needed, rewards can be claimed daily. <\/p>\n

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APY is set for staking at 350% <\/p>\n

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Other assets will have different APY<\/p>\n

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Mary Satoshi Club<\/strong>
Which APYs will have another assets? Can you give examples?)<\/p>\n

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Paul | YFDAO Team<\/strong>
Yfdao is our native token. Other assets, their APY will be set in accordance to a vote we will run<\/p>\n

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Paul | YFDAO Team<\/strong>
The APY will change over time to keep inflation in check<\/p>\n

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Mary Satoshi Club<\/strong>
Understand) so, we need to wait a bit, right?)<\/p>\n

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Gold Rocket | Satoshi Club<\/strong>
To be honest, 350% is a very high stake. I got dizzy \"😁\"<\/p>\n

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Paul | YFDAO Team<\/strong>
Our protocol is ready but we want community input in deciding factors<\/p>\n

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Paul | YFDAO Team<\/strong>
Hehehe its high but only initially. The APY will be drastically reduced over time to be sustainable<\/p>\n

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Mary Satoshi Club<\/strong>
So, only early birds will be the happiest?)<\/p>\n

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Paul | YFDAO Team<\/strong>
APY will always be competitive but early adopters get rewarded<\/p>\n

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The APY is determined by an algorithm. It is different for every coin to keep the earnings equal and inflation low.<\/p>\n

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Mary Satoshi Club<\/strong>
Where we can check this algorithms?<\/p>\n

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Q4 from Telegram user @konditer_rolex<\/strong>
Yesterday, your contract was not available for study. I suspect that no one has audited the contract either. The questions are simple. Where is the contract? Will there be an audit? What, in principle, are you ready to provide investors as proof of your work?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
The code is open source but the formula is our secret sauce\"😉\"<\/p>\n

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Paul | YFDAO Team<\/strong>
We’ll release shortly our contract, our code is available on GitHub to be viewed<\/p>\n

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A audit of our full source code is planned.<\/p>\n

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For now, we’re giving our GitHub publicly<\/p>\n

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Q5 from Telegram user @PaoloMonte87<\/strong>
I went through the token metrics and beyond the usual total\/initial supply\/token price listing\/locked liquidity information etc\u2026 what truly caught my attention this time was the claiming fees entity.
We\u2019re used to seeing in most ERC-20 related crypto projects that the fees are paid in ETHs and \u2013 while a 0.01 ETH staking reward claim fee is commonplace in many DeFi projects \u2013 YFDAO fee structure envisages also a 0.1 ETH farming reward claim fee.
So, since the base yield farming rate is set at a 30% APY (that\u2019s \u201cjust\u201d a 2.5% per month) and with the current value of ETH being around a 45$ fee (probably higher in the near future) and also the very high network congestion\u2026 don\u2019t you think this might impose a big toll on potentially smaller investors and leave the platform open only to whales who possess way bigger capitals to invest?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
The base rate is part of our formula but not the whole APY, the final APY is much higher.<\/p>\n

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The farming claiming fee is set to help do buybacks from the open market<\/p>\n

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Mary Satoshi Club<\/strong>
Can you explain in details?)
Let’s imagine, i have 10000 YFDAO and decided to claim them
What will happen next?)<\/p>\n

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Paul | YFDAO Team<\/strong>
Let’s not confuse farming and staking. staking is for yfdao token<\/p>\n

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Farming is for erc20 assets.<\/p>\n

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The APY for our token and others will be different<\/p>\n

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Paul | YFDAO Team<\/strong>
When you claim your staking rewards you pay a 0.01 eth fee,
With farming it’s 0.1 eth, both those fees are adjustable according to vote<\/p>\n

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To put everyone at ease, here is our token Contract<\/p>\n

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https:\/\/etherscan.io\/token\/0x98cc695d0c6e40239ea9c2411b71a17b6a85d5ea<\/a><\/p>\n

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Mary Satoshi Club<\/strong>
How often will you market buy back?<\/p>\n

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Mary Satoshi Club<\/strong>
Thank you, that’s it\"👍\"\"👍\"\"👍\"\"💪\"<\/p>\n

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Paul | YFDAO Team<\/strong>
Weekly buybacks and weekly marketing events<\/p>\n

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Mary Satoshi Club<\/strong>
So, if every day 10 persons will claim their staking rewards you will buy back ~7ETH, right?<\/p>\n

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Paul | YFDAO Team<\/strong>
The eth received is split 50% for buybacks and 50% for marketing, weekly<\/p>\n

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Mary Satoshi Club<\/strong>
So, you will buy back 3.5ETH?)<\/p>\n

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Paul | YFDAO Team<\/strong>
Correct, buyback token get burned<\/p>\n

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Mary Satoshi Club<\/strong>
Oh, that’s what you mean by deflationary model, yes?)<\/p>\n

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Paul | YFDAO Team<\/strong>
The buybacks are a part plus the token transaction tax. 1% of all YFDAO transfer get burned<\/p>\n

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Mary Satoshi Club<\/strong>
Great, i wish you a lot of users which will claim rewards daily))))<\/p>\n

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Paul | YFDAO Team<\/strong>
The more claim, the more funds are available to buyback from open market<\/p>\n

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Q6 from Telegram user @Clara_eriksen
<\/strong>Every week you will use 50% from the fees to buy back tokens. Will the tokens be burned or used for other purposes? Where will the other 50% go?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
The tokens bought will be burned and removed from circulation. <\/p>\n

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The other 50% eth, will be used to promote the project and get adopters<\/p>\n

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Mary Satoshi Club<\/strong>
I see that you already have a lot of adopters)<\/p>\n

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Mary Satoshi Club<\/strong>
Does your community already helped you with some advices which you used?<\/p>\n

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Paul | YFDAO Team<\/strong>
We’ve got a wonderful community but we need to expand to achieve our full goals and become a community farming reference<\/p>\n

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Gold Rocket | Satoshi Club<\/strong>
Do you want to add something else? For example, I’m wondering how big your team is?<\/p>\n

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Paul | YFDAO Team<\/strong>
Our community has helped with promotion and giving some ideas.<\/p>\n

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Mary Satoshi Club<\/strong>
Sure, after successful sale and upcoming listings on Uniswap, coingescko etc, AMA in Satoshi Club you will get more\"👍\"\"💪\"<\/p>\n

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Paul | YFDAO Team<\/strong>
Our full team is made up of 4 individuals. We’ve got the skills and are using them\"🙂\"<\/p>\n

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We’ll definitely be back here, wonderful being with you guys!<\/p>\n

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Gold Rocket | Satoshi Club<\/strong>
It’s not a very big team. I wish you success!<\/p>\n

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Paul | YFDAO Team<\/strong>
It’s our core team, everything you see has been done by us\"😉\"<\/p>\n

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Small but efficient\"🚀\"<\/p>\n

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Mary Satoshi Club<\/strong>
Sure\"👍\"<\/p>\n

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Part 2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n

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Q1 from Telegram user<\/strong><\/em> @Xusuo <\/em><\/strong><\/p>\n

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What is community meaning for your project? Did you allow community to contribute in your platform?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
The community is a massive part of our project, the users. So our protocol has to reflect what users want. <\/p>\n

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Users can vote to decide apy, assets available and next milestone of the project<\/p>\n

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Q2 from Telegram user<\/strong><\/em> @cengizhantekin<\/em><\/strong><\/p>\n

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With YFDAO Liquidity Mining system, users will be rewarded with YFDAO-uni-v2 tokens if they provide liquidity on Uniswap. This rewarding token can be staked to earn YFDAO tokens, but what else can YFDAO-uni-v2 token be used for? What are the options for me when I decide to stop staking? Can I convert\/trade with other tokens, maybe YFDAO?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
LP tokens can be staked. You can unstake at any time<\/p>\n

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Q3 from Telegram user @AugusS7<\/em><\/strong><\/p>\n

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if really the cultivation rates are not constant, but are subject to change daily, why betting and being part of the community of a project that my earnings may decrease depending on the fluctuation of the crop? And what really makes the crop fluctuate?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
Asset farming rates are adjustable to be competitive for the end users but at the same time, keep sustainability in mind<\/p>\n

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Q4 from Telegram user @BERTA2020<\/em><\/strong><\/p>\n

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I am interested in staking and I want to know what are the minimum and maximum amounts that $YFDAO requires to enter their Staking system?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
No minimum or max amount needed to stake or farm<\/p>\n

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Q5 from Telegram user @KhaleesiTheCryptoLady<\/em><\/strong><\/p>\n

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You said that you need to expand the community to achieve your full goals and become a community farming reference, how will you achieve this? Do you offer local community Ambassadors program? How to apply, what are the criterias? <\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
We’re going to release community ambassador and outreach specialist program<\/p>\n

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Q6 from Telegram user<\/em><\/strong> @KorbanEstimasi<\/strong><\/em><\/p>\n

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The buybacks are a part plus the token transaction tax. 1% of all YFDAO transfer get burned. What is the impact on YFDAO token holders?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
Buybacks and the transaction tax will remove tokens from circulation making existing tokens more valuable by scarcity<\/p>\n

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Q7 from Telegram user @SBTCFans<\/em><\/strong><\/p>\n

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How doess YFDAO compares to many yieId farms ofering a very high APY on liquidity staking, and why would investors choose it over other yield farming opportunities?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
We’re providing a adaptable protocol which will reflect current market trends<\/p>\n

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Q8 from Telegram user @araceley<\/em><\/strong><\/p>\n

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I saw somewhere that we can earn YFDAO through a Bounty on Bounty0x, please can you share the link and what tasks do I need to do to earn tokens?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
Take a look here<\/p>\n

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https:\/\/beta.bounty0x.io\/hosts\/Yield%20farmer%20DAO<\/a><\/p>\n

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Q9 from Telegram user @crowley365<\/em><\/strong><\/p>\n

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As we know, security is considered as one of the top priorities of any platforms, some DeFi protocols have been hacked. So what makes users trust YFDAO?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
Open source and upcoming code audit<\/p>\n

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Q10 from Telegram user @apocan99<\/a><\/em><\/strong><\/p>\n

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With DAO service, users are able to submit proposals for voting. What kind of proposals are we talking about here?<\/em><\/p>\n

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Paul | YFDAO Team<\/strong>
APY change, listing or delisting of assets, claiming fees change\u2026<\/p>\n

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Part <\/strong>3<\/strong> \u2013 Q<\/strong>uiz Results<\/strong><\/h2>\n

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In the final part we tested your knowledge in terms of Yield Farmer DAO. They\u2019ve prepared 4 questions for this part. The total reward pool for quiz was 300$.<\/p>\n

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For more information and future AMAs, join our Social Media channels:<\/p>\n

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English Telegram group: https:\/\/t.me\/Satoshi_club<\/a>
Russian Telegram group: https:\/\/t.me\/satoshi_club_ru<\/a><\/p>\n

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Spanish Telegram group: https:\/\/t.me\/satoshi_club_spanish<\/a>
Telegram Channel: https:\/\/t.me\/satoshi_club_channel<\/a>
Twitter: https:\/\/twitter.com\/realsatoshiclub<\/a>
Website: https:\/\/esatoshi.club\/<\/a><\/p>\n

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Our partners: Yield Farmer DAO Finance<\/strong><\/p>\n

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@yieldfarmerdaonews<\/a><\/p>\n

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https:\/\/Yieldfarmerdao.finance<\/a><\/p>\n

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<\/p>","protected":false},"excerpt":{"rendered":"

The AMA took place on November 13 and our guests was @paulyfdaoAdmin, the project lead & the curator of the YFDAO project and the team. The total reward pool was 500$ and has been splitted in 3 parts. In this AMA Recap we will try to summarise the most interesting points for you. Part 1 […]<\/p>\n","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/3101"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=3101"}],"version-history":[{"count":35,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/3101\/revisions"}],"predecessor-version":[{"id":3651,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/3101\/revisions\/3651"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=3101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=3101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=3101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}