The YoloVerse AMA Transcript

YoloVerse is a novel NFT+DeFi protocol on Binance Smart Chain.

Andrew (BSC.News):

Hello everyone and welcome to the AMA with YoloVerse!

Today we have the Co-Founder and Solidity Developer of YoloVerse joining us today @defithings

How are you?

Witchcraft:

Hello to the BSC News community. Thanks for asking, ready for the AMA 🙂

Glad to be here today

Andrew (BSC.News):

Great great 

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway 🙂

Sound good with you?

Witchcraft:

Yes, completely.

Andrew (BSC.News):

Fantastic, so let’s get right into it then

1. Please give an introduction to yourself and give a brief description of YoloVerse

Witchcraft:

I am the co-founder and one of the solidity developers behind the YoloVerse protocol. My experience with crypto started in 2017. Since DeFi summer (2020) I have been involved full-time with exploring DeFi and Solidity. Recognized the potential of and joined Binance Smart Chain in November 2020. My passion is developing creative new smart contract concepts. Others from the team are also long-time DeFi participants

The YoloVerse combines several innovative smart contracts with crypto aspects including DeFi, NFTs and GameFi. Achieving synergy between these three aspects results in enhanced utility and community value.

In June 2021, The YoloVerse project has fairly launched on Binance Smart Chain without any form of presale or private sale. 

From launch, we have diligently upgraded and improved the YoloVerse, striving for ease of use and innovation. Our commitment and passion has produced supportive community surrounding our novel protocol.

Andrew (BSC.News):

Okay great thank you for that introduction

Being that you have been in the space since 2017 and have surrounded yourself with a team of those that are very familiar with the space

2. What is the overall vision/mission of YoloVerse?

Witchcraft:

✅ Our mission is to create a unique DeFi experience by developing secure & innovative smart contracts which leverage all of the benefits of NFTs and decentralization to distribute value and governance power back to users. 

✅ We envision the YoloVerse protocol at the forefront of DeFi innovation, introducing people to blockchain finance through exciting NFT rewards and GameFi systems. 

Andrew (BSC.News):

Awesome, so with this mission in mind. It leads me to my next question which I am very interested to hear

3. With a big boom in the NFT market already underway, do you feel as though you are late to the market? What are the advantages/disadvantages you see with this?

Witchcraft:

I don’t believe that we are being late to the NFT market due to several factors:

1. The NFT industry is relatively young and ever growing

2. Our code is original, we haven’t forked other projects, pushing for real innovation in DeFi

3. We do consistent development of interesting and secure contracts

4. People have yet to discover the intersection between DeFi and NFT (besides NFTs being used only for art)

Andrew (BSC.News):

I see, I also think that the NFT market is just beginning to get some traction and can only grow from here

So with the idea that NFTs are only really being used for art and there is no direct application into DeFi

4. How and why are users incentivized to hold your NFTs?

Witchcraft,:

The YoloVerse protocol incentivizes Loyalty NFT and Yolonaut NFT holders by providing rewards in the form of YOLOV tokens periodically. 👀

✅ Yolonaut NFTs auto-accumulate rewards every 24hrs, while Loyalty NFTs rewards must be claimed manually every 72hrs. 

Besides claimable rewards there will be giveaways for holders of NFT above certain ranks. 

The rank of the NFT can be increased using YOLOV and also determines Voting(Governance) Power, which will be used in our novel NFT based DAO. 🤯

Each person who minted a NFT is eligible for royalties on future sales on our marketplace.

Andrew (BSC.News):

Okay so there is a use case for your NFTs aside from just simply ownership

Do users need to stake the NFTs to accumulate rewards or simply hold it in their wallets?

Witchcraft:

Yes, that is correct. There is another cool features. When users evolve (increase the rank) of their NFTs, the YOLOV tokens required are kept and can be retrieved later on by destroying the NFT.

They just need to be holding NFT in their wallets. The Loyalty NFT holders can navigate to our DApp and claim rewards every 72 hours

Andrew (BSC.News):

So users need YOLOV tokens in order to evolve their NFT?

What are some ways users can acquire YOLOV?

Witchcraft:

Yes, that is correct. Our liquidity pool is currently located on uTradeV2 (UNFI) DEX. However, we have developed a custom swap box website with preset settings for users to trade such as slippage(due to tax

on transfer) and gasLimit (required since we auto-mint Loyalty NFT above certain BNB -> YOLOV swap amount). 

Here is the link to uTradeV2:

Here is the link to our custom swap-box: swap.yolo-verse.com/

Andrew (BSC.News):

Gotcha, thanks for that information

So I know that you mentioned how those who minted an NFT can earn a royalty

5. Who can mint the NFTs?

Witchcraft:

Every user (which doesn’t hold already an NFT, there is 1 max limit per wallet), can mint NFTs as long as the total supply is not reached and upon specific requirements depending on the type of NFT.

Loyalty NFTs are auto-minted by simply swapping BNB->YOLOV above the mint requirement. (currently 0.85BNB)

Yolonaut NFTs minting requires 1x Loyalty NFT rank recruit  and scaling BNB price, based on total reward fund. (current price is 17 BNB)

Yolonaut NFTs and their ranks

Andrew (BSC.News):

Sorry I think I am a bit confused

So to mint a Yolonaut NFT, it requires a Loyalty NFT and BNB correct?

Witchcraft:

Yes, that is correct. It requires both.

Andrew (BSC.News):

But Loyalty NFTs can be acquired from swapping BNB to YOLOV

Witchcraft:

Yes that is also correct. They are ‘auto-minted’. The smart contract detects when you swap above the minting requirement and mints a Loyalty NFT to your wallet 🙂

Andrew (BSC.News):

I see that’s pretty neat

and from what I see on the graphics you sent

Yolonauts are also a governance NFT?

Witchcraft:

Yes, Yolonauts and high ranks of Loyalty NFTs have on-chain recorded voting power (governance). This will be used in our future NFT DAO release.

Andrew (BSC.News):

Oh wow that’s really interesting

So what you have said already basically answers this questions but I want to see if there’s anything else that you want to say about this

6. What makes your platform unique compared to the NFT projects that are already out there?

Witchcraft:

We offer very special features to our NFTs ( and their holders ) such as:

 1. Rank-based system with increasing perks (evolve rarity of your NFTs)

 2. Limited and Deflationary Supply of NFTs and YOLOV token

 3. Token backed and reward generating NFTs (two types)

 4. Unique reward distribution system

 5. Synergy between BEP20 and BEP721 tokens within the protocol

 6. NFT DAO (use NFT to vote on protocol decisions)

 7. Custom Marketplace service fee will be used to buyback YOLOV

 8. Engaging and supportive community

Andrew (BSC.News):

Fantastic

7. Why did you build on BSC rather than the ETH network?

Witchcraft:

There are several reasons for which we choose exactly Binance Smart Chain, main reasons being:

  1. Lower gas costs for transactions (allows for more innovative concepts, for less fees payed by users)

  2. BSC has had a steady and growing user base since its launch.  🚀

  3. BSC allows for developing more bot-resistant concepts due to its PoA architecture. 

Andrew (BSC.News):

Haha yes those eth gas fees are brutal

Witchcraft:

Especially when minting NFTs.

Andrew (BSC.News):

In terms of security, which I believe are critical to not only a project’s success but the DeFi space as a whole

8. How can you reassure users that their funds are safe? Are you audited?

Witchcraft:

We have tested extensively the custom code for vulnerabilities on our own (internally) following industry  best practices. We’ve used all of the OS tools for security audits and we have 4500 lines of hardhat tests.

 Alongside our local tests, we have been audited by SolidityFinance and DeFiYield.

Both of the auditors reported no critical issues found. 

Our contracts source codes are verified.

Andrew (BSC.News):

That is great to hear

And as you release more features and what not, will you continue this process of ensuring everything is safe?

Witchcraft:

Of course, we take smart contract security very seriously!

Andrew (BSC.News):

Wonderful

So last but not least

9. Any exciting news you’d like to announce here today?

Witchcraft:

We’ve just released a beta version of our new and improved landing page. New section will be added in the upcoming days. The audit reports will be published to the public as well. 👀

Another thing we are excited about is the launch of the marketplace which is currently under testing. We also had great progress on the NFT DAO development . 🚀

Andrew (BSC.News):

Awesome!

And before we conclude the first round of the AMA, do you mind sending links to your social media accounts that you would like the community here to go check out?

Witchcraft:

Sure thing, here are our socials:

Community Chat:

Announcement Channel:

Twitter:

Andrew(BSC.News):

Thank you again for joining us for this AMA

Witchcraft:

Thank you for being such a great host!

It was a pleasure for me to do this AMA 🙂

Andrew (BSC.News):

My pleasure!

Goodluck on your future developments have have a great day everyone 🙂This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.

Source : bsc.news