focusing on multichain yield enhancement and automated farming strategies on ETH, BSC, FTM and Polygon networks
Andrew:
Hi everyone and welcome to the AMA with Yel Finance!
Pool Day:
Hi again!
Andrew:
So to get things started
1. Please give us an introduction of yourself and what has led you to starting this project.
Pool Day:
You can call me Pool, I am the founder and the Lead of yel.finance
Gruad and Skyflop – are two of our community Leaders.
We have a team of around 15 people including core solidity developers, frontend devs, designers, QA guys, business developers, community managers and marketers.
We have been working in crypto for last 4 years and have pretty decent experience with smart contract, algorithms, dapps and all relevant technologies.
Andrew:
Okay great, thank you for the introduction 🙂
2. What is Yel Finance and the overall mission/goal of this project?
Pool Day:
Yield Enhancement Labs (YEL) is a first of it’s kind multichain yield aggregator and enhancement platform that aims to simplify the complexity of DeFi by curating the best opportunities and maximizing returns for liquidity providers through innovative rewards.
Multi-chain yield farming is the future, and YEL plans to lead the way. YEL’s core focus is to help projects gain liquidity across multiple chains while building self-sustaining token economics for YEL.
Andrew:
And when you say multiple chains, which networks do you currently support?
Pool Day:
Currently, we will launch on 4 chains: Ethereum, Binance Smart Chain, Fantom Opera, and Polygon with others rolling out in the future. 😉
Anyswap and multichain.xyz cover the bridges for us, and they are all live now )
Andrew:
That’s awesome
3. Can you tell me more about your native token and its utilities on Yel Finance?
Pool Day:
sure
At its core, YEL is a governance token that allows token holders to participate in the Yield Enhancement Labs DAO. This would include voting on proposals for new DeFi project listings as well as decisions on YEL rewards for new and existing vault strategies.
Andrew:
Okay so this leads me right into my next question of
4. Can you tell me about the YEL holder incentives?
Pool Day:
In addition to voting rights, YEL holders can accumulate YEL through single-sided staking, LP staking across the various chains as well as taking advantage of price differences for YEL LP pairs in cross-chain arbitrage (this last one is purely through unilateral actions on the part of YEL holders).
The YEL token price will always be under constant buy pressure due to token economics and performance fees.
All performance fees will be collected in YEL tokens, as well as profit payouts from
“Equilibrium” will be executed in YEL tokens. So anytime the protocol is used, it will be buying YEL from the market to distribute earnings to users.
Andrew:
I see, so YEL is kind of that golden ticket on your platform with many different uses
Pool Day:
Well yeah. We are building an ecosystem where protocols would be creating additional value for holders and projects, while supporting YEL token from economical perspectives.
And the token itself, would be generating voting powers for holders, so they can participate in voting and influence decisions
Andrew:
Okay great
5. What is Spectre?
Pool Day:
Spectre is our comprehensive dashboard that displays critical information on customized pools for our users to stake their assets and receive rewards (both native platform rewards as well as YEL enhanced rewards when decided on by YEL holders). It is our desire for Spectre to be the “one stop” shop for the best DeFi opportunities across all chains on which Yel Finance operates.
Andrew:
Oh wow, so you even have tracking tools that are built into Yel
Would it cost users extra to utilize this?
Pool Day:
Nothing. There is no charges for users,investors, liquidity providers or token holders.
Projects will be paying performance fees for gathering the liquidity through YEL.
Andrew:
Great
6. What mechanisms allow you to boost yields for liquidity providers?
Pool Day:
Any projects listed on Spectre as well as additional Yel finance products such as our automated farming management product, Equilibrium, will charge a small service fee. These fees are required to be paid in YEL back to the Yel finance treasury. These funds can in turn be used to provide additional YEL rewards for LP providers as well as single side staking projects.
Andrew:
Ah, I see gotcha
thanks for that clarification
Pool Day:
Sure
Andrew:
8. Can you tell me about your partners and their role with Yel Finance?
Andrew:
Skipping over 7 because we already answered haha
Pool Day:
Our partners are both DEX’s YEL is going to be traded on and DeFi projects who will be listed in our Spectre dashboard and compete for cross farming opportunities to be enhanced by YEL. With some of them, there will be farms on both sides, and some will act as a platform for trading YEL tokens. All our partners in any sense become an important part of YEL ecosystem, strengthening the protocol, adding value to YEL tokens (and therefore any associated YEL rewards) and help to bring more value to DeFi community.
Andrew:
And who are the partners?
Pool Day:
So we are working with SpookySwap, ApeSwap, QuickSwap as our DEX partners, we are also planning some pool enhancement to be done within next couple of weeks with them. Nevertheless, we are also having technical discussion with Pickle Finance on collaborating for PICKLE-WETH LP pool enhancements. Tomb Finance for cross farming opportunities and many more. We constantly update the list of our partners on our website =)
Andrew:
Great
Pool Day:
WAKA Finance was so kind to even make amazing gif)
Andrew:
That’s sick haha
So I know that you did mention a bridge but I wanted to touch more on that
9. As a multi-chain protocol, do you have plans on implementing your own bridging system so that users do not have to use resources outside of Yel?
Pool Day:
yeah we all like pixels )
Yes for sure.
However, we believe that everyone should be focusing on their core activities. We are closely working with Anyswap and multichain.xyz to ensure bridges for our token work well and people can enjoy cross-chain opportunities for farming and arbitraging.
We may be implementing bridges on yel.finance but would be still using Anyswap contracts.
Andrew:
Okay gotcha
and last but not least
10. Any exciting news you’d like to announce here today?
Pool Day:
Oh, there are many ahahah 😃
– We will be holding our fair launch token sale on 25.07.2021 – 28.07.2021 you will find the details here and we hope to see you there.
– Farms and liquidity provision will be open on Wednesday 28.07. Don’t miss that, so you can take advantage of early farming rewards!
– There is a competition for guessing YEL price. The winners will get pretty solid prizes. There are 200,000 YEL tokens allocated for the winners. Details can be found in our discord community announcements.
These are the core news I guess 👀
Very exciting!
Andrew:
Can you post a link to your social media accounts you would like our community to follow?
Pool Day:
Sure
Telegram: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
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
