BSCNews hosts YFX, a decentralized perpetual trading platform.
Crypto Shrimp (AMA Host): Welcome YFX team today for an AMA at BSC News! Room is locked now, shall we get started @CentVen ?
CentVen: let’s do it!
Crypto Shrimp (AMA Host): Awesome!!
Q1 Let’s start off with an introduction of what YFX is actually all about.
CentVen: all right. Let me put this in a simple sentence, YFX is the first DEX that offers up to 100x trading leverage on crypto derivatives trading. First, YFX is a DEX, with all trades being done on-chain. Second, YFX is the DEX capable of offering 100x trading leverage. This hasn’t been done by any DEX or any DEX. 3rd, YFX is focused on crypto derivatives trading. Nowadays there are many swaps, most of them are copied from Uniswap. We have developed our own DEX which can fit derivatives trading
Crypto Shrimp (AMA Host): nice !
Q2 Can you give us some information on the team and their backgrounds please?
CentVen: Well… We choose to be an anonymous team for the reason that derivatives trading is a highly regulated industry, to be a defi project, the first thing is anti-censorship. We do not want the SEC or CFTC to find us, that’s why we hide our team member’s names. We have been a team developing crypto trading systems since 2017, we have been selling crypto exchange code and serve as tech support team for years. Last year, we had this idea to build a DEX for derivatives trading, because on the world of defi, you do not need to issue a token and pump it to sky-high to get attention, your product will speak for you. We have work on it for 8 months since then, and now we have YFX.
Crypto Shrimp (AMA Host): I guess anon and decentralisation works hand in hand.. besides letting the product speak for itself is the best way to prove it
Q3 To give a better understanding of the huge potential could you try and define the size of the market in which you’re trying to tap in?
CentVen: Let me put it this way. Before Uniswap, crypto futures trading volume was 10x as spot trading. Under this circumstance, I believe defi crypto futures daily trading volume could reach 10x as Uniswap’s daily trading volume. We come to this market early, basically there’s no major competitors.
Q4 Derivatives and synthetic assets trading are a very hot topic right now. Where do you see the differences of decentralized platforms compared to their centralized counterparts when it comes to derivatives trading? What advantages do users have on a decentralized platform?
CentVen: The most obvious difference between derivatives trading in CEX and DEX is that DEX does not require any type of KYC. This is very crucial since not many exchanges in the U.S. could offer margin trade to retail investors. Even Coinbase had disable margin trading from last November. So, in my opinion, DEX creates an opportunity to let people trade what they want from wherever in the world. To trade on a DEX also give you full control of your assets. There’s no third party that can mess up your assets. There always are some problems when you try to withdraw from CEX, just last weekend, Binance suspended withdrawal for a couple hours. What I can say is our smart contract (audited by Cetik) is much more secure than to deposit in CEX.
Crypto Shrimp (AMA Host): security is very important to the investors, esp in a trading platform where a lot of funds are exchanging hands
CentVen: right, security is our first priority
Q5 Are there any limitations when you use a decentralized derivatives Platform compared to a centralized one due to the technical difficulties of its on-chain nature?
CentVen: I cannot think of any limitation when you are trading on-chain. After all you can control your money by smart contract and all these trades are transparent on-chain data. On the leverage, we are offered the same leverage as CEX which is from 1x to 100x. If I have to say a limitation is you must have a gas fee in your wallet, since DEX is not like CEX, if you trade USDT contract on TRON net, you need to have TRX pay gas fee. It is a little inconvenient.
Q6 Uniswap took the exchange market by storm and is gaining more and more popularity. Are there any similarities between YFX and Uniswap or is it something totally different?
CentVen: For people who used our trading platform at the first time, he/she would find YFX is quite like Uniswap, since we both use an AMM for trade. Unlike Uniswap’s Constant Market Maker, we use a Quoted Index Price and Constant Integral Based Automated Market Maker, which are short for QIC-AMM. It works similar to AMM but it can get price in high frequency and do margin trading, instead of spot trading.
Crypto Shrimp (AMA Host): QIC-AMM is indeed a very unique feature on YFX. I’m sure we can read more about it on the website itself too
CentVen: QIC-AMM is the essential part to trade perpetual contract on blockchain
Q7 Can you give us your personal outlook on the market please? Do you think decentralized platforms are going to slowly take the market share of centralized juggernauts like Binances, Huobi and FTX?
CentVen: For now, DeFi is still not in the mainstream market in the crypto world. It’s like, high school students talk about sex: everyone heard of it, everyone love to talk about it, everyone seemed already have tried. But most people were just trading defi tokens on Uniswap. I think it will take some time for defi to take over the market since defi has been too complicated for ordinary people to understand. But from what I know, CEX like Binance, Huobi or OKEX started to build defi projects on their own blockchain after Uniswap took a lot of trading from them. I think these CEX notice that it’s hard for them to attract people or projects when compared with Uniswap, especially many defi projects don’t have a team, CEXs can’t play their old tricks. Also, these CEXs are open to developers like us to build a defi app on their block. We are about to launch a version on Huobi Heco Chain in about 24 hours and Huobi is glad to share their user with us. I think everyone in the industry knows that defi is the future.
Crypto Shrimp (AMA Host): yes im sure a lot of us are fairly early in the defi game, and there’s so much more room to grow.
Q8 Do share with us all the links (TG, twitter, medium etc) on YFX, this is for all our readers to learn more and also follow the development of the project
Media Contact: [email protected]
Q9 Lastly the famous question before we wrap this up, do you have any alpha or juicy news that are upcoming?
CentVen: we do have a big news lately we will launch a Ethereum Layer2 version in this month and the round 2 genesis mining will start in early April
Crypto Shrimp (AMA Host): oh wow that’s one big news for sure!
Crypto Shrimp (AMA Host): Thank you so much for being such a responsive speaker, I’m sure we learn a great deal of YFX and also knowing your vision! It has been a great pleasure to have you on BSC News today, and I wish all the best to YFX in the future development too!!
CentVen: thanks for having me
Crypto Shrimp (AMA Host): An AMA transcript will be out shortly too
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.