At 24:00 on June 23, 2021, Beijing time, YFX.COM global ambassador RL sat in the OEC global official community and conducted a wonderful and detailed AMA with community members. RL introduced the development plan and project progress of YFX.COM in detail, and answered questions from community users. This AMA event received a very enthusiastic response from the community. In the interactive session, more than 800 users actively asked questions online.
The following is a wonderful review compiled by the YFX Chinese community for you:
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Host: Welcome to YFX.COMOECs AMA online live broadcast. The theme of tonights AMA is: DEX-YFX.COM, the only DeFi cross-chain derivative on OEC. We are honored to invite Mr. RL, the global ambassador of YFX.COM.
RL| YFX.COM: Hello everyone, I am RL. I started to study cryptocurrency in 2009 and published 2 books. I have served as a consultant for many well-known projects, and now I am honored to be the global ambassador of YFX.COM and participate in this event.
Moderator: Can you give us a detailed introduction to YFX.COM and what is its vision and mission?
RL| YFX.COM: YFX is a cross-chain decentralized perpetual contract trading platform based on ETH (layer2), BSC, Heco, Tron, OEC, Polkadot, providing perpetual contract transactions up to 100 times of BTC, ETH and other assets Serve. YFX innovatively uses the QIC-AMM market maker pool trading mechanism with high liquidity and low slippage to provide users with a smooth and safe trading experience. YFX has successfully supported Layer 2 perpetual contract trading services. It combines the Cefi-style leverage expected by perpetual contract traders and the liquidity and simplicity of the AMM of the Defi system. It will become the basic financial facility in the Defi field in the future.
yfx.com is a domain name purchased by the team with a lot of money. The full name of YFX is Your Future Exchange (Your Future Exchange). Its mathematical meaning lies in the formula Y=F(x), which always reminds us to maintain mathematics, products and logic at all times. A heart of awe. The core features of YFX.COM: zero and no position loss, 100 times leverage, cross-chain.
Here is a summary of 10 YFX product features:
1. YFX is the worlds first cross-chain perpetual contract DEX that supports 100 times leverage
2. The handling fee of YFX is the lowest among all DEXs, the handling fee is only 0.05%, and the funding rate is 0
3. The YFX team only focuses on decentralized derivatives transactions, and the products are more professional and convenient
4. YFX is the worlds first cross-chain perpetual contract DEX that supports 6 public chains
5. YFXs contract code is open source and has passed the Certik security audit, allowing users to maintain full control over funds
6. YFX is the worlds first perpetual contract DEX that supports forward, reverse and mixed contracts
7. YFX perfectly realizes no position loss and no allocation
8. YFX adopts the leading QIC-AMM mechanism to provide extremely high liquidity and extremely low transaction slippage
9. YFX users do not need to register and log in, do not need KYC, and do not need to review the currency withdrawal, 7*24 hours free deposit and withdrawal
10. YFX already supports all wallets to open transactions, just open the wallet and enter yfx.com
Among them, the characteristics of QIC-AMM, no crossing positions, multiple public chains, and 100 times make YFX more competitive.
The first essence of YFX.COM is to truly realize decentralization. The decentralized exchange Uniswap impresses the whole team precisely because of this point - non-custodial funds, transparent mechanism, and auditability, which is also the biggest innovation point in the DeFi field. Therefore, YFX.COMs derivatives transactions are all on-chain transactions, which are open, transparent, and truly have no background management. Every user can view the information to ensure more security and efficiency. In addition, all users manage wallets completely through private keys, and the platform cannot obtain users private keys. The transactions, transfers, and liquidations of user assets are all chained through contracts, so the security is higher. At present, there is no real project on the track of derivative DEX. Therefore, in the absence of strong competitors in the market, decentralization is the starting point for YFX to quickly open up the market.
In addition, user experience is the top priority in determining the retention rate of new users. It is difficult to use and understand, which is a common problem of decentralized exchanges and even various DeFi products. Based on this, YFX.COM strives to be minimalist in terms of product design and operation threshold.
First of all, users of YFX.COM do not need to register, withdraw coins without review, deposit and withdraw freely 7*24 hours, and are completely anonymous. Secondly, YFX.COM supports the access of various decentralized wallets. For example, open the imToken wallet, enter www.yfx.com in the search bar, select the main network that has been launched, and you can link and use it, and it can support 8 languages . In addition, in order to meet the trading experience and visual habits of the majority of users, the trading interface of YFX.COM perpetual contracts is similar to the K-line volume price interface of order book trading products on centralized exchanges, fully restoring the trading experience of CEX. At the same time, in order to meet the individual needs of different users, the team conducted a comparative study on the interface design of CEX and DEX, and drew on the design features of BitMex to launch a customizable and modular trading interface. Users can adjust the size of the interface by themselves , or move it to a suitable location, etc., which reduces the learning cost and use threshold, and highlights the ease of use.
Moderator: Where is YFX.COM’s perpetual contract trading friendly to traders?
RL| YFX.COM: The main bottlenecks of DeFi derivatives are gas cost, liquidity and transaction delay. For these problems, YFX.COM V1 version has a landing solution, and these solutions are based on user needs, From the perspective of operation, consider, design, optimize, and improve the design logic of the entire product. Every link and line of code will be inspected by the security audit organization certik. The innovation in the derivatives trading mechanism has achieved fairness and transparency.
1. Other projects are running on ETH, but the handling fee is too high, and most users cant bear the handling fee. And YFX.COM is the first to propose a decentralized perpetual contract trading platform that supports 6 public chains including Ethereum, Wave Field, Binance Smart Chain, Huobi Ecological Chain, OKEx Public Chain, and Polkadot the concept of. The public chains that are directly launched are all low-fee and fast-speed public chains, such as Heco and Tron. Now YFX.COM has supported layer 2, which will greatly reduce transaction friction costs, increase transaction speed, and provide users with a better transaction experience. In the true sense, it brings a trading experience that can match or even surpass centralized exchanges.
2. In the decentralized perpetual contract, it is the first to provide 100 times leveraged trading. 100 times leveraged trading is the signature of BitMex, the creator of the centralized perpetual contract exchange. I believe that in the decentralized industry, whoever makes the first With 100 times leverage, whoever has the design capabilities of BitMex may also become the next decentralized BitMex. It is obvious that YFX.COM delivers!
3. The maintenance margin rate of YFX.COM is only 0.5%, which is at the same level as that of centralized exchanges. On the other hand, other perpetual contract exchanges generally start at 5%. What is the concept of this? Suppose a user opens up 10 times leverage to go long. Originally, a 10% drop will return to zero. If the maintenance margin rate is 5%, the position will be liquidated if it falls by 5%. However, through good design, YFX.COM can drop 9.5% before liquidating. A high maintenance margin rate will only make users liquidate their positions in advance, which is extremely unfair to users.
4. YFX.COM has the lowest handling fee in the industry. The handling fee is only charged at 0.05%, five ten thousandths, without any funding rate, which is the lowest in the DeFi derivatives track. In addition, YFX.COM also has an invitation mechanism. Players use your invitation address to conduct transactions, and 30% of the transaction fee will be directly returned to the invitation address, and each transaction can be queried on the chain.
Moderator: YFX.COM perfectly supports layer2. What does this breakthrough mean in the field of DeFi derivatives?
RL| YFX.COM: 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 scheme of Ethereum is mainly divided into three categories: state channel, side chain, and Rollup technology. State channel, which reduces the burden on Ethereum by promoting off-chain transactions, has the characteristics of instant access and high throughput; side chain, an independent blockchain with independent consensus rules, is not synchronized with the consensus of Layer 1; Roll up can be seen As an advanced non-custodial side chain technology, it puts calculations off the chain, and puts transaction data and the latest world state on the chain, ensuring the availability of data on the chain.
YFX.COM chooses the technically mature side chain xDai as a layer-2 solution to provide users with decentralized perpetual contract products, which solves the unpredictable gas price of Ethereum, the blockage that may slow down the transaction speed, and the need to 2 tokens are required to complete any transaction using the stablecoin. Through xDai, trading users of YFX.COM can conduct decentralized contract transactions simply, easily and stably:
1. Significantly reduce transaction costs. The xDai sidechain provides 5-second block confirmation and an ultra-low transaction fee of $0.0002 per transaction. Compared with the Ethereum mainnet, the transaction fee is measurable and lower. In addition, it is reported that the transaction fee rate of YFX.COM is also the lowest among DEXs.
2. Faster transaction speed, instant transaction settlement. The tps of the Ethereum mainnet is currently about 15, while YFX.COM uses xDai, the tps will be increased to about 70, the efficiency will be increased by about 4.7 times, and the transaction can be completed in real time, even reaching 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 trade perpetual contracts on YFX.COM with less capital.
4. General margin. Users can use one margin account to trade in multiple perpetual contract markets, which will greatly improve capital efficiency and make trading more convenient. Users can deposit ERC-20 assets, convert Dai into xDai collateral, and then trade all trading pairs provided by YFX.COM (Ethereum network) in the same account.
5. Higher leverage and lower liquidation penalties. Users can use higher leverage (up to 100x) to trade on YFX.COM, the performance of the oracle machine is improved, and the liquidation can be performed faster and more securely.
Moderator: The security of DeFi is also a concern of everyone. What measures does YFX.COM take to ensure or maximize the security of funds on the platform? What security mechanisms are in place? Compared with centralized exchanges, can users feel more at ease?
RL| YFX.COM: According to the statistics of The Block Research, a total of 15 DeFi platforms were hacked in 2020, and the stolen funds amounted to 120 million US dollars. Safety has always been the top priority of YFX.COM. Since its launch, it has maintained stable operation and has never had any major safety problems.
YFX.COM guarantees platform security from the following aspects:
Code risk control: Every line of code of YFX.COM can only be deployed online after being audited by CertiK, a well-known auditing institution in the United States.
YFX audit report.
Financial risk control: learn from the experience and models accumulated in the existing financial risk control industry for many years, and according to the characteristics of blockchain financial applications, formulate risk control models and rules suitable for YFX.COMs own business characteristics: no cross-trade mechanism, chain-on-chain The lower risk control is parallel.
Smart contract security: YFX.COM contract developers have rich experience and have hired at least one comprehensive audit by a well-known security agency in the industry. In addition, YFX.COMs unique DEFI security components can greatly improve system security.
Data monitoring: YFX.COM transaction data is completely running on the blockchain, and user funds are also completely managed by smart contracts, and the solution to abnormal data is very sound.
Moderator: How is the economic model of YFX.COM’s platform token YFX designed? Does YFX have a repurchase/lockup plan? For token holders, what is the main role of tokens?
RL| YFX.COM: YFX.COM carefully designed its economic model and launched the governance token YFX.
YFX is the platform currency of YFX.COMs cross-chain decentralized perpetual contract trading platform. The platform currency will be released on each of ETH, BSC, Heco, Tron, OEC, Polkadot and other major public chains. The total amount of YFX is 100,000,000. YFX is used for the governance of the entire decentralized platform. YFX adopts phased reward distribution, in which the community obtains through mining or market-making liquidity contribution rewards, etc. The development team and early investors only own a small number of coins, which will be unlocked linearly in the next few years.
Currently, YFX tokens are used for the ecological governance of the entire decentralized trading platform, and the specific functions are as follows:
50% of the service fee received by the platform is directly used for irregular repurchase and destruction in major decentralized currency exchanges, which is open and transparent;
· No more than 50% of the venture funds can be used for the repurchase and destruction of platform tokens;
· The platform currency can be used as a margin for contract transactions to expand the liquidity of tokens;
· Incentive market makers liquidity market makers, pledge LP Token to reward YFX;
· The platform currency can balance the net position of the liquidity pool and reduce the risk exposure of the liquidity pool;
· When the time is ripe, YFX.com will be handed over to the community for common governance. Holders of YFX will have the right to propose, vote and govern the platform, and pledge a certain amount of YFX to open and configure the trading market and enjoy benefits.
The most important thing in the economic model of YFX tokens is that 50% of the handling fee received by the platform and no more than 50% of the venture fund will be used to repurchase YFX tokens in the secondary market and destroy them. The specific repurchase plan is subject to the official announcement. Part of the plan for YFX token lockup has been launched, such as pledging YFX to reward YFX tokens, pledging LPtoken to reward YFX tokens, and YFX.COM will also launch functions such as pledging YFX to reward part of the handling fee. The specific time is subject to the official announcement. Judging from the recent YFX.COM non-destructive pledge lock-up data, the performance of APY exceeding 2100% is very good.
Moderator: At present, YFX.COM has launched the three major modules of pledge, liquidity mining and trading. How is the current overall situation?
RL| YFX.COM: YFX.COM has achieved impressive results in decentralized derivatives trading. Only the YFX.COM V1 version, which was launched in January 2021, has helped more than 80,000 users complete a cumulative 100 Billion USD transaction volume.
At present, YFX.COM has launched activities such as staking, liquidity mining, and trading competitions, and the response has been good. Some data is shown below:
Based on years of experience in trading operations, YFX.COM has carried out precise calculations on various values. It is believed that YFXs incentives can effectively promote the positive cycle of transaction/staking ecology. In this way, both liquidity providers and consumers can enjoy token rewards, and use such a positive cycle to continuously optimize the ecology.
Moderator: How does YFX.COM plan for community governance?
RL| YFX.COM: Along the way, YFX.COM has made impressive achievements in decentralized derivatives trading. Only the YFX.COM V1 version, which was launched in January 2021, has helped more than 80,000 Users have completed a cumulative transaction volume of US$10 billion, and the number of users contributing to the DeFi ecosystem is second only to Uniswap and Compound. The original intention has not changed, and YFX.COM will continue to promote the development of YFX.COM around the goal of becoming an open financial infrastructure. In particular, the three functions of repurchase, pledge and transaction mining of tokens on the YFX platform promote YFX.COM to build and improve its economic model, and encourage all participants to contribute to create an open network protocol and community ecology.
The community is the cornerstone of YFX.COM. Members of the YFX.COM community can participate in the ecological governance of YFX.COM in various forms and ways. For example, YFX tokens empower the ecological governance of the trading platform, and future holders have DAO voting governance rights and other rights. Once community governance matures, YFX.COM will gradually transition to community governance, allowing the community to determine the future development of YFX.COM. YFX token holders can put their YFX into voting or propose new ideas to improve the ecological layout of YFX.COM.
Moderator: YFX is a multi-chain token. How will users solve the cross-chain needs of YFX in the future?
RL| YFX.COM: At present, because there is no mature cross-chain bridge on the market that can solve multiple public chains ETH, BSC, Heco, and TRON, YFX.COM adopts USDT cross-chain solution to solve YFX Token swap chain, that is, YFX. After COM receives a certain YFX Token cross-chain demand, it will destroy the Burn part of the currency on the source chain, and at the same time mint Mint on the target public chain, and then transfer it to the corresponding address on the target chain. All operations will be announced on the official website, and all operations are performed using a multi-signature scheme. YFX Token’s Mint casting and burning Burn management adopts a 3/5 multi-signature scheme. All Burn burning and Mint casting operations require three private keys to be signed at the same time. take effect. This is the current YFX.com solution to multi-chain tokens. At the same time, YFX.COM is actively developing a multi-chain cross-chain bridge solution and is also investigating more mature cross-chain solutions in the market.
Moderator: At present, the platform supports BTC/ETH. Will other currencies be supported in the future?
R.L.| YFX.COM：
YFX.COM supports up to 100 times leverage, covering forward, reverse, and mixed contracts. Currently, users are allowed to use USDT, USDC, TRX, BTC, ETH, HT, HPT, BNB, FilDA, and YFX10 currencies as margins for perpetual contracts trade.
YFX.COM will consider more currencies from Polkadot, Solana and other public chains in the future.
Moderator: What is the future product plan of YFX.COM?
RL| YFX.COM: YFX.COM aims to create a derivatives trading platform that is completely decentralized, with open and transparent data, safe and stable, simple and efficient, and highly innovative. Comparable to centralized exchanges. At present, the V1 version of YFX.COM has been launched on the four public chain mainnets of ETH (layer2), BSC, Heco, and Tron. Recently, it has supported the mainnet launch of OEC. YFX.COM has become the first perpetual contract Dex on OEC. OEC can start decentralized derivatives trading.
YFX.COM is the worlds first cross-chain decentralized perpetual contract trading platform deployed in OEC. With its own excellent technology, users can better enjoy the convenient transaction, smooth experience and low cost of perpetual contract in OEC. Gas fee.
YFX.COMs handling fee is only 0.05% and there is no funding rate.
YFX.COM has launched the BTC/USDT (USDT settlement) perpetual contract trading market and liquidity pool. Users can use YFX.COM to link OEC to open decentralized derivatives transactions. In the future, according to the actual situation of OEC operation, it will continue List other perpetual contract trading pairs.
Try it now: Tutorial: https://help.yfx.com/portal/zh/kb/articles/yfx-com
With the improvement of YFX ecology, 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 the upgrade and iteration of functions such as quotation mechanism, funding rate, position management and platform currency application scenarios, and will bring users a smoother trading experience. This version will be a revolutionary product of local DeFi derivatives.
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Web: https://www.yfx.com/
Twitter: https://twitter.com/YFX_Defi
Medium：https://yfxdefi.medium.com
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Q1: Is YFX convenient to use? Is it convenient for Xiaobai to use?
RL| YFX.COM: Thats a good question - YFX is very easy to use. It will not be as cumbersome as registering for CEX. All you need is a wallet and a little gas to fuel your protocol transactions, and you can use YFX to trade. It is easy to operate and very intuitive to use. Making it easy for users to use and get started directly is what the team and developers are concerned about, so that ordinary people can use it to achieve inclusiveness.
Q2: Do you have an experienced member or consultant on your team to ensure that tools such as marketing, media, promotions and social networking are used effectively to fully achieve the overall goals?
RL| YFX.COM: The YFX community has spread all over the world. There are communities representing YFX in many countries around the world, and we hope more countries and more communities will join us. YFX is completely decentralized, so there is always someone working on a different aspect of the project. This is why YFX is so successful and fair. Our staff works in YFX 24 hours a day without time difference, and only provides users with high-quality derivatives trading products. This is the performance of an excellent team doing things down-to-earth.
Q3: Who are your target audience and customers? Which regions does YFX.COM specifically target or have any restrictions on users?
RL| YFX.COM: Our target audience is any trader who likes cryptocurrencies. CEXs are still popular, but DEXs are currently on the rise. Over time, DEXs like YFX will replace CEXs for more experienced users. It is just common sense that traffic on CEXs will decrease and shift to DEXs. Users will flock to the protocol that supports the most efficient process.
Q4: What are the key milestones on your roadmap - what have you achieved and what can we expect? Any partnerships and short/long term technology milestones youd like to talk about or draw attention to?
RL| YFX.COM: Over the course of the past few months, YFX has had many key milestones. Of course, the launch of YFX is a huge milestone in itself. YFX was conceived years ago and the launch process took time. YFX hired the best developers to ensure that the protocol is the best in the market and is the first 100x perpetual contract protocol in the market. YFX has a first mover advantage over all other platforms, which is a huge advantage over the competition.
Q5: Can you list 1-2 killer features of this project that put it ahead of the competition? What is your most confident competitive advantage for your project?
RL| YFX.COM: The killer features are low-cost transactions and cross-chain transactions. This is revolutionary! There already exists something so cool and forward-thinking, its almost like science fiction. Blockchain is only 12 years old and YFX will hopefully help bring the blockchain space and crypto trading space into the 2030s. YFX wants to be number one. So theres still a lot of work ahead, but the team is confident and working hard to make it happen.
