We held a live AMA with YIN Finance CMO, Sylvia, on 30 July 09:00 PM (UTC+8). Here’s the recap for those who missed it.
JH: Good Evening everyone, Welcome YIN Finance CMO, Sylvia for joining the ama today
Sylvia: Hi nice to meet you guys. I am Sylvia from YIN Finance.
JH: Before the ama start, Can you introduce yourself and the team background?
Sylvia: I am responsible for marketing and branding in our team. And our team is consist of several ‘scientists’, with top defi development and community white hat experience.
JH: Can you have a short introduction of Yin Finance to our community?
Please share us if you have any news would like share with us.
Sylvia: YIN Finance is a multi-strategy proactive liquidity management platform. We can help users with managing their liquidity and provide with yield farming rewards, $YIN incentives and sharing of transaction fees. Also we support third party yield farming protocols for our users to choose.
And we start our testnet launch and airdrop campaign today
Welcome to experience our product through alpha.yin.finance
Q1: Do the token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project? and Do you have any plan to create other features? Maybe yield farm, stake, or NFT project? Can you explain in more detail?
Sylvia: Yes, YIN holders can determine new supported assets and manage existing projects.
We will search for yield farming protocols for users when mainet launches. And in 2021 Q4 we will add a leverage pool on our platform and support more assets. In 2022 Q1 YIN Finance will become an open platform for Defiers, KOLs, DAOs or professional institutions to create their own CHI strategies(we will audit the strategies first).
Q2: Could you explain how we can start using YIN Finance? I read that I have to access a kind of “subscription”, but I am not used to anything similar in DeFi. Then, can I start investing with any NFT I have in my wallet? Tell us the step by step.
Sylvia: At the first step, you need to connect to your MetaMask wallet. Secondly, create your YANG vault in the YANG page and wait for the confirm the completion of contract execution. Then click the CHI(programmable smart contract strategy) page to add liquidity with your trading pair. Thus you provide liquidity successfully, and will display on the dashboard in your YANG NFT, just wait for generating profits and you click claim to get the profit.
Actually YANG and CHI both are NFT, which aims to retain the ownership of your assets. You should create YANG NFT on our platform and subscribe to the CHI strategy which is provided by the official platform initially.
Q3: As you know, the number of DeFi projects has grown tremendously in recent months, resulting in limited liquidity splitting. For this reason, DeFi projects are working hard to provide Liquidity. What is your solution so that YIN Finance does not have a liquidity problem?
Sylvia: We provide different strategies for different risk appetite users to choose. Mainly including: simple proactive and complex passive strategies. About 77% of LP users take simple proactive strategies and less than 1% of them use complex active strategies. We use price track and trending prediction method to form a reset LP algorithm to achieve complex active liquidity management. And complex active is a big market to explore. Besides, our investors and partners will also provide liquidity on our platform. To be short, CHI creators function as GP to manage LP assets for users, and will charge for assets managing fees.
Q4: From what I see your Testnet edition will be launched on July 30th, and you are trying to prove to be better liquidity management. Can you tell us a use case for this product? What can users do with the $YIN token?
Sylvia: We can provide liquidity for dexs on Ethereum, Solana and Polygon, such as Uniswap V3, Raydium and Dodo respectively.
As for $YIN’s utility, users can use $YIN to stake into the pool, vote as the governance token, share the liquidation fees in the pool, increase leverage in the leveraged pool and create CHI strategy, etc..
Q5： What are the current standards that #Yin Finance differentiate its work from other platforms and, in turn, provide a cost-effective solution on the flow and use of liquidity within today’s chaotic DeFi landscape?
Sylvia: Compared with our competitors in the liquidity provision track, we can let users create their own strategy CHIs on our platform after we audit it. Initially we provide some low volatility stable coin trading pairs for our users. Thus decrease the risk. Then we can provide third party yield yarming protocols for our users to choose on our platform.
Telegram Live AMA
Q6: Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?
Sylvia: We have our text version tutorial so far. Please see the link:
YIN Finance Testnet Tutorial
The YIN Finance testnet will give users the opportunity to try out YIN's unique liquidity protocols and provide…
Q7: Revenue is an important aspect for all projects to survive and maintain the project/company. What is your plan and way to generate profit/revenue from tokens? In this regard, please explain your income model?
Sylvia: Our profit including transaction fees and asset managing fees.. there is a huge profit space in liquidity provision track.|
Q8: As YIN Finance, have you determined a “TARGET AUDIENCE”? In which areas will you focus primarily on development in the short term and in which regions will you work for the adoption of your project?
Sylvia: Our ‘target audience’ is retail liquidity providers and professional market making institutions. Just the users that has the liquidity provision demand.
Q9: A strong community not only brings interesting ideas to the project but also attracts larger partners. So how planning is POSEIDON to build its community? And is there a plan to recruit people with Blockchain experience to the team?
Sylvia: Yes we are looking for experienced social media operators, content operators, user growing operators as well as campaigns operators.
Q10: You mentioned that Users who subscribe to a strategy in YIN will receive 3 rewards: market-making income, third-party mining income and rewards of YIN. please explain how the mechanism for receiving the Rewards is?
Sylvia: Users only need to use their vault YANG to subscribe our strategy CHI thus can get three rewards, instead of just yield farming rewards if they provide liquidity by themselves not on our platform. And we can claim and reinvest their profits for our users. Active manage their asset and support third party yield farming protocols.
Q11: Recently, many projects aim to be community oriented. Does Yin Finance aim to be a community oriented project, will you make arrangements to increase the influence and weight of the community in the future of the project?
Sylvia: Yes. We plan to become an open platform in 2022 Q1, let users to contribute their strategies, and the YIN holders have the right to vote for the trading pair they prefer on our platform. We will collect the opinions from communities and audit the strategies for them.
Q12: How do plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Sylvia: We have our ambassador plan and will find active participants to operate local communities and develop connections for us.
Q13: Ethereum is currently facing issues with the high gas fee but it may be solved in coming times,
What advantage do you have in the matic ecosystem?
Will you plan to move to ethereum platform in future?
Sylvia: We will first deploy on Ethereum and then on ploygon and solans. Ethereum has more mature projects and communities. While polygon and solana have lower transaction fees and higher speed. So our plan is multichain deployment.
Q14: The most important aspect of any project is its security. Have you undergone an audit to make it more secure and reliable?
Sylvia: We have two audit institutions to audit our smart contracts, including Slowmist and Secbit. And our team members have three scientists with many smart contracts auditing experience. So users can rest assured about safety problems.
Q15: While you build your project, do you take into account community feedbacks and demands ?While you build your project,do you take into account community feedbacks and demands ?
Sylvia: yes, we have our discord with community feedback channels and we will carry out bug bounty campaigns for more experienced defi players and users who really interested in our project.
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