YSL.IO Summary Recap with Shin Chan Community
We held a live AMA with Co-Founder of YSL.IO, Hardev Dhillon on 25th June 06:30 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH | ShinChan: Before the ama start, can you introduce yourself and the team background?
Hardev Dhillon: Sure I’d be happy to!
I’ll begin with a brief background on myself; I’m a Certified Practising Accountant (CPA) with a professional background in Finance, Accounting and Business, specialising in Financial Risk Management and Advanced Taxation (I love numbers!). I have broad experience across banking/accounting (HSBC, Westpac, KPMG, and Deloitte), which has allowed me to appreciate the importance of driving error-free standards for compliance, develop strategic plans for transformation, and create risk frameworks for the evaluation of a range of sectors/functions.
Simran Dhillon (@simran_ysl), is the other Co-Founder of YSL.IO. Just to give you a quick background on him; Simran has diverse professional background across IT and Business, and has notable industry experience with companies such as Microsoft and HSBC. More importantly, he is a crypto veteran 💪 that has garnered significant experience within the crypto space, both as a programmer and working in the background as an advisor for a number of Blockchain projects including Zencash (which is now known as Horizen).
In addition to @simran_ysl and myself, we have a dedicated team of seven blockchain developers + one UI/UX designers that are focused on the development of our smart contracts and platform . Each of them are experts within their respective fields and are all busy working their magic behind the scenes ✨ to ensure we can deliver the best possible version of YSL.IO for our 12k+ community. We also have a marketing team that are hard at work in the background, drumming up informative material that will help spread awareness of our unique concept.
JH | ShinChan: Can you introduce us about YSL.IO in short or do you have any news would like to share with our community?
Hardev Dhillon: Sure, so our project name (YSL.IO) is derived from the key features of our unique protocol; high YEILDS, rewards for STAKING and locked LIQUIDITY.
YSL.IO 💎 = [ ⭐️ Yield + 💗 Staking + 🌊 Liquidity ] = 🚀
And our goal is to make YSL.IO the best place for DeFi users to maximise returns on their crypto assets!
We accomplish this through our completely novel approach to yield farming, that centres around our protocols ability to autonomously create locked liquidity whenever a user interacts with our platform.
AMA Twitter Section Begin:
Q1: I learned on your docs that YSL challenges the status quo by being different concerning Yield Optimization, even though, what is the approach that makes YSL unique on this matter? What distinctive features allow for YSL to become so different and original when it comes to Yield?
Hardev Dhillon: Great question. So traditional optimisation involves harvesting and compounding interest daily
However, YSL.IO challenges the status quo by being different.
We have a completely unique approach to yield optimisation, that is fuelled by the creation of YSL-BUSD locked liquidity.
Our protocol has been designed to optimise the APR (%) of positions held by users on AMMs (such as ApeSwap and PancakeSwap) by 300%!
For example: the BUSD-USDT farm on ApeSwap Finance currently yields an APR of 14.66%.
Traditional optimisation (harvesting + compounding daily) would only result in an APY of 15.79%.
Whereas YSL.IO optimisation is capable of obtaining an APY of 42.78% 🚀
Q2: #YSL.IO offers a 300% farming return. that’s a fantastic result!! The question is how does #YSL.IO generate liquidity?
Hardev Dhillon: Liquidity is an integral part of any DeFi ecosystem, and that’s why we’ve made YSL-BUSD liquidity the heart and soul of YSL.IO 💖.
Our protocol has been designed to ensure there is a CONTINUAL creation liquidity!
This has been made possible through our protocols unique capability of creating YSL-BUSD liquidity AUTONOMUSLY whenever a user interacts with the platform, this is done through 9 in-built mechanisms:
Purchase of YSL tokens ✅
(100% equivalent locked value created)
Purchase of sYSL tokens ✅
(200% equivalent locked value created)
YSL.IO Optimisation function ✅
(180% equivalent locked value created)
YSL.IO Amplification (Strategy 2) ✅
(200% equivalent locked value created)
Balance transfers between vaults ✅
(200% equivalent locked value created)
Balance transfers into the sYSL vault ✅
(100% equivalent locked value created)
Balance transfers into the YSL-BUSD vault ✅
(100% equivalent locked value created)
Withdrawals from the YSL-BUSD vault — LP token deposit ✅
(100% equivalent locked value created)
Withdrawals from the YSL-BUSD vault — Transfer deposits ✅
(100% equivalent locked value created)
You can learn more about these mechanisms here 👉 https://bit.ly/3zGjhNb
Q3: 90% of coins launched today pump up initially after that dump and after that almost die so how do you plan not to be in that zone? and if a bear market comes Will your tokens DUMP HARD?
What are the ways to deal with your investor panic selling?
Hardev Dhillon: I strongly believe that the key to real success as a token is to have the fundamentals down in terms of long-term stability and value for native token holders — this is something I’d say isn’t present in many of today’s projects.
YSL.IO is here to stay and show that yield farming can be sustainable long term.
So from the outset we decided the best way to make this happen was to ensure that our token economy would be resilient, even in a bear market.
We have achieved this by designing a unique tokenomics model that revolves around our protocols novel capability of autonomously creating YSL-BUSD locked liquidity.
The benefit of this novel design is that during a bear market, our optimisation function will be even more attractive due to its ability to provide high yields on low APR (%) stable coin farms.
As during a bear market, farmers would likely switch their positions to stable coins which typically have low APR (%), and platforms that are able to offer greater returns on stable coin positions will increase in demand.
For example; the BUSD-USDT farm on ApeSwap Finance currently yields an APR of 14.66%.
Traditional optimisation (harvesting + compounding daily) would only result in an APY of 15.79%. Whereas YSL.IO optimisation is capable of obtaining an APY of 42.78% 🚀
This will not only guarantee our survival during a bear market, but will increase our market share + TVL 🤩
And as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of our native governance token (sYSL)
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
Q4: Unfortunately there are too many side effects of pioneering new DeFi methodologies. Many investors do not understand what you are offering. Does http://YSL.IO
provide easy tools for investor guidance and assistance? If so, what are those great features?
Hardev Dhillon: We have dedicated a lot of effort to ensure the design of our interface is not only engaging but is extremely user friendly to even the most novice of DeFi users.
✅ JUST DEPOSIT AND EARN — A user simply needs to deposit LP tokens into any of our active vaults and our protocol will handle all the heavy lifting of maximising your returns by 300%, its that simple! 👍🏼
✅ GitBook — Our comprehensive gitbook covers all the aspects of our platform and protocol, providing explanations and guidance on our key features!
✅ TUTORIALS — We have created guided tutorials that provide easy-to-follow steps 👉 https://bit.ly/3d0Z2jp
Q5: I was surprised by a solution you implemented. Other platforms are competing with each other to charge more. However, YSL charges zero swap fees, zero deposit fees, zero withdrawal fees, and performance fees. So there is no fee. Why does YSL not charge fees?
Hardev Dhillon: Fees are something we thought much about when developing YSL.IO, typically there are two common pain points faced with farming: barrier-to-entry and the costs involved. In view of this, we designed our platform to be extremely cost effective from a user’s perspective!
❌ ZERO SWAP FEES
❌ ZERO DEPOSIT FEES
❌ ZERO WITHDRAWAL FEES
❌ ZERO PERFORMANCE FEES
This not only provides the user with ultimate flexibility but also makes it extremely easy for a user to benefit from our protocols exceptional yield optimisation and amplification functions, simply deposit LP tokens into any of our vaults and our protocol will handle all the heavy lifting of maximising your returns, its that simple!
We do have some fees, which are outlined in our gitbook 👉https://docs.ysl.io/ysl-io/ysl-core-protocol/fees
Telegram Live AMA Begin:
Q6: Currently is there any information about the Pre-Sale. When and where will it start?
If Yes, How do I participate in the whitelist or pre-sale list? Are there any special requirements and what KYC needs to be whitelisted or your presale list?
Hardev Dhillon: Our private and public sale is open to all, there’s no whitelist and everyone is welcome to participate!
The private sale begins on July 1st, and the public sale begins on July 23rd.
And we have some exciting benefits during the Price Discovery Phase!
✅ Bonus multiplier
Our bonus multiplier will effectively add a bonus on top of any deposits that you make!
During the private sale the multiplier is set to 3.00x! So if you were to deposit 5k during the private sale, you will essentially receive 15k worth of sYSL tokens, that’s $10k of bonus value 🤯
✅ 10% Referral bonus program
We are also running a referral bonus program during the price discovery phase, where you can earn 10% on the contribution made by those you refer. So if you were to refer someone that had a $60k contribution you would get back $6k worth of sYSL tokens at the end of the discovery phase.
✅ Airdrop
We are going to airdrop sYSL tokens to the Peanut (NUX) community. You need to hold a min balance of 100 NUX before 12PM UTC 25th JUNE (ERC20).
IMPORTANT: The sYSL token will only be available for purchase 30 days after the platform launches. (after the first buy-back has occurred). And remember that the price of sYSL is tied to YSL-BUSD liquidity, so once the platform launches and our TVL grows, the amount of YSL-BUSD locked liquidity being created will increase, causing the price of the sYSL token to increase. SO DONT MISS OUT ON THE PUBLIC + PRIVATE SALE!
Q7: When entering your website, a beginner or any investor might feel a little lost. Because there are still no anu details or a user friendly interface. Do you have any plan to make your home page more friendly after July. because you have mentioned “YSL.IO VAULTS WILL GO LIVE IN JULY 2021”
Hardev Dhillon: Yes, we have dedicated a lot of effort to ensure the design of our interface is not only engaging but is extremely user friendly to even the most novice of DeFi users, here’s a preview of what our platform will look like at launch:
Q8: Could you tell us what are the functions of the $YSL token within the YSL.IO Protocol? How do the strategies you have developed influence the price of the token? Finally I would appreciate if you could explain the relationship between YSL and sYSL.
Hardev Dhillon: ✅ sYSL use case:
1️⃣ Governance — sYSL tokens will operate as the governance token for the YSL.IO platform, token holders will be able to vote on various proposals once the community-governance function is integrated.
2️⃣ Staking — sYSL token holders will be able to stake their tokens in our sYSL vault.
✅ YSL use case:
1️⃣ YSL-BUSD locked liquidity — The YSL token is used to create YSL-BUSD locked liquidity, this is done autonomously by the protocol
2️⃣ Staking — Liquidity providers of the YSL-BUSD pool (on ApeSwap Finance) will be able to stake their LP tokens into our YSL-BUSD vault
There are two key things to know about our unique tokenomic model:
1️⃣ The price of the sYSL token is tied to YSL-BUSD locked liquidity.
2️⃣ We have designed the YSL.IO protocol to create YSL-BUSD locked liquidity whenever a user interacts with the platform (there are 10 ways our protocol does this 👉 https://bit.ly/3wSNery).
In other words; as users begin to use YSL.IO, the TVL of the platform will increase, causing more YSL-BUSD locked liquidity to be created, leading to the price of the sYSL token to increase!🚀
YSL.IO TVL ⏫ = YSL-BUSD locked liquidity ⏫ = sYSL token price 🚀
docs.ysl.io (https://bit.ly/3wSNery)
Q9: Why did YSL.IO choose ApeSwap as your DEX partner over others? What distinguishes ApeSwap from the rivalry?
Hardev Dhillon: Our partnership with ApeSwap enables us to utilise their special vesting factory, whereby we are able to use their locked liquidity contract to lock the YSL-BUSD liquidity created by our protocol.
In addition, we were lucky enough to have been accepted into the highly coveted ApeSwap BUIDL program!
This is huge for YSL.IO in terms of increasing the awareness of our project, as they have a growing user base of over 400,000!
Not only that, it will enable us to collaborate and form meaningful partnership’s with other projects within the ApeSwap ecosystem to increase our reach!
The announcement can be found in the most recent #BUIDL newsletter released by ApeSwap 👉 https://bit.ly/3xFnf6S
And in our most recent medium article👉 https://bit.ly/3vGWiyh
Medium (https://bit.ly/3xFnf6S)
Q10: all the liquidity that is generated by protocol will be LOCKED in the locked liquidity contract (ApeSwap Finance vesting factory) for a period of 1000 years, what do you hope by applied such a looong time
Hardev Dhillon: Correct! It showcases that the liquidity is locked and cannot be removed arbitrarily by the team. This will not only cement legitimacy but will also stimulate growth through community confidence! No rug pull!
Q11: Taking a look at the YSL.IO private and public sale events, I noticed that the Bonus Multiplier for the private event is greater than that of the public event. Why is this so?
Hardev Dhillon:
That’s right, our bonus multiplier will effectively add a bonus on top of any deposits that you make!
During the private sale the multiplier is set to 3.00x! So if you were to deposit 5k during the private sale, you will essentially receive 15k worth of sYSL tokens, that’s $10k of bonus value 🤯
The reason the private sale has a higher multiplier is to compensate for the lock period being higher and the minimum deposit being higher as well.
Q12: What can YSL say about security testing to lessen the community’s skepticism?
Hardev Dhillon: Our smart contracts have been developed by a team of experienced blockchain developers that not only have extensive knowledge of DeFi protocols and their associated specifications, but also have an internal audit process embedded within their development process to ensure the reliability and safety of our protocols functions.
Here’s are some examples of features that our team has incorporated into the protocol to ensure MAXIMUM SECURITY:
1️⃣ Price Feeds by Chainlink: the protocol can better resist flash loan attacks, network congestion, and centralised infrastructure disruption.
2️⃣ Smart Contract Timelocks: these will be integrated across all of our smart contracts to protect our users and funds, as a delay/period of time is required before any changes can be made to any smart contracts.
3️⃣ Real-Time Monitoring of the Main Oracle Price: When there is a serious deviation between the main oracle and the system, the system will alert and notify our development team to ensure timely action.
4️⃣ Prevention of External Smart Contract Interaction: With the recent flash loan attacks on BSC, we will incorporate a stop on all external smart contracts to interact with the our contract, mitigating the risk of any flash loan attack within our protocol.
More importantly, we will be engaging with well-known and reputable parties such as Certik and Zokyo to conduct an audit on our smart contracts:
✅ MULTIPLE EXTERNAL AUDITS — Before we launch, our protocols architecture and logic will be audited by external parties, so you can have piece of mind that your funds are SAFU!
✅ ONGOING AUDITS — We intend to conduct ongoing audits on a regular basis, to ensure the long-term maintenance of our protocols security.
Q13: My question is very simple, What benefits does YSL-BUSD locked liquidity provide? can you explain to us?
Hardev Dhillon: Unlike other projects, the price of our native token is tied to locked liquidity and our protocol has the unique capability of creating liquidity AUTONOMUSLY whenever a user interacts with the platform, ensuring there is a CONTINUAL creation liquidity!
This novel approach will ensure as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token!
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
All the details on our unique tokenomics model can be found here 👉 https://bit.ly/2TViNlz
Q14: can you explain some of the features of your token? what is the user advantage of owning your token?
Hardev Dhillon: 1️⃣ Block Rewards!
Those that stake in the sYSL vault and/or YSL-BUSD vault will earn a share of the AUTOMATED MONTHLY BUY-BACK and INFLATION REWARDS that are distributed on each new block! 🤩
2️⃣ sYSL is tied to YSL-BUSD locked liquidity!
As the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token!🚀 Not only that, the increase in locked liquidity will also create a progressive price floor for the token and mitigate its exposure to price volatility!
YSL.IO TVL ⏫ = YSL-BUSD locked liquidity ⏫ = sYSL token price 🚀
3️⃣ Cross-Chain Airdrops!
Each time we launch onto a new chain we will airdrop 15% of the new token supply to those staking in the sYSL vault
Q15: Investors are afraid to invest a new project because of so many rug pull and exit scam. How can you sure that there will be no chance of scam and I will be profitable?🚀🏆
Hardev Dhillon: Every opportunity comes with risks, and DeFi is no exception. However, these points will help convince you of that safety and security is our top priority!
✅ FULL PRODUCT LAUNCH — The YSL.IO platform will launch with live vaults, regardless of the amount received during the private and public sales.
✅ SMART CONTRACT AUDITS — Our protocol architecture and logic will undergo multiple external audits, you can have peace of mind knowing that your funds are SAFU!
✅ LOCKED LIQUIDTY (Locked for 1000 YEARS) — The WBNB/BUSD received from the sales will be used create YSL-BUSD locked liquidity on ApeSwap Finance, No Rug Pull!
✅ TEAM — Our team is not anonymous and our blockchain developers have extensive knowledge of DeFi protocols, you can rest assured the protocols will be safe and reliable.
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