What is YFDAI Finance?
YFDAI Finance is a DeFi protocol that offers several services such as YFDAI lending and staking, borrowing, decentralized exchange (DEX), to name a few.
Despite being a recent addition to the decentralized finance space, YFDAI DeFi ecosystem is making waves as it offers one of the most secure and transparent DeFi services.
The fact that the platform follows a deflationary model makes it more attractive. There are only 21,000 YF-DAI token units in circulation now. Moreover, the platform will run a buyback and burn program until there are only 13950 YF-DAI tokens.
Let’s find out what makes YFDAI unique.
YFDAI DeFi Ecosystem
With new DeFi services popping each day, it’s difficult to filter the legitimate options. Also, some genuine DeFi services lack secure protocols and smart contracts. Moreover, most DeFi protocols cater to specific needs. As a result, you have to jump between services to access different functionalities like borrowing, staking etc.
There is a need in the market for Defi protocol which is secure and have all the mentioned functions in one place.
Here comes YFDAI Finance.
YFDAI is a one-stop solution for every DeFi widget. Lending, borrowing, staking, yield farming, decentralized exchange (DEX), prediction market, insurance, platform for new DeFi products, you name it, YFDAI have many things covered.
The platform maintains high security standards with audited smart contracts from Blockchain Consilium. Plus, the transparent governance model ensures smooth working of the YFDAI DeFi ecosystem.
Before we dive deep into YFDAI services, let’s take a look at its native cryptocurrency.
YFDAI DeFi Ecosystem
With new DeFi services popping each day, it’s difficult to filter the legitimate options. Also, some genuine DeFi services lack secure protocols and smart contracts. Moreover, most DeFi protocols cater to specific needs. As a result, you have to jump between services to access different functionalities like borrowing, staking etc.
There is a need in the market for Defi protocol which is secure and have all the mentioned functions in one place.
Here comes YFDAI Finance.
YFDAI is a one-stop solution for every DeFi widget. Lending, borrowing, staking, yield farming, decentralized exchange (DEX), prediction market, insurance, platform for new DeFi products, you name it, YFDAI have many things covered.
The platform maintains high security standards with audited smart contracts from Blockchain Consilium. Plus, the transparent governance model ensures smooth working of the YFDAI DeFi ecosystem.
Before we dive deep into YFDAI services, let’s take a look at its native cryptocurrency.
YF-DAI Token
This DeFi protocol has its native ERC-20 token – YF-DAI. The ecosystem follows a deflationary tokenomics with a max supply of 21,000 YF-DAI token units.
You can use the YF-DAI token to pay fees on the platform and participate in the governance of the YFDAI protocol. The liquidity providers will receive YF-DAI tokens in addition to trading and borrowing fees.
According to CoinGecko, YF-DAI token price is fluctuating around 2,000-3,000 USD as of this writing. The market cap of YF-DAI tokens is around 10,114,747 USD.
Talking about availability, you can buy YF-DAI tokens at decentralized exchange Uniswap.
YFDAI Services
1. YFDAI Lending And Staking
By staking YF-DAI token you can earn a fixed interest rate of 72% annually (0.2% daily). This is a comparatively huge gain against the typical annual yield of only 45% which most platforms offer.
YFDAI Finance Staking protocol makes staking a breeze as you can deposit funds directly into the staking contract using their Web3 wallet. Also, you can withdraw your staked tokens and associated rewards to your Web3 wallet.
The platform charges 1.5% fee on staked/re-staked tokens plus 0.5% fee on withdrawal. The best part is there is only a 72 hour lockup period on your initial deposit in the staking contract.
YFDAI will use the staking revenue for YF-DAI token buyback and burn until the number of tokens are reduced to 13950.
With YFDAI Finance, the benefits of contributing liquidity to the platform is multiplied. You earn fixed interest , rates, partial liquidations (if markets move against you), and easy access to loans. Talking about loans, your deposited funds will double as collateral while you borrow from the platform. Also, the interest earned via lending will compensate for the accrued interest from loan. Simply put, you can put your funds to work and earn passive income while enjoying a plethora of benefits by lending on the YFDAI platform.
2. Borrowing
Similar to other DeFi protocols, you can borrow funds after depositing a collateral. However, YFDAI stands out as you have easy access to a variety of loans on this platform at pocket-friendly rates.
3. Yield Farming
You can provide liquidity to YFDAI pools and earn rewards. Currently, you can deposit ETH, DAI, and YF-DAI tokens to the respective liquidity pools.
4. SafePredict
SafePredict is YFDAI’s native prediction market. YF-DAI token holders can participate in SafePreduct by betting on the token’s future prices. You have to predict the price of the token on a specific date in the future and submit your tokens to the SafePredict smart contract. The platform charges a 10% fee with the prediction period ranging from 1, 3, 7 or 14 days.
5. SafeSwap
SafeSwap is a decentralized exchange (DEX) native to YFDAI Finance. This DEX is a fork of the Uniswap, the largest DEX. SafeSwap will only list projects that will a) pre-lock liquidity and b) pass the protocol and smart contact audits. Thanks to this, you can trade in a trusted environment.
SafeSwap listing criteria:
- Be listed on an exchange for 3 months
- Not be anonymous or be willing to provide KYC
- Have a detailed website
- Comprehensive whitepaper
- A clear roadmap
- Active Github
- Active Social Media
- A minimum of 1000 wallet holders
- A daily trading volume in excess of $500.000
- Be listed on CoinMarketCap and/or CoinGecko
6. Launchpad
The YFDAI Launchpad ecosystem will provide a helping hand to legitimate crypto services. Apart from the advisory and development services YFDAI will also help crypto startups in tokenomics and securing their tokens with fully audited smart contracts.
7. Insurance
Trading in the DeFi space isn’t immune to volatility. Plus, interacting with smart contracts also has some risks involved. To combat this, YFDAI offers its optional insurance program.
Why Should You Trust YFDAI DeFi Ecosystem?
1. Security
YFDAI ERC20 smart contracts have to pass through strict audits and are certified by Blockchain Consilium, a prominent blockchain auditing firm. Also, in YFDAI’s Launchpad Management system tokens are secured with time locked smart contracts.
2. Trustless Environment
As discussed, YFDAI tokens are fully audited and secured with time locked smart contracts. This develops a robust technological trust eliminating the need to trust any third party entity.
3. Transparent Governance
YFDAI has an on-chain voting mechanism with flexible voting parameters. This enables cost-free voting that can be publicly verified by YF-DAI token holders.
4. Easy Accessibility
With YFDAI Finance, you can access multiple liquidity pools and staking options. Also, the easy-to-navigate and resourceful interface ensures a hassle-free user experience.
The Bottom Line
The DeFi universe is growing exponentially with over 20 billion USD locked in DeFi smart contracts (as of now). However, there are only a few DeFi services that manage to gain the trust of their patrons.
YFDAI Finance is one such protocol that aims to declutter the DeFi landscape by providing a list of quality DeFi services under one roof.