AMA RECAP — Whale Blockchain Enthusiast with Yearn Secure (YSEC)

On 7th December 2020, Yearn Secure (YSEC) conducted an AMA in the Whale Blockchain Enthusiast. Our guest is Yearn Secure team

Lots of questions as usual from the Community about Yearn Secure progress. The Yearn Secure team took part in a very interesting AMA session which included Project introduction, Questions from twitter, and a live AMA session with the WBE community. If you missed the AMA in person, read this recap for a deeper insight into Yearn Secure.

Let’s take a look at the most interesting points of our conversation.

🐳 Segment 1: Project introduction

Can you introduce yourself and introduce Yearn Secure (YSEC) to our community?

Simple | YSEC:
we are $YSEC, a 5 man team from the Netherlands. Develem is an experienced back-end developer and has been working in the field for seven years. just like Zhichoth who has four years of work experience and has worked on some projects using react. Simple (me) and Smythe take care of the front-end party for now but will join the backend team when we start working on our platform aswell, we have two years of expierence each. Sniekers is managing the project, making sure stuff gets done on time and keep everyone up to date, he handles marketing and is assisted in this matter by myself. We have been active within the environment for a while now, using our laptops to mine $BTC, in the days wherte you could by a pizza paying 10K of them.

Back in 2016 we build our first Ethereum mining rig which held 5 GPU’s. a year later we worked with a financer and build a bigger one in Norway. The farm we build there holds around 450 GPU’s and is divided into 90 seperate systems, but farming as one. Around the time of ICO’s became very popular in 2017 and we were an easy way to X2- X5 your initial investement, we joined the hype train again before getting rekt in December the same year. Nowq DeFi is generating a lot of hype and is a space that is underoing increasing popularity.

Absolutly desirable, but at the same time it is becoming increasingly difficult to safely invest into new projects because of increasing chances of the team not being sincere and the possibility of them leaving the project behind, be it a rug pull or a (slow) exit scam. After having to expierence a dev running of with our money a few times, we decided a change is needed. we assembled our strengths once again and YSEC is going to be the outcome

What services and products does YSEC offer to users / investors?

Simple | YSEC:
$YSEC is going to be an all-round platform and will offer solutions for token / ether and liquidity locking as well as adding liquidity on Uniswap. Besides those tokenomic solutions we will also launch presales added by the developers creating them. It will be a fully automated process and $YSEC will never own ANY of the assets locked within our smart contract. It will be a fully transparent system as well, where investors will be able to see when and which projects are having their presale as well as how their tokenomics are organized. In addition, we have launched a YSEC — YSEC staking pool right after our presale launched and it has locked 100.000 tokens.

We feel this has contributed to the stability of our market. Because we have a lot more $YSEC tokens designated for staking rewards, more pools will be added in the future! At the time our platform launches we will also launch a $YSEC — $ETH yield staking pool as well. We believe this is our most bullish tokenomic where tokenholders can grab a piece of the fees generated through developers using our platform.

Use case for $YSEC tokens and can you share where users can buy YSEC tokens?

Simple | YSEC:
You can use the $YSEC tokens to either farm for YSEC( for now ) and in the future holders can use $YSEC tokens to stake in your Yield farm that rewards stakers in $ETH. We are happy about the Yield pool we are going to launch with our platform. By adding this Yield pool our community will work as a marketing catalyst, making sure people will want to participate! To explain it more clearly, it might be useful that I first explain what Yield pool will entail.

In a nutshell, our token holders will have the opportunity to participate in our Yield pool. A standard tokenomic within the presales we are launching will be a 5% base fee for the use of the platform. At first this may seem like a lot and this will probaly put off a number of developers, but the upside to that tokenomic however, is that 50% of that fee is added to the Yield pool. We have taken Bounce as an example for calculating the refund to the community.

When we compare their figures to the yield pool, there would have been a return of 15,708 $ETH in just 2 months and a little (calculated from when they started). So what is happening now is that the community would like developers to use our platform, because they receive $ETH as a reward for it. The community will therefore provide a lot of exposure, which makes it attractive not only for $YSEC token holders to stake their tokens into this pool, but also for developers because the community will grow and their project will automatically receive a lot of exposure as well.

Are there any benefits for long-term YSEC token holders?

Simple | YSEC:
As mentioned before, the yield pool will be extremely intresting for long-term $YSEC token holders. Not only will the price of $YSEC rise, you will also continuously be rewarded in $ETH if you choose to stake in the yield pool and developers keep using our platform.

$ETH that stakers can then again use to invest in the projects that launch on our platform for example of which, through the fee system that is in place, they would receive a part back when that $ETH is added to the yield farm pool.

What achievements has Yearn Secure (YSEC) achieved so far and what steps will be taken in the future?

Simple | YSEC:
As for now we have had a pretty successful presale and a great community. We have close to no toxicity in our channel and our community understands what we are building as we speak. They are a wonderful bunch and we are blessed to be able to call these people “ Our people “!!

So far we have finished the locking contract and are making good progress on front-end. We are still working on the pre-sale contract it self but this is going very well! We first wanted to launch contract for each of the locking options, meaning there would be one for liquidity locking, one for token locking and one for ether locking. But making it so that our contract wraps $ETH and locks $WETH (as that is an ERC20 token again, just like the liq tokens and the tokens from the presale) we are able to all do it in one contract. Not only does this safe our users a lot of gas, it’s also something unique in the market as we speak.

We feel safe to say that our current contract beats the capabilities that TEAM finance and Unicrypt are offering in terms of functionality for example. Since they have been around for a while and are being used a lot, we feel that this is a big deal and this would make us an interesting direct competitor from their point of view! Pretty awesome if you ask me!!

🐳Segment 2: Questions from the Twitter

Question from @agus_senger
Staking is a very popular topic now a days. Please tell us in detail about the $YSEC staking plan and the benefits?

Simple | YSEC:
As for right now our first $YSEC — $YSEC pool is filled. We are currently thinking about some options regarding a second staking pool for $YSEC — $YSEC. The main focus now is the $YSEC — $ETH yield pool.

Immediately with the launch of our platform we will also be launching a yield staking pool. Token holders will be able to earn a part of the fees generated in $ETH by vesting their tokens here. We are very excited about our yield pool and urge our token holders to hodl to get very attractive returns in this pool.

The most interesting part of our platform for tokenholders, is the yield pool our platform will provide. A standard tokenomic within the pre-sales launching on our platform, will be a 5% base fee in $ETH raised. Half of this will be added to the yield pool where $YSEC stakers will be rewarded in $ETH.

To give an insight into what this might mean for $YSEC tokenholders, we used data from the platform we are aiming to be a direct competitor of: Bounce. Using the total amount of $ETH generated through Bounce in the past few months, we can calculate the earnings our yield pool would divide if the $YSEC platform is going to be used in the same frequency.

Our yield pool is a bullish tokenomic and is integrated to use our community as a marketing catalyst. The more projects that decide to launch through $YSEC, the more $ETH that will be added to our yield pool.

Because our community is rewarded for presales launched through $YSEC, it will, in turn, make sure there will be a lot of exposure. Why? Because the more exposure, the more projects that will launch through $YSEC and the more our tokenholders will earn.

Question from @RahulJayaraj9
“The more projects launch through YSEC, the more our tokenholders will earn” these are some words found from YearnSecure. How tokenholders can earn while new projects lauching through YSEC?

Simple | YSEC:
Like we said, every presale launched through the $YSEC platform will generate a flat fee of 5%. 2.5% of these fee’s will be added in the Yield pool. So the more projects we will launch through our platform, the more $ETH will be added in the Yield pool. The more $ETH that is added to the pool, the more $ETH can be distributed as rewards. This in turn is the marketing catalyst we were talking about.

Question from @Ramla36730829
I am read in your website: “You earn, we SECure” What is the detailed meaning of this quote? How SECure are we for extending and holding your tokens?

Simple | YSEC:
Secure is directed towards the securing (as far as possible) of presales launching through our platform. What the developer indicates in the presale design will be flawlessly executed by our platform without $YSEC ever having control over the finances that we process. Everything is fixed in our smart contracts and only the initiator of the presale can access it, at the times indicated by themselves, never before! The investor determines whether the contract is satisfactory. Because everything is transparent and visible to everyone at all times, we ensure that investing in a project using the $YSEC platform is safer.

Question from @KayideAbayomiP3
What’s the main reason of combining liquidity locking, Token/Assest locking and presale all in the same platform in yearn secure platform?

Simple | YSEC:
At this moment there are no platforms/solutions that do what we want to create. There are however parts of our services that currently exist as a standalone working project. Such as Bounce which is a presale platform and Team/Unicrypt. which are liquidity/asset locking solutions. Developers have to connect with Unicrypt and TEAM to lock their assets and have to add the promised liquidity on Uniswap (you hope they do!) themselves. They can decide to launch their presale through Bounce, but since this platform is flooded with quick copies of your presale contract people end up depositing to the wrong ones and get scammed right of the bat.

$YSEC will offer all of the functionalities mentioned above and by doing to we’ll become a one stop shop to host your own presale, determine which funds/tokens will be locked and for how long + liquidity locking… All is done and decided by the person instigating the presale. There will be no intervention from us, so no deciding if a project is allowed to start a presale. This will help a lot of other projects that want to launch a presale. By having it all under one roof, $YSEC can ensure transparency and safety for investors using our platform. In the beginning the developer decides on the tokenomics, in the end the investor decides whether or not it is to their liking.

Question from @swap_end
The YSEC platform will be launched in Q1 2021. The platform is aimed at project developers who want to pre-sale. Is the platform that will be launched is the same as LID, as a platform for projects that want to pre-sale. Then what are the requirements for the project developer to be able to pre-sale on the YSEC platform? Do you have to have a YSEC token to do this

Simple | YSEC:
We have certain similarities to $LID indeed, however, $LID only locks liquidity permanentely through a one time only send $ETH to burn address transaction. They then have the requirement that any allocation above 10% is timelocked, releasing tokens in a period of 10 months. There isn’t much customization there. Also, they have high requirements for projects even wanting to launch their presale there.

Our platform is for everyone to use and we will offer a great variety of locking options for developers. We can permanently lock liquidity for example, or we can put it in a timevault releasing x percentage over time, or a general vault releasing ALL that is locked at once after a certain time has passed. Besides this, all these options will be visible to everyone that wants to see them at any given time. As soon as the contract is published, these numbers can no longer be changed. Our smart contracts will execute all that is given when creating then contract automatically

What this means, is that every investor knows what is going to happen and at what time once the presale is over. This not only assures safety for investors because they know when things are about to happen, but it also offers full transparency to what will happen with the project funds during and after the presale has launched.

🐳Segment 3 : Free Asking / Live Questions

Telegram User @System033
without proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project?

Simple | YSEC:
We understand that marketing is key for exposure. We have some exciting news (UPCOMING) with some strong partnerts in the De-Fi field. We are sure that these partners will help us push this project to the top and to the next level!! Regarding the capital infusion this will be generated through the presale platform, there is a 5% fee for every developer wanting to launch through the $YSEC platform from this 5% fee 50% (so 2.5%) will be added to the yield pool giving back to the community and giving an incentive to hodl and stake with the $YSEC

Telegram User @marias32
Investors wants to ensure the safety of their assets when investing in a particular project. In terms of auditing, does the smart contracts of Yearn Secure have been audited for bugs, validity and security concerns?

Simple | YSEC:
Yes, we are planning to have our smart contracts audited before officially releasing the platform. We still have to figure out which auditing company suits our needs the best, and those who are available to do so since most have a lot of projects to audit.

We will also release the platform on testnet beforehand so that people can take a look at what we have to offer.

Telegram User @ALAMSP
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?

Simple | YSEC:
We are not promising any magic without showing for it, our twitter for example has a couple of designs that will showcase our dashboards inside the platform. (These are still Work in progress but should mostly resemble our end product) There’s also a github with a contract full of our code on our github which will be used in the end product.

As such we’ve already shown a bit of progress and are looking forward to our release in Q1 2021.

Telegram User @samuelstook
YSEC will launch an automated pre-sale platform where developers can customize their pre-sales. How do I take part in the pre-sale? Are there certain conditions or limitations?

Simple | YSEC:
Anyone can participate in the presales on our platform! There are no prerequisites for participation in the $YSEC hosted presale. Limitations to max contribution per capita will also be determined by the developer hosting the presale.

The $YSEC platform offers a transparent presale which every investor can access, this in turn gives investors the choice to invest in a presale they have information about and which can’t be lied about. But as always we advice #DYOR

Telegram User @yjacobi
Yearn Secure is complex to understand, Is there any u user’s guide on your website to help understand the project better?

Simple | YSEC:
This is a great point, we currently do not have a user’s guide on our website. We feel like this is something we have to add in the near future. Thank your for this question and suggestion!

As such look forward to the upcoming guide on our website! (https://ysec.finance/)

Richard | WBE: Thank you for answering all questions and thank you also for introducing the Yearn Secure (YSEC) to our community. Before ending AMA, is there anything to say to the Whale Blockchain Enthusiast community. Before I opened the chat again. 🐳

Simple | YSEC: Thank you again for having us and thank you everyone for your amazing questions (and suggestions ;P)!

For more information and future AMA, join our Social Media channels:

🐳 Whale Blockchain Enthusiast Group: https://t.me/WBEcommunity
🐳 WBE News: https://t.me/WBEnews
🐳 WBE Twitter: https://twitter.com/WhaleBlockchain

More information on Yearn Secure:
🔸Website: https://ysec.finance
🔸Twitter: https://twitter.com/YearnSecure
🔸Telegram: https://t.me/YearnSecure
🔸Telegram ANN: https://t.me/YearnSecureAnnouncements
🔸Medium: https://yearnsecure.medium.com/
🔸Coingecko: https://www.coingecko.com/en/coins/yearn-secure
🔸Discord: https://discord.gg/nKptSxz