Summary of our recent developer AMA!
Copied directly from our discord; Join us at the following link!
Thanks for joining us for our AMA to discuss the immediate future and some of the mechanics & systematics behind YGY, as well as how we’ve expanded upon the original vision to keep up with the ever evolving DeFi space. Below I have provided an easy to reference set of all of the major questions and answers that took place in today’s session. We plan to have several further AMAs in the future, and hope that you will all join us for them! Thanks for staying with us during our development cycle and we’re excited to get you the final product very soon!
1: “What’s the team up to Rn”
A: All the mechanics have been gone over, officially approved by the team, and solidity work is actively underway. Without wanting to dive into too much of the surprises, there are actually some things baked into the initial release that reward early adopters.
2: “Could you define early”
A: “People who will participate in the initial phase 1 rollout, and those who currently have YGY. Possibly those who participated in the presale, however, determining that last factor still in terms of fairness to those who have joined the community post presale, however, pre-launch.”
3: “Do you guys have an eta for the white paper?”
A: White paper is still being worked on. We want to make sure we include information on every part of the platform including how to use the governance, how the LP+ works, how the collateral pools work, how the coin vaults work, etc. the reality is that the governance system and integration of that into the whole platform is a very novel engineering concept and we need to make sure that we provide accurate information on how it will work. with that said, the ideal is to release the white paper shortly before the first vaults are launched.
4: “Can you explain a bit more about staking and boost?”
A: Definitely. Staking is the idea of depositing tokens into pools as inputs that result in receiving tokens via an output (often referred to as rewards). Now there are a lot of variables in terms of what those outputs can be (and we have some really fun things being cooked up there). However, the boosting is an added layer where you can use tokens you acquire in the ecosystem to increase the amount of rewards. In a complete hypothetical scenario, let’s say you deposit tokens in a pool and are receiving an APY of 1,000% (random number) on that pool. And you spend certain tokens in the ecosystem that ‘purchase’ a boost on that particular pool that gives a 50% multiplier. Your APY would actually increase to 1,500% (adding 50% more value to your APY even though you didn’t deposit any additional tokens). So you can actually game the system to get more “value add” out of it through simple actions.
5: “OK thank you, when should we realistically expect to have staking launched?”
A: I’m a believer that providing dates only create an opportunity to miss them. And let’s be real: DeFi is a completely different space than the professional development space. In the normal development space, what takes 2 weeks to build out, would have easily 4–6 weeks of pure testing to make sure it comes out flawlessly. Now, that being said, DeFi is a totally different space where there is a lot more risk associated with pushed code. So it gets a bit awkward there, right? We want to release -perfect- code. Yet also, we have to respect that everyone, including ourselves, want to push it out to production ready as quickly as possible. So how to find that balance? The answer is, you build it out using very solid and tested/tried code, and then run test suites, and do the best you absolutely can to make sure it’s as flawless as possible. Because, at the end of the day, which is better? Code out in 2 weeks that is buggy, or code out in 4 weeks that is fantastic and works perfectly? I know, of course, this isn’t a straightforward answer to “the date is X” — however, the goal is to create something beautifully novel here. Not just some random basic farm that just gives tokens that don’t create value to you. The goal is to create something fantastic that blows away the competition and gives you, the early adopters, something truly unique. And this does take some time to do.
6: “Is the staking going to be LP style or more of single asset staking?”
A: Oh, now THAT is a fun question. And, I don’t want to give too much away. However, imagine if you will they aren’t mutually exclusive. And actually, is focused on single asset input that leads to an LP style value add with a ton of bonuses involved and some gamification to add some fun.
7: “Can you tell us a bit about partnership with Xiotri? I like this idea, is it still on?”
A: Mechanically speaking, there is a value add to holding one of the Xiotri tokens in terms of a limited time special NFT in the initial staking pool.
8: “So would there be action required on my side in order to gain benefits from the YGY staking platform? Nothing will happen from just holding them on my ETH address I assume”
A: You are 100% correct. There absolutely would need to be action taken. Just like any yield farm out there, you would need to conduct an input action with your tokens to receive any kind of output value. At the same time, anyone can choose to simply not participate in the ecosystem, by holding onto their tokens without staking. Or holding to participate in governance-related functionality, as well.
9: “It was initially announced that 40% of funds raised would be locked for 1 year, and the remaining 60% for 1 month — to be reviewed. Any follow up on the 60%- 1 month?”
A: So we raised ETH to develop the platform and provide some initial capital for some of the internal systems when they go live. Most of the ETH raised was to be used for dev funds. that 60% is still “slotted” for use in the development fund… This refers specifically for the development of the code and platform. Locking 100% initially did put us into an unknown domain as we knew were would experience IL but were unsure how much… however from where we stand now that 60% is still viable as development payment. The 40% will continue to be locked for 6months, not 1 year, as well.
Again I’d like to thank everyone that participated and I really hope you all enjoy using the completed platform soonner than you might think!