YFD: Community Powered Decentralized Finance

By aflyn | aflyn | 16 Apr 2021


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YFD, the short form for Your Finance Decentralized is a DeFi that aims to reimagine all financial services provided in traditional settings by adopting DeFi protocols. It seeks to become the first DeFi wholly powered by the community, and profitable to the community. YFD is building a system that protects the value of the YFD token long term by developing a farming platform that allows farmers to provide liquidity on Uniswap as they farm their Liquidity Provider (LP) tokens to earn incredible profits. Governance is by community members who are holders of the YFD token. They are able to submit and vote on proposal sas well as receive shares of revenue from the YFD platform by holding the VOTX governance token. You can stake YFD for VOTX at a massive interest of up to 4% per week. Farming interest is up to 7.2% per week. 

There have been past cases of scam DeFi absconding with millions of dollars after tricking people into investing. YFD has taken painstaking steps to build trust within and outside the community by partnering with a leading cybersecurity firm within the crypto sphere known as Hacken. Contracts on which the different platforms are based are fully audited and certified 'well secured' before release. Other partners with YFD include Ferrum, Zoracles, Cover and Crust.

Services

Aside from liquidity farming and governance, other services provided by YFD include:

Exchange: YFD can be bought and sold at dfi.exchange with stablecoins to reduce transaction fees.

Swap App: To trade between ETH, YFD and other DeFi token

Future financial services would include insurance, self-banking and venture services.

The YFD token 

YFD's price as at 04/15/2021 is about $145. The maximum supply of YFD token is 20,000. That will make the token very scarce and drive its prices upward. Some analysts project the price to reach $3000 in coming months. 

Learn more about YFD: yfd.io

 

UPDATE 06/01/2021: This project seems to be failing as developers quit its development! 

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aflyn
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aflyn
aflyn

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