INTRODUCTION
With the continued emergence of decentralized finance business, many projects have suddenly emerged and been introduced to the public. Today we will tackle about this promising decentralized perpetual trading platform that people will surely love. SmartCryptoNews presents "YFX Navigation Guide"
WHAT IS YFX (Your Futures Exchange)?
YFX Platform is a decentralized perpetual trading platform. All assets are hold by smart contract and has been audited by professional institution. It allows users to take full control of their fund to trade on YFX smart contract
What are the features of YFX?
📌 It is the first DeFi platform that support 100x leverage
📌 Decentralized trading platform that support Tron, Binance Smart Chain, and Huobi Eco Chain (HECO) and soon to support ETHEREUM on this month of March 2021
📌 Platform that support coin margin swap, USDT swap and hybrid swap
In other words, YFX is a full package platform that gives its user a wide array of services.
How YFX Platform Works?
Order would be first put on blockchain then filled with the price set in the order. User must be attentive to perform some activity to avoid losing of their funds.
📍Trader must put their order onto blockchain
📍QIC-AMM price index feed smart contract with the price at the time of order has been put on blockchain
📍 After performing the above actions, smart contract will open or close position
WHAT IS QIC-AMM?
QIC-AMM is the short term for "Quoted Index Price Constant Integral based Automated Market Maker". In this method, the trader directly completes the Long or Short order with the automatic market maker according to the price at QIC-AMM. Therefore there was no slippage, the depth is the function of the available balance of the liquidity pool (LP) and there also there was no permanent loss in the pool.
Another Key Factor and Benefits of QIC-AMM
🎴QIC-AMM automatically remove the deviation value of mistake price
🎴 It use normal distribution on liquidity provider for depth for Market Maker Pool
🎴YFX price index is calculated using a weighted average of last prices from Coinbase, Binance, Kraken, Bitstamp, Huobi, and OKEx
( See photo below courtesy of YFX )
Aside from QIC-AMM, YFX also uses Market Maker Pool. In this system users need to stake only one type of token to Market Maker Pool and redeem their reward anytime they want.
Here's how it works:
⏹️ Stake with only one type of token on Market Maker Pool
⏹️ Market Maker Pool will automatically send user their LP Token
⏹️ Last step, when the user wants to get back their funds from Market Maker Pool, they will just simply click on "Redemption" and the system will automatically calculate the value of LP Token and send fund to their wallet
NOTE: Market Maker Pool will earn a portion of trading fee, redeem fee and trading profit.
WHAT DOES YFX HAS TO OFFER?
💫 SAFETY–YFX smart contract is audited by several blockchain security institutions. Users have full control on their asset through smart contract
💫 Multiple Trading Options–support 100x leverage for trading multiple type of crypto assets
💫 Easy Access–YFX has no interest in user's personal data. No email, no phone number or no IDENTIFICATION CARD needed to provide. In short no KYC (Know Your Customer) shall be implemented. Traders can do trading 24/7 no matter where they are in the world
💫 High Liquidity Pool–YFX, QIC-AMM provides high liquidation and low slippage. LP Pool correlate to depth of the market to avoid impermanent loss
💫 Cross-Chain Trading–YFX will be the first DeFi trading platform that supports cross-chain trading where users can used to trade on Ethereum, Tron, BSC and HECO
LIMITED TIME MINING ON YFX PLATFORM
Trade mining pool, liquidity mining pool, trading competition pool and Mining Invitation pool are the four YFX Token pools, where users can participate to earn YFX in rewards. User should add Liquidity in certain trading pair to get YFX Token. All rewards will be sent to their respective wallet when the mining round ends
YFX TOKEN GENESIS MINING
On the first round of YFX Token Genesis Mining there will be 3,000,000 YFX token to be mined out by trading, liquidity mining and trading competition. Due to highest gas fees, YFX give more 20% hash power to its miner of Tron, and 10% for BSC to give its user a balance cost on each blockchain. This adjustment will take effect on 10th March 2021 at 12:00 PM UTC.
Here's how it works:
🔹 FOR TRADE MINING🔹
➡️ Users need to trade on BTC/USDT pair for Binance Smart Chain Genesis Mining
➡️ Users need to trade on BTC/USDT, ETH/USDT and BTC/USDT (HT) pair for Huobi Eco Chain Genesis Mining
➡️ Users need to trade on BTC/USDT, TRX/USDT pairs for TRON Genesis Mining
This trading activity must be followed to be able to receive YFX Token reward in return
Here are the useful links for YFX Genesis Mining
⚒️ BSC Mining
⚒️ TRON Mining
" Please note that the YFX Token Genesis Mining comes with a limited time only so it's better to participate earlier before this opportunity gone "
🔹LIQUIDITY MINING🔹
When users provide liquidity on YFX market maker pool, they will get Hash Power. The more liquidity that the user provides, the more hash power they can get. The Trade Mining and Liquidity Mining are two different pools, and the Hash Powers are calculated separately
🔹 TRADING COMPETITION 🔹
YFX will give rewards to those top winners and top loaders account with YFX Token
REWARD BREAKDOWN
1ST Place : 30,000 YFX
2ND Place : 25,000 YFX
3RD Place : 20,000 YFX
4TH Place : 15,000 YFX
5TH–9TH Place : 10,000 YFX each
10TH–49TH Place : 1,000 YFX each
WHEREAS THE TOP LOSSER ACCOUNT WILL ALSO GET THE FOLLOWING REWARDS:
1ST Place Losser : 10,000 YFX
2ND Place Losser : 8,000 YFX
3RD Place Losser : 6,000 YFX
4TH Place Losser : 4,000 YFX
5TH–10TH Place Losser : 2,000 YFX each
11TH-90TH Place Losser : 1,000 YFX each
YFX PLATFORM was audited by the most trusted blockchain auditing firm Certik Foundation
YFX BOUNTY PROGRAM
YFX bounty program started March 1, 2021 and will ends on March 12, 2021. To participate, users must join on their social media hub like Telegram, and Twitter. After the users also must post an article regarding YFX on other social media blog site and all articles should be in English with 500 words. Users will get a reward in USDT when their article be chosen as winners.
MINING INVITATION REWARD
Mining invitation rewards will share one pool which include 300,000 YFX Tokens. The invitation Hash Power will also change according to the parameters
NOTE:
YFX Token have not been yet issued or listed on any exchange or swap platform.There was no public sale for YFX Token likewise. Only Genesis Mining that they have so far and thats the only way to get YFX Token. There is no value of investment on YFX Token and YFX Token is the utility token of YFX Network
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FRIENDLY REMINDER:
"We deliver these news article based on our own thorough research. We want to preserve some important information regarding the project that is presented in our column. We value our reader's opinion and appreciate your valued respect to us. The article above is not a financial advice and as we always say "Invest at your own risk and only invest what you an afford to lose"
