The cryptocurrency market has evolved tremendously since 2009. Satoshi Nakamoto created Bitcoin, a peer to peer transaction network where the sender and recipient directly communicate with each other.
Fast forward to 2020 with Decentralized Finance (DeFi) the hottest trending term in the crypto space. DeFi has opened new gates for the adoption and use of cryptocurrencies. Now users can lend, borrow, stake, and trade their crypto assets without any third-party involvement.
As decentralized exchanges and protocols are emerging, we are witnessing a new era of crypto-based financial developments. Here’s how DeFi platform, YFDAI Finance is contributing to the space.
What is YFDAI Finance
YFDAI Finance is an entirely permissionless DeFi protocol that offers traditional financial services with transparency and security. Decentralization and a trustless finance ecosystem that empowers everyone on the planet is greatly needed right now as corruption and manipulation have plagued current financial systems.
YFDAI Finance is a component of the decentralized financial ecosystem where users can stake, farm, lend, borrow, or trade their crypto assets. All these traditional banking services are available with a single click for everyone.
The YFDAI ERC-20 token is audited by the Blockchain Consilium. The total supply of the YFDAI token is 21,000. YFDAI Finance protocol allows users to stake YF-DAI tokens. There is an initial 72-hour lock period. The YF-DAI Staking Dapp can be found at https://stake.yfdai.finance/.
The protocol is structured to allow for multiple pools and staking options to be offered over a more extended time period. With an easy-to-use user interface coupled with detailed instructions, YFDAI brings a simple and delightful user experience.
YFDAI Finance protocol allows Farming where users can get passive income by proving liquidity to farming pools. There are a variety of pools available and users can select the pool based on their preference.
The launch of lending and borrowing services will happen soon. YFDAI has already deployed its own Decentralized Exchange (DEX), Safeswap, and pre-sale Launchpad where legitimate DeFi projects can carry out their token generation event (TGE).
The new projects audited by industry leaders have their liquidity locked during launch. Safeswap has strict listing criteria so that users have access to only legit projects. The LaunchPad will encourage new and unique projects with the sole purpose of building on blockchain technology.
Project security is one of the primary goals of the YFDAI protocol. To ensure a secure yet transparent protocol, YFDAI leverages its unique “LaunchPad Management” system, where new start-up project tokens are protected through a series of time-locked smart contracts.
YFDAI Finance provides instant loans. Lenders earn returns by providing liquidity to the pools while borrowers have instant access to multiple loans.
In Q1 2021, YFDAI will be launching its e-commerce platform that will include debit cards, CEX, fiat-crypto on and off-ramps, a mall where you can shop online, and other features.
Overall, YFDAI’s mission is to deliver a complete, trustless, and secure DeFi ecosystem to users. Through their robust protocol, LaunchPad, and SafeSwap platforms, YFDAI is determined to bring a whole new level of inclusiveness and push the entire DeFi space toward mass adoption.
All the latest bits on YFDAI can be tracked on the following social links:
- Telegram: https://t.me/yfdaifinance
- Twitter: https://twitter.com/YfdaiF
- Whitepaper: https://yfdai.finance/images/Pdf/YFDAI Whitepaper.pdf
- Reddit: https://www.reddit.com/r/YFDAI/
- ANN: https://bitcointalk.org/index.php?topic=5295276.0
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