As YFDAI continues to expand, the project has announced several updates in its roadmap for the year. The release of SafeSwap’s governance token (SSGT) is the main highlight in YFDAI’s updates for Q2 2021, which also includes revamps for Safeswap, Launchpad, and SafeTrade, the launch of lending and borrowing services, and explorations into debit cards, insurance, and multi-chain integration.
YFDAI Finance (YF-DAI) promises to put its users first by curating a safety-minded line of products. Within this framework, YFDAI acts as the first line of defense that safeguards and secures user assets as they are put to work in the market, offering a series of “safe” named products that revolve around quality projects in crypto including a low-risk oriented trading bot in SafeTrade, an incubator service – Launchpad – for projects which have been thoroughly vetted, and a DEX offering trades between tokens that meet the strict criteria to be allowed on SafeSwap.
SafeSwap Governance Token’s Initial Release
The first SSGT released will arrive 30 days after listing in the wallets of YF-DAI holders, stakers, and farmers via airdrop. Qualifying holders will receive SSGT tokens in proportion to their YF-DAI holdings, and a presale of the tokens began on May 5. The uses of SSGT include DAO governance voting, staking rewards of 72% a year, SafeSwap liquidity rewards, and an increase in presale allocations for holders of SSGT.
More in-depth information about SSGT can be found here:
- Tokenomics and Pre-Sale Details
- Airdrops and Loyalty Bonuses
- NFT Rewards, Token Utilities, and Governance
- Summary and Key Takeaways
Partnership with Polygon (formerly Matic Network)
To the pleasant surprise of many, YFDAI also recently announced a partnership with Polygon, fka as Matic Network. YFDAI will utilize the Polygon protocol and blockchain framework to resolve inherent Ethereum gas issues plaguing the network, while also enhancing the scalability and interoperability of YFDAI’s growing DeFi ecosystem. With instant, ‘zero gas’ transactions on the highly-secure Polygon network, YFDAI should be able to attract even more interest from both investors and projects to YFDAI LaunchPad, the project’s startup incubator and launch center. Tokens that launch off of YFDAI LaunchPad will also now be able to easily list on QuickSwap, Polygon’s native DEX.
In addition, Polygon’s fully customizable tech stack and interoperability features using bridges and other native Polygon modules will allow YFDAI to move more of its DeFi ecosystem into the Polygon network without sacrificing any functionality or features that are present on the Ethereum network. YFDAI plans to fully move their DEX, SafeSwap, to Polygon, and more announcements are to come on other planned YFDAI product moves from Ethereum to Polygon.
Other Q2 Updates for YFDAI
As YFDAI launches SafeSwap’s governance token, it also plans to expand YFDAI’s governance system since voting began in February of this year. As a community-centric DeFi project, YFDAI holders will be able to participate in key decision-making activities, while being able to be rewarded in multiple ways by helping YFDAI’s ecosystem grow and evolve.
Current product updates slated for Q2 include a refresh for SafeSwap and an algorithm update for SafeTrade. New products being released include YFDAI’s foray into defi borrowing and lending, a sector of defi that has already proven many use-cases and has massive potential for growth. YFDAI will also proceed with studies into entering the underserved sector of defi insurance.
Looking Ahead: Updates for Q3 and Q4
In the latter half of the year, YFDAI will release a full suite mobile app. This app will come with a wallet, dApps, and a credit card feature standard. The YFDAI debit card, whose issuance has already been applied for in Q2, will also be planned for release in Q3. The third quarter will also see YFDAI begin multichain/layer 2 integration (but likely this will happen much sooner given recent discussions at YFDAI), a move which has shown promise across the industry in reducing transaction times and lowering costs for users.
Q3 plans include YFDAI launching its newest product, SafePredict. SafePredict will venture into the growing predictions market and allow users to place price predictions on YF-DAI with plans for expanding this market to others such as Bitcoin, Ether, and tokens from various partners. Further into Q3, YFDAI will begin modeling its insurance product and continue listing on new exchanges.
As for Q4, YFDAI will explore bridging defi with real world assets, something Cointelegraph has reported as “desperately needed” within the defi community. YFDAI has announced plans to integrate with an e-commerce platform as well as launch a customer service platform of its own as the year comes to a close.
All of these updates signal continuous growth for YFDAI and constant development in parallel with the demands of today and tomorrow. Keeping up to date with YFDAI’s current progress and latest releases is possible through their online presence and various social channels: Website, Twitter, Telegram Community, Telegram Announcements, Discord, Bitcointalk, and Reddit.