While the DeFi app has taken over the crypto space in 2020, there is also a dark side to the whole process with frequent 'tapestries' that tarnish the reputation of the industry. The ease of setting up DeFi tokens on Ethereum has also seen a lot of bad apples over the past few months. A prime example of a possible rug is the Uniswap clone, SushiSwap, which has fallen more than 96% since peaking after its release.
Now to put an end to the current problem and give a level of confidence to the DeFi space, YFSwap presents a new generation of DeFi tokens which will be the top versions of Bitcoin and Ethereum.
SO! HOW ABOUT YFSWAP?
YFSwap is a financial platform based on Blockchain technology and using the concept of decentralized finance, the AMM based Dex platform was created with the aim of becoming a universal platform with a large number of cryptocurrency pools and options.
Initially there will be 2 options on the YFSwap platform, YFBTC and YFETH, which will temporarily use the Uniswap LP pool and use the independent LP pool when the pool liquidity meets the criteria.
As we know, Uniswap is currently sharing the revenue from swap fees with its own major investors, where on the YFSwap platform, all users can get more than Uniswap and Sushiswap as a result of the results.
YFSWAP is divided into 2 which are:
YFBTC
YFBTC will be based on the Bitcoin Protocol which will follow the halving scheme of the Bitcoin Network. This is intended to maintain the sustainability of long term planning once controlling the amount held. Unlike Bitcoin which will be mined in 2140, YFBTC will be completely mined in less time, which is 4 years. After that the platform will give complete control to the community to vote where the community can decide to increase or maintain its supply.
YFETH
Just like YFBTC, YFETH will adopt a protocol from Ethereum with a lower supply than Ethereum and tokens that will be distributed equally to users, YFETH will follow the Constatinople Consensus. The YFSwap team made YFTETH fully decentralized by providing the community to take part in its development.
YFBTC & YFETH are a non-inflationary cryptocurrency that follows the same principles of its legacy with it being completely decentralized. YFETH is the native to YFSwap for AMM Pool rewards.
These coins are following the legacy #BTC and #ETH mining reward protocol perfectly to ensure it is an improved version combined with the upcoming trend of DeFi.
Instead of mining, you can now support the liquidity of #YFBTC and #YFETH while gaining rewards for maintaining the pool.
You can mine #YFBTC using #BTC and YFETH using #ETH, making it fair and possible for everyone to be at the start of the next possible DeFi #BTC and #ETH.
YFSwap & YFBTC in a nutshell:
The YfSwap team will only receive 1% of all YFBTC & YFETH farmed.
As of 15 October, estimated only approx 10% of YFBTC & YFETH are in circulation. 90% will be farmed through yield farming
YFBTC & YFETH pools will have 2x more rewards compared to other mining pools
The first AMM DEX integrating DeFi ver of BTC & ETH linking stablecoins & BTC on ethereum blockchain
Updated 15 October. Deflationary Farming for YFETH.
BTC maintained its no 1 position by having only 1 primary protocol which is halving. We will maintain this legacy with YFBTC by not adding any other additional functions.
To standardize the evaluation, we define the following terminology based on YFWASP Risk Rating Methodology:
Likelihood represents how likely a particular vulnerability is to be uncovered and exploited in the wild.
Impact measures the technical loss and business damage of a successful attack.
Severity demonstrates the overall criticality of the risk.
LETS TALK ABOUT FARM IN YFSWAP
YFBTC (21,000 Total Supply)
Users will automatically gain YFBTC in their wallets for each referral via the smart contract.
Users who want to purchase more YFBTC will have to do it Via UNISWAP, (0x236Ba1c2DB0a19D04D84e9Fd4AAB22d10b19C6Cb). Note that there are fake YFBTC already in the market with no utility or any other value.
In order to start the Uniswap trading process, 1% of 21,000 YFBTC (210 YFBTC) will be sold in Uniswap in 3 stages, and 950 YFBTC is for initial private contributors that help fund the initial phase for YFSwap. Before purchasing, please confirm it is the correct YFBTC Contract address.
TOTAL DISTRIBUTION OF YFBTC
YFBTC will be distributed in the spirit of YFI, only 5.5% Pre-mine, no Founder shares, no VC interest. simply equal-opportunity staking distribution to attract a broad and vision-aligned community to steward the future of the protocol and token. The total amount of YFBTC is 21,000.
YFETH (75,000 Total Supply)
As the user continues to mine more coins, it is likely that This will essentially lead to huge inflation, an example is easily found with DeFi-produced farm coins which have a supply of over 100 million.
So the solution is to encourage holders, and prevent short-term opportunists. This will leave sufficient time and space for strong positive price growth where demand exceeds supply.
Charge a fee on transfers and claims.
These fees are then used to buybacks into the system, causing a positive demand.
5% fee will be incurred on transfers. 94% is used to buy back and 6% will be dev fee.
WE DO NOT ENCOURAGE PURCHASE OF YFETH. BUT BETTER THAN RUG PULLS OR FOOD DEFI. But if you still want to proceed, click on participate in Campaign.
CROWDFUNDING & CLAIM FREE YFETH INSTRUCTIONS
To qualify for the airdrop, your metamask wallet must EITHER have “300 UNI, 300 BITTO, 0.5 YFI, 300 BAL, 300 LINK, 300 BNB, 300 HT, 300 OKB, 300 BAND, 300 NXM”. YOU will be eligible for FREE 3 YFETH tokens.
Use your Metamask wallet to send ETH to the crowdfunding address, Do NOT SEND FROM EXCHANGE.
YFETH will be automatically sent to your source address according to the source address of your ETH via smart contract.
Multiple ETH can be transferred, automatically aggregated.
The initial amount of YFETH is 75,000, and the number of YFETH Free airdrops is 39,125. Another 35,875 YFETH will be allocated for Crowdfunding to help maintain server and project sustainability and future development. But any YFETH left from crowdfunding will be burned and will NOT be kept by team or developers to ensure maximum decentralization of YFETH supply.
YFETH will end the airdrop and tokens must be claimed before 16th Oct 2020. YFETH will also be listed on Uniswap decentralized exchange. Potential additional exchanges to be listed are Hotbit and Bilaxy.
CROWDFUNDING RULES
The total amount of the first phase of crowdfunding is 8,500 YFETH, and the crowdfunding time: Starts Stage 1 from 7th Oct 2020 (UTC+8) to end at the 16th Oct 2020 (UTC+8) or until 550th ETH received.
Crowdfunding price 1 ETH = 100 YFETH
The end of the first round of crowdfunding is subject to the 85th ETH received by the crowdfunding address.
The total amount of the second phase of crowdfunding is 12,375 YFETH, and the crowdfunding time: the 250th ETH received by the crowdfunding address to 11th Oct 2020 (UTC+8)
Crowdfunding price 1 ETH = 75 YFETH
The total amount of the second phase of crowdfunding is 12,375 YFETH, is subject to the 250th ETH received by the crowdfunding address.
Crowdfunding price 1 ETH = 50 YFETH
The total amount of the third phase of crowdfunding is 15,000 YFETH, is subject to the 550th ETH received by the crowdfunding address or until 16th Oct 2020 (UTC+8) whichever comes first
The quota is sorted by time, and tokens are issued, the earlier the participation, the greater the success rate. If the crowdfunding is completed you will receive YFETH.
The purchase will be refunded automatically if the purchase is not successful, 1 address can only purchase up to 25 ETH to avoid monopolization and ensure decentralization of YFETH assets.
TOTAL DISTRIBUTION OF YFETH
The initial amount of YFETH is 75,000, and the number of YFETH Free airdrops is 39,125. Another 35,875 YFETH will be allocated for Crowdfunding to help maintain server and project sustainability and future development. If there is any YFETH left from crowdfunding or airdrops, it will be burned and will NOT be kept by team or developers to ensure maximum decentralization of YFETH supply. YFETH follows Constantinople ETH upgrade protocol.
We reserve the right to cancel airdrops to users who we deem abusing the system. We hope to reserve this opportunity for other users.
This airdrop enables machine learning to identify cheating. Those who are identified as cheaters will cancel the airdrop, and those who participate in the recognition will return ETH.
In this audit, we thoroughly analyzed the YFETH design and implementation. Overall, YFETH presents an evolutional improvement based on Uniswap and provide extra incentives to liquidity providers. Our impression is that the current code base is well organized.
Meanwhile, we need to emphasize that smart contracts as a whole are still in an early, but exciting stage of development. To improve this report, we greatly appreciate any constructive feedbacks or suggestions, on our methodology, audit findings, or potential gaps in scope/coverage.
MORE INFORMATION
Website Official : https://www.yfswap.finance/index.html
Medium Official : https://yfswapfi.medium.com/
Telegram Official : https://t.me/yfswap