Posted 2 weeks ago | by Catoshi Nakamoto

On Monday, we held an AMA with one of our long-standing partners YFDAI. The team at YFDAI discussed their new governance token the SSGT, its utility use cases, and bonuses that YFDAI hodlers can receive if they just hold onto the tokens. YFDAI also extended the registration for its pre-sale just for the Bitsquad, allowing those that chose to participate in the SSGT pre-sale. Here’s the full recap of the YFDAI interview below!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:04]
Today, we have the chance to be joined by our partners since last year, YFDAI. We first covered this project back in October and since then it has been an absolute rollercoaster ride. Although, you guys may know them. Can you please introduce yourselves @SimonWillNotDMFirst and @ConorJDavis and tell our audience what your position is at YFDAI, as well as a bit about yourselves?

Simon, [03.05.21 13:05]
Certainly

The Cat 🐱 [BitboyCrypto], [03.05.21 13:06]
My apologies @RichESQ is also here from the YFDAI team.

Conor, [03.05.21 13:07]
Hi There everybody, ive been part of the YFDAI team for the last few months and am an advisor for stratedgy and governance. In the past i have been involved in startups as both a founder and investement manager and have been in crypto since 2013 but really in depth as of 2017-2018.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:10]
Try now

Simon, [03.05.21 13:10]
Hi everyone! I am the COO of YFDAI Finance, a leading decentralized finance platform focused on bridging traditional finance with decentralized networks.

Previously I founded Catalyst Global (fka BlockTeam Ventures), a global management consulting firm dedicated to growing early-stage blockchain-enabled companies. Since early 2017, Simon has personally worked with over 25 blockchain projects, who have since collectively raised over $250 million.

Before that, I worked on Wall Street in M&A at RBC Capital Markets and big tech SaaS sales to Fortune 1000 companies for Thomson Reuters and a few other outfits.

Simon, [03.05.21 13:10]
πŸ™‚

The Cat 🐱 [BitboyCrypto], [03.05.21 13:10]
We have a lot of spam so we have measures to prevent it

The Cat 🐱 [BitboyCrypto], [03.05.21 13:10]
[ πŸ‘ Sticker ]

Richard V, [03.05.21 13:10]
I am the launchpad manager, I handle vetting all the projects that apply to YFDAI launchpad. I am a US based attorney with 30 years experience. I have been in the crypto space for the past 10 years as an investor, trader and also advised several projects.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:11]
[In reply to Simon]
Very impressive background!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:11]
[In reply to Conor]
Happy to have you here today Conor.

Simon, [03.05.21 13:11]
We have a great and growing team, with a lot of diverse backgrounds synced along the same mission and vision

Conor, [03.05.21 13:11]
thanks very happy to be here πŸ™‚

The Cat 🐱 [BitboyCrypto], [03.05.21 13:13]
[In reply to Richard V]
Glad to know that all the projects going on YFDAI are heavily vetted. When you guys first joined us in partnership you weren’t a launchpad yet. In the past we had worked with other launchpads but they always had trouble vetting projects. I am proud to say that YFDAI has a track record of 0 rug pulls and some of the most exciting launches.

Simon, [03.05.21 13:14]
[In reply to The Cat 🐱 [BitboyCrypto]]
It’s really the ethos of YFDAI – to prevent rug pulls and be the most transparent and secure DeFi platform in our space

The Cat 🐱 [BitboyCrypto], [03.05.21 13:14]
So tell our audience a bit about the YFDAI model and what’s happening with the launch of your governance token SSGT?

Conor, [03.05.21 13:17]
The SSGT will be the governance token for the DAO, people will be able to use the token to enter collabland read proposals from the community and vote on different proposals. Its important for us to hand power to the community and over time expand their involvement in the development of the project

The Cat 🐱 [BitboyCrypto], [03.05.21 13:18]
How does SSGT tie into the original utility of YFDAI?

Richard V, [03.05.21 13:19]
Yea it is important to remain “sufficiently decentralized” as a DeFi project so that we remain immune from the Travel Rule (reporting requirements), so our DAO was set up and the first vote was to launch the SSGT governance token which also will be used to reward LP providers on the SafeSwap exchange.

Simon, [03.05.21 13:19]
[In reply to The Cat 🐱 [BitboyCrypto]]
As for the YFDAI model, our aim is to democratize finance and serve as a catalyst for mass adoption of the next generation of financial products. That said, we are bringing (and have brought) recognizable products such as lending, borrowing, staking, insurance and investment into the next era.

The products that we have live today are staking (72% APY fixed), farming (4 farming pools), SafeSwap (our DEX), SafeTrade (low frequency trading bot), and LaunchPad (our token incubator and pre-sale launch pad). We are launching Borrowing & Lending this quarter, as well as our full suite mobile app with wallet and debit card functionality next quarter, followed by an insurance product

The Cat 🐱 [BitboyCrypto], [03.05.21 13:21]
[In reply to Richard V]
Tell me more about SafeSwap? I know you just revitalized the website.

Simon, [03.05.21 13:21]
[In reply to The Cat 🐱 [BitboyCrypto]]
SGT has many inherent utilities, including enabling fully decentralized governance, serving as an additional token mechanism for LaunchPad, facilitating rewards to liquidity providers, and more.

SSGT utilities:
– DAO Governance: A certain amount of SSGT are required to participate in governance voting.
– SafeSwap Liquidity Rewards: Liquidity providers can use LP tokens to earn SSGT
– Staking Rewards: Staking SSGT rewards 72% a year SSGT (APY)
– Pre-sales Allocation Bonus: Staking or farming an equivalent amount of SSGT as YFDAI for at least 60 days will increase your pre-sale allocation.

The details, including the SSGT airdrop and SSGT pre-sale this Wednesday are all in our YFDAI TG channel and Medium page!

Richard V, [03.05.21 13:22]
[In reply to The Cat 🐱 [BitboyCrypto]]
The SSGT’s utility surrounds its role as the governance token. You have to hold 2500 SSGT to be able to vote in governance. We also are implementing NFT’s along with the SSGT token so that users can stake or farm their SSGT and still have the ability to participate in the voting process if they have 25 NFTs which correspond to 2500 SSGT. We designed SSGT to provide similar rewards to stakers and farmers of SSGT like we designed into the YF-DAI token itself. But the original Whitepaper allotments have not been disturbed as far as rewards for the YF-DAI token holders.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:22]
[In reply to Simon]
Can you tell our audience a bit about how your lending, borrowing, staking, insurance programs work through YFDAI?

The Cat 🐱 [BitboyCrypto], [03.05.21 13:24]
[In reply to Simon]
Sounds very lucrative for holders

Conor, [03.05.21 13:24]
[In reply to The Cat 🐱 [BitboyCrypto]]
The SSGT token is being used to increase liquidity to safe swap. We will be listing additional project there bit by bit and as always with yfdai we will make sure that we dont list any rug pulls. We are activly looking at layer 2 solutions and their intigration into safeswar as well as other parts of the platform

The Cat 🐱 [BitboyCrypto], [03.05.21 13:25]
[In reply to Richard V]
Whats some of the things voting wise that the community will have control over?

The Cat 🐱 [BitboyCrypto], [03.05.21 13:26]
[In reply to Conor]
Very cool L2’s are needed with Ethereum. That’s a good bridge to my next question. Could YFDAI see itself moving to another chain such as Solana, or Cardano when the smart contracts are ready?

Simon, [03.05.21 13:26]
[In reply to The Cat 🐱 [BitboyCrypto]]
Sure thing.

So in terms of staking, the product is already live and has just a 72hr initial lock period users maintain control over your tokens. There will only ever be 21,000 YF-DAI tokens as the contract does not contain a provision to β€œmint” more tokens. There are a total of 5595 tokens allocated to staking, all of which will be burnt eventually. Staking is fixed at 72% APY, being earned daily with a small initial staking and un-staking fee.

In terms of lending and borrowing, and insurance, we are looking at the current services in the marketplace and putting our own differentiated features and functionality on what is existing and what isn’t where we can build a greater competitive advantage. Those details will be coming out.

Conor, [03.05.21 13:27]
[In reply to The Cat 🐱 [BitboyCrypto]]
We are looking to start small and increase as the community gets comfortable with the voting system. things such as the direction of the project, additional services and membership of the council that will be in control of daily operations. The community over time will have a huge amount to say in terms of directon of the project.

Richard V, [03.05.21 13:27]
[In reply to The Cat 🐱 [BitboyCrypto]]
Anything that alters or adds to the Whitepaper. For instance SSGT was the first governance vote. So once launched (this week) it will be the source of voting power along with the NFT’s that were discussed above. The project is becoming more decentralized every day. We are still building out the deliverables like the lending/borrowing, and Insurance etc, so once those are rolled out the community will set interest rates. Pretty much anything and everything that has an impact on the project will be run by the governance.

Simon, [03.05.21 13:29]
[In reply to The Cat 🐱 [BitboyCrypto]]
Yes and no. There are always trade-offs to consider when moving completely to another chain, but we are taking the best approach possible to interoperability and will have at least to start certain services/functionality that are enabled on other chains while the whole platform may not move just yet to another L2 solution. We feel that Ethereum will also be in a great place with minimal fees come this summer, and there are a lot of bovious positives for staying on the Ethereum blockchain as well.

So everything is being considered.

Simon, [03.05.21 13:29]
great questions πŸ‘πŸΌ

The Cat 🐱 [BitboyCrypto], [03.05.21 13:29]
[In reply to Simon]
YFDAI offers its stakers immense bonuses, you just got finished with an airdrop last month of SSGT and those that have been staking for 180 days will get another airdrop. Can we expect YFDAI holders and stakers to receive even more benefits in the future, after this sale of SSGT?

The Cat 🐱 [BitboyCrypto], [03.05.21 13:30]
[In reply to Conor]
Makes sense!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:31]
[In reply to Richard V]
My only question in regards to that, which comes to mind is there a mechanism preventing the rates from being raised so high its unsustainable?

Simon, [03.05.21 13:31]
[In reply to The Cat 🐱 [BitboyCrypto]]
The SSGT airdrop is for all YF-DAI holders, stakers, and farmers will occur monthly over a 6-month period with a monthly vesting schedule and it actually starts after the SSGT TGE, so no airdrop has occured just yet!

The more YF-DAI you have, the more SSGT you will be able to claim in the airdrop!

Certainly, there are a lot of benefits that we detail. Let me spell out a few:

Simon, [03.05.21 13:32]
We have 3 SSGT loyalty bonuses that will be rewarded to users that meet qualifying requirements related to the SSGT airdrop, including a last-man standing bonus with a SSGT last-man standing NFT and a pro-rata share of a $100,000 prize pool for instance

Richard V, [03.05.21 13:33]
[In reply to The Cat 🐱 [BitboyCrypto]]
The announcement of the airdrop was made back in March, and there were 2 cutoff dates, March 9, and March 16 for the stakers/farmers/holders of YFDAI. The actual airdrop will happen 30 days after listing (which will be coming up this week or next week) The airdrop will be 25% up front and the balance over 6 months so as not to create too much sell pressure.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:33]
[In reply to Simon]
My apologies I meant the snapshot occurred but after the last snapshot date no one can receive an airdrop correct? At that point you are too late.

Simon, [03.05.21 13:33]
YFDAI will be offering SSGT rewards to SafeSwap users to increase the amount of transactions as well. πŸ™‚

Simon, [03.05.21 13:34]
One more benefit is that liquidity providers will be awarded with

1. Eligibility to receive a share of the SSGT rewards pool
2. Opportunity to receive a NFT providing income streams from other YFDAI services (SafeSwap trading fees, advertising fees, borrowing and lending, and more)
3. A pro-rata share of a $200,000 pool of YF-DAI

Richard V, [03.05.21 13:34]
[In reply to The Cat 🐱 [BitboyCrypto]]
Yes that’s correct. But there is also the airdrops to the users of SafeSwap once we add more projects to the DEX that users can look forward to.

Simon, [03.05.21 13:35]
Much more can be found in our Medium articles on SSGT, we created a 4-part series and a summary article since it can be rather complex — so many rewards and ways to earn —

The Cat 🐱 [BitboyCrypto], [03.05.21 13:35]
Now on behalf of the Bitsquad community I want to thank you for delaying the entry for the SSGT pre-sale. Anyone interested in the SSGT sale can purchase and stake a minimum of 2 YF-DAI up to 42 prior to the SSGT pre-sale (updated from 48 hours so Bitboy community can also buy in if they like), so by Monday, May 3rd at 11 pm UTC. SSGT pre-sale will start on Wednesday, May 5th at 10 pm UTC.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:36]
[In reply to Simon]
This is all super well thought out guys to benefit the strongest holders in your community and I love it!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:36]
[ πŸ‘ Sticker ]

Simon, [03.05.21 13:36]
[In reply to The Cat 🐱 [BitboyCrypto]]
That’s correct!!

We delayed it soley for this AMA as we are loyal BitBoy partners and BitSquad supporters! πŸ‘πŸΌπŸ‘πŸΌπŸ‘πŸΌ

The Cat 🐱 [BitboyCrypto], [03.05.21 13:37]
[In reply to Simon]
It practically caused me to have a headache reading it if I am being honest but after a while I understood what you were doing.

Richard V, [03.05.21 13:37]
πŸ‘

Richard V, [03.05.21 13:37]
We tried to be as inclusive as possible. So yes you are correct the level of complexity is a bit high.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:37]
[In reply to Simon]
Too bad the banana riding monkey couldn’t join us today. @BitBoyCrypto

Simon, [03.05.21 13:38]
[ πŸ˜‚ Sticker ]

The Cat 🐱 [BitboyCrypto], [03.05.21 13:40]
So before the AMA we discussed that you wanted to provide the community with your road map. I am excited to see what you have in store for us!

Conor, [03.05.21 13:41]
[In reply to The Cat 🐱 [BitboyCrypto]]
Sure let us share an immage and tell you a bit more about the content you will see comming

Simon, [03.05.21 13:41]
[ Photo ]

Simon, [03.05.21 13:42]
[In reply to Simon]
So this is the roadmap that we have now released for the rest of 2021

Simon, [03.05.21 13:42]
As you can see, there is a lot of work ahead, and that is why we have been aggressively hiring on both the business and tech side

Simon, [03.05.21 13:43]
In the last 2 weeks alone, we have brought on 4 new developers (2 more still TBA), and 3 business hires (announcing this week), and we are still looking for great talent to join us on the marketing team and project management

Conor, [03.05.21 13:43]
I think historically we have bitten off a lot and didnt have the resources to deliver as qwe would have liked so now we are stacking up on the development resources so we can deliver faster and in good quality

The Cat 🐱 [BitboyCrypto], [03.05.21 13:44]
[In reply to Simon]
Very awesome I see a lot of milestones here!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:44]
[In reply to Simon]
Absolutely!

Simon, [03.05.21 13:45]
The big things on our roadmap for this quarter are: Lending & borrowing, tier 1 exchange listing(s), continued LaunchPad refinement along with a single-view dashboard, SSGT launch, and new LaunchPad launches. It is very very likely we will have a L2 announcement this month as well, and integration starting at the same time

Conor, [03.05.21 13:47]
As you can see we have the L2 solution for Q3 but we see it as such an important factor in reducing cost for our community that as simon said we will with a very high likelyhood be announcing movement on that front very soon

Richard V, [03.05.21 13:47]
We hope to deliver sooner than anticipated on the road map some of the more immediate services such as the 2nd layer solution to reduce the gas fees for example.

Simon, [03.05.21 13:47]
Q3 and Q4 will see the launch of our full-suite mobile app that includes a YFDAI wallet as well as debit and credit card functionality, the launch of SafePredict – our crypto price prediction tool (think Augur), and insurance product modelling and launch by the end of the year, as well as of course more LaunchPads (these will become very consistent) and exchange listings, etc..

The Cat 🐱 [BitboyCrypto], [03.05.21 13:47]
One more question for you guys?

Simon, [03.05.21 13:47]
πŸ‘πŸΌπŸ‘πŸΌπŸ‘πŸΌ

Simon, [03.05.21 13:47]
[In reply to The Cat 🐱 [BitboyCrypto]]
Go for it!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:47]
Is there anything further that you would like to highlight before we move to community questions?

The Cat 🐱 [BitboyCrypto], [03.05.21 13:48]
[In reply to Conor]
I look forward to it!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:48]
[In reply to Simon]
Any country restrictions on the debit/credit cards?

Simon, [03.05.21 13:48]
Yes, we will be announcing our next LaunchPad project this week! So stay tuned for that.

And more hires and partner announcements are around the corner within the next 10 days as well.

And the SSGT pre-sale is this Wednesday starting at 5 pm UTC! So that will be massive and we hope the BitSquad community is paying attention to buy in 2 YF-DAI to stake before 11 pm UTC tonight to be a part of it!

The Cat 🐱 [BitboyCrypto], [03.05.21 13:48]
Sorry I lied

The Cat 🐱 [BitboyCrypto], [03.05.21 13:48]
[ πŸ˜‚ Sticker ]

The Cat 🐱 [BitboyCrypto], [03.05.21 13:49]
[In reply to Simon]
Very exciting and can’t wait to see what SafePredict becomes

The Cat 🐱 [BitboyCrypto], [03.05.21 13:49]
[In reply to Simon]
Any hints?

The Cat 🐱 [BitboyCrypto], [03.05.21 13:49]
[In reply to Simon]
Common typically projects give us a bone.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:50]
[ 😳 Sticker ]

Richard V, [03.05.21 13:51]
[In reply to The Cat 🐱 [BitboyCrypto]]
We will restrict any countries of the OFAC list of course, and we will analyze each countries laws in terms of compliance requirements before opening up the debit card services to them.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:51]
I guess that means U.S. citizens are out. πŸ˜‰

Simon, [03.05.21 13:51]
[In reply to The Cat 🐱 [BitboyCrypto]]
Sure… a next-generation DAO unlike anything anyone has seen in the market to date is the LaunchPad project πŸ™‚

The Cat 🐱 [BitboyCrypto], [03.05.21 13:52]
[In reply to Simon]
Very exciting

The Cat 🐱 [BitboyCrypto], [03.05.21 13:52]
Alright guys, its been almost an hour of questions from me. Lets open the flood gates for the audience.

The Cat 🐱 [BitboyCrypto], [03.05.21 13:52]
You ready?

Simon, [03.05.21 13:52]
πŸ’ͺ🏼

Conor, [03.05.21 13:52]
Yep lets Gooooo πŸ™‚