The year 2020 was turned upside down by the massive arrival of a new way to revolutionize finance, namely decentralized finance, also more commonly known as DeFI. In its greatest ambition, DeFi aims to recreate the financial system we use today, but in a way that would do away with all trusted intermediaries like banks. The intrinsic vision linked to this type of system includes a new way of managing one’s funds while benefiting from at least more attractive advantages than those offered by the standard banking system around the world. Our article today highlights a newly arrived solution on the market and in the CryptoMasters’ network, the YFBT or Yearn Finance Bit project, a recent fork of Yearn.Finance, a project that has had one of the most important successes in the crypto-sphere during these last years. We are today glad to announce this newest addition to our growing network of partners that thrive to improve the financial possibilities for investors within the crypto field.
DeFi projects offer users full control over their assets thanks to the blockchain and its tamper-proof and non-modifiable nature. In addition, with this in mind, many developers have chosen Ethereum as the main candidate to host and support the various financial applications related to DeFI. These applications, to reaffirm the spirit of decentralized finance must meet several important criteria to be considered as such, namely total decentralization without a central entity with control over the system, resistance to censorship to fight against government pressures exerted on banks, as well as unparalleled accessibility to allow anyone to build or use an application without geographic or technical constraints.
Broadly speaking, decentralized finance encompasses a wide range of applications that aim to replace banks and other financial institutions, that is, applications that revolve around trade, lending, borrowing and banking investments. With the enthusiasm for decentralized finance, a new specific technical term has emerged to define the benefits of DeFi: Yield Farming. Simply put, real farmers measure yield as the total amount of a crop that has been grown. The same principle applies to this new type of financial freedom, as it create “yield farmers”, which could be translated as “yield cultivators”, that is to say people which measure yield as the amount of interest that has pushed on underlying crypto assets like existing stablecoins in the context of their use on DeFi platforms.
Being aware of the challenges and possibilities of decentralized finance, it is important to introduce the different objectives and values around the YFBT project for the long term.
What is YFBT’s solution?
According to the vision stated on the official Yearn Finance Bit website , “Decentralized Finance (DeFi) is the merger of traditional bank services with decentralized technologies such as blockchain. DeFi can also go under the name Open Finance due to its inclusive format. Importantly, the DeFi community seeks to create alternatives to every financial service currently available. These services include items such as savings and checking accounts, loans, asset trading, insurance, and much more.” This element currently emphasizes the work of the team behind the scene , trying to introduce a new way to access financial freedom for the worldwide community to achieve their main goal : Being a leader in the DeFi industry.
Yearn Finance Bit, officially launched in 2020, is a fork of the Yearn.Finance project with its own native token: the YFBT token and offering many benefits for investors and active token holders. Based on Ethereum’s ERC20 protocol, the YFBT token allows the community to use several functions reserved for project supporters, namely staking for an annual return of 25%, asset borrowing as well as a decentralized governance to support and guide long-term choices for the project via votes and proposals within the blockchain. The staking platform enables investors to earn a yield on YFBT token, depositing and selecting the amount to stake in order to receive an APR of 25% unlock able anytime. This greatly empowers the community rights as most traditional banking system or staking projects require a lock-up period before being able to use or transfer staked funds. In this way, DeFi solutions are a high added value for investors who can now have their assets anywhere and anytime without any particular constraints. Additionally, borrowers are able to borrow in an overcollateralized way, selecting Usdt (Tether), Ethereum (ETH) or DAI directly.
YFBT Tokenomics and Pre-sale
Total Supply : 7,000 YFBT
Max Supply : 7,000 YBFT ( including 5,000 locked for 1 year). This amount is corresponding to the team holdings and is being locked for the first year of exercise.
The YFBT pre-sale stage 1 started on September 6,2020 and is currently live with a first entry price of 40$ per YFBT token until the first 1000 tokens are sold.
The pre-sale will have a second sale stage starting right after the first is fully sold out and will also consists of a 1000 YFBT pool with a token price set at 60$ each. The detailed guide to purchase YFBT tokens can be read directly on the official website at https://yfbit.finance/instructions.html.
Upcoming news and major events
When launching a cryptosphere project, it is important to take into account two important elements for medium and long-term success: A sufficient degree of liquidity as well as stable community growth. Being a newly introduced project to the market, the team at Yearn Finance Bit is constantly improving the already existing elements and seeks to establish their brand more broadly through hard community oriented work as well as a marketing vision of quality. This directive will allow a community to be formed as the project progresses.
Regarding the liquidity necessary for the proper functioning of the exchanges on the network, the official team of YFBT paid the listing on Probit, already confirmed by the exchange itself yesterday. Probit is a reputedly reliable, trustworthy exchange and will be the first step towards much greater liquidity for the project. Deposits on the platform will be available from September 18 at 11 a.m. (Korea Standard time) a few days before the official start of trading on the exchange on September 21 at 11 a.m. (Korea Standard time). The aim is to offer users both centralized and decentralized trading solutions for a variety of possibilities that are increasingly accessible according to the needs of investors.
In addition, many other exchanges and platforms are already planned for the end of September such as:
– Uniswap — https://uniswap.org/ — Planned for September 20,2020
– 1inch — https://1inch.exchange/#/ — Planned for September 20,2020
– Balancer — https://balancer.exchange/ — Planned for September 20,2020
– HotBit — https://www.hotbit.io/ — Planned for September 25,2020
Website : https://yfbit.finance/
Contact Email: email@example.com
Contract Address : https://etherscan.io/address/0xf0a0f3a6fa6bed75345171a5ea18abcadf6453ba#code1274