YFIDapp is a secure and cost-effective DeFi platform.
YFIDapp is an upcoming decentralized finance project committed to creating an elaborate and intuitive ecosystem for the participants. The project is made of five modular products that work in tandem to deliver high-yields to the lenders and borrowers engaged in the network. A great addition to the thriving, multi-billion dollar DeFi ecosystem, YFIDapp will focus on promoting an inclusive and lucrative network to all.
The five products offered under the YFIDapp banner are:
These products will allow participants to access high-yield, low-risk liquidity options that unlock the true value of their collateralized assets. YFIDapp will also double up as a bridge enabling participants to harness liquidity and explore newer opportunities within the ecosystem.
YFIDapp’s lending and borrowing products focus on increasing fund flow on the platform. Participants wishing to lend can stake their assets in the YFID ecosystem, where they can begin earning exciting interest rates on their deposits. Similarly, borrowers on the platform can take out loans by depositing a collateral amount.
Unlike traditional banking, YFIDapp allows borrowers to earn redeemable interest on their collateralized funds. The entire lending and borrowing protocols are managed by specially crafted smart contracts, thereby streamlining the process and improving the accuracy of operations.
By taking into account the diversity present in the cryptosphere, YFIDapp has also set up a dedicated decentralized exchange. This exchange allows participants to buy, sell, or trade cryptocurrency pairs at prevailing prices. In this exchange, all transactions are peer-to-peer and instantaneous, thus eliminating intermediaries and reducing transaction costs.
The cryptocurrency market is still in its nascent stages, and there is a lot of risks associated with this sector. To mitigate this problem, YFIDapp has announced a one-of-a-kind insurance cover. Participants depositing and lending their assets on YFIDapp can secure their funds by opting for this insurance cover. In turn, YFIDapp will employ an external insurance provider that will be responsible for the safety of assets and recovery of the defaults.
The final product in the YFIDapp ecosystem is that of gaming. Presently, YFIDapp provides a weekly lottery pool where participants can stake their assets to enroll. A random winner will be selected, and they will receive a week’s worth of interest earned from the lottery pool stake as prizes. As the size of this lottery pool expands, the interest earned will also increase, thus benefiting the participants. Parallelly, YFIDapp is also planning to add other casino-styled games to the platform, thereby offering participants more variety.
The YFIDapp ecosystem is built on top of the Ethereum blockchain, thus benefiting from the many advantages this blockchain protocol has to offer. Meanwhile, the YFID token is made using the ERC-20 token protocol. The YFID token will serve a variety of purposes, including acting as a unit of gas for network transactions, helping settle payments on the network, bestow the participants with voting rights, and reward validators for taking part in the YFIDapp ecosystem.
Powering the YFIDapp project is a highly skilled and talented team. The members have in-depth experience in a number of sectors, including blockchain, banking, marketing, technology, and more. Through their collective effort, the team will ensure the success of the YFIDapp project.
To initiate the project and fast track development, YFIDapp will raise funds by selling the YFID token. Anybody can participate in this crowd sale, and participants can collect YFID tokens by completing tasks assigned in the bounty program. The YFID token sale details are as follows:
YFIDapp is a very promising project, possessing the ability to uncover a new age for decentralized finance. YFIDapp has a concrete roadmap combined with in-depth knowledge of the sector, which will help the company to consistently evolve.
The YFIDapp token sale is right around the corner. Simply head on to the official website, https://yfidapp.finance, to receive the latest updates. Alternatively, you can subscribe to YFIDapp on social media, including Twitter, Medium, Telegram, or even GitHub, to stay informed of the new changes brought forth in the ongoing project.
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