On the 30th of September, Crypto Revolution hosted a live AMA with Merunas Grincalaitis, CEO of YELD.
We really enjoyed the opportunity to be closer to our community and engage with them in a live format. It was great to chat with Danny and with the AMA participants, perfect opportunity to deliver more clarity an vision about YELD.
The structure of the AMA was:
- Introduction with Danny & Merunas
- Questions from Twitter
- Quizz for Users
- Telegram Questions
1. Introduction with Danny & Merunas
Danny | Crypto Revolution: Could you please introduce yourself and tell us how did you get involved into Crypto?
Merunas: My name is Merunas, I was born in Lithuania and lived most of my life in Spain which is where I’m located at the moment. I started programming on my own 6 years ago, then about 3 years ago I heard about Ethereum and the crypto revolution and now I’m creating my own project called Yeld after working for countless companies as a contractor and full-time employee, helping them create awesome products.
Danny | Crypto Revolution: Nice. You wrote few books for Ethereum right?
Merunas: Yes I wrote 2 ethereum books from the things I’ve learned. The first one is called “Ethereum developer — learn solidity from scratch”. It’s a short 100 page guide book to teach people the essentials of the solidity language so they can become blockchain developers and create their own projects.
A year after that one, I wrote another one called “Mastering ethereum by Packt” which is meant to teach people the entirity of the Ethereum ecosystem in a massive guide for those that want to level up and become experts in blockchain development.
Danny | Crypto Revolution: From where people can get this books. I am interested as well.
Merunas: They are available on amazon here: https://www.amazon.com/Merunas-Grincalaitis/e/B07S4KRLDB?ref=sr_ntt_srch_lnk_4&qid=1601489327&sr=8-4 or on my website merunas.org at a higher price for those that want to support me directly.
Danny | Crypto Revolution: Thank you 😉 Could you please describe what is YELD Finance in few simple sentences?
Merunas: Yeld finance in a few words is the next step in stablecoin yield farming for those that want high and consistent returns for the long term, to reward holders permanently.
We’ll work on implementing governance after deploying the main dapp to create new and effective defi products so we aim to become a key player in the defi yield farming economy.
Danny | Crypto Revolution: How are you different and unique from all others Farming Projects out there?
Merunas: We aim to reward people in the short term and in the long term. If you take a look at yearn finance and most projects like sushi, their massive APYs are great for short term gains but those eventually decline for the simple fact that they run out of governance tokens to give, leaving long term holders empty handed and killing the project eventually.
We see beyond that. Not only we reward short them holders but we have systems in place to reward long term holders with reduced supply, buy back systems and retirement yield to keep them generating money for as long as possible.
Danny | Crypto Revolution: That’s really awesome. So many people are in Crypto just for the Profit. Do you aim to get the small part interested in Tech as well in YELD?
Merunas: What do you mean by the small part?
Danny | Crypto Revolution: I mean not too many people are interested in Tech. Lol. Most of them are just for the profit.
Merunas: Indeed ultimately we’re building to create the future of banking. We want to give people a real alternative to established banking investment systems in a simple and effective way.
Danny | Crypto Revolution: This is what I wanted to hear. Banks sucks. Hopefully more people will discover Crypto.
Merunas: That’s right, the world needs a fairer system that is not dependant on centralized institutions with as much power as they have.
Danny | Crypto Revolution: 💪💪💪 From where people can buy YELD at the moment and any future plans for more listings?
Merunas: Right now people can buy YELD on Uniswap by searching for YELD and selecting the token with our logo. We are going to list the token on cointiger.com for the yeld / tether pair really soon for those that prefer an order book based exchange.
Danny | Crypto Revolution: Cointiger is good one. They are big Name especially in Asia.
Merunas: Exactly, they are huge in Asia. We want to get listed in as many places as possible, that’s a continuous effort.
Danny | Crypto Revolution: Thank you for the Introduction. Let’s start with Twitter questions now 😉
2. Questions from Twitter
Question 1 from @EndtimeProphet2
Explain more about your permanent holders rewards?
Merunas: Users that hold YELD tokens can redeem ETH from the retirement yield funcionality which rewards you based on the % you hold from the total supply of yeld. The token supply is continously going down thanks to our buy and burn system which means that holders can expect an increase in their token value. Furthermore, the token will be used as a governance token to vote on critical decisions for future protocols to develop.
Danny | Crypto Revolution: Could you please tell few words for YELD Tokenomics?
Merunas: The total supply of our token is 60,000 and no more will be minted. 30k were sold in the presale, 20k will be distributed for stakers that want to use our stablecoin yield farming app to boost their APY and 10k have been reserved for the team and developers.
The total supply will go down continously up to 50,000 tokens burned, meaning there will be a total of 10,000 tokens left in the future as the Buy and Burn mechanism keeps reducing the supply.
And as I already said, the token will be used for governance decisions and as an utility token for future applications.
Danny | Crypto Revolution: Thank you.
Question 2 from @Vn69676675
All DeFi applications are essentially code that runs on a public blockchain, which is a smart contract. Why should we believe that there won’t be any error in the code? How YELD does apply for a witness node or deploy/manage a smart contract?
Merunas: We can’t guarantee that the contract will be 100% secure because no contract is that way. What we did to mitigate any risks is get 2 auditing companies to audit our contracts with as much precision as possible to check every possible attack and reduce the risk associate with using the contracts.
Danny | Crypto Revolution: That’s great. What are you thoughts on recent Kucoin Attack? YELD will not have such a problems I can see 😃😃
Merunas: What happened to that project? I haven’t read about it yet.
Danny | Crypto Revolution: To Kucoin Exchange. 150 millions were stealed.
Merunas: Well in our case we base our code in the already well audited and battle tested yearn contracts with some extra logic on it to guarantee the highest security possible.
Danny | Crypto Revolution: Yeah. This is good to know so people are safe with you guys.
Question 3 from @QuyenCao11
Many new projects made a good impression at first but were suddenly abandoned. How will you manage the project and token to gain a place in the market and become a best token in the blockchain world?
Merunas: We are focusing on delivering fast but steady with solid, well-audited contracts since we care about the future. We could’ve deployed the dapp in a few days after the presale but that could’ve risked many investors funds in an un-audited contract.
Since we have a solid background in blockchain development, we’ll focus on improving the DeFi space with new dApps that build upon previous efforts to create more efficient and secure applications for yield farmers and crypto enthusiasts.
A few ideas we’re researching are:
- a YELD-infused NFT mining dApp to generate ERC721 tokens with yeld tokens for those that want to participate in a crypto collectible defi experiment;
- an autonomous market maker exchange where users can provide liquidity to a single asset instead of a pair since it’s one of the main issues in existing solutions.
Danny | Crypto Revolution: Give me a second to read 😁😁
Danny | Crypto Revolution: I like that you are taking your time not rushing things. This definitely is a positive point. Thanks for the great answers man. Ready for some fun with Quiz Part.
3. Quizz for Users
Question: What aspects do you guys think is missing in DeFi from current centralized finance solutions? Things like usability, proper user interfaces, simplicity or investment opportunities.
Best answer: They’re not efficient enough, DeFi projects need to reduce costs, increase scalability and avoid rug pulls and scams.
Question: If you could improve 1 thing about what the yeld dapp offers you as a yield farming product, what would that be?
Best answer: Enabling a cross-chain solution with for example with xDAI to lower the fees.
Question: What’s the main thing that attracts you to the yeld dapp as a yield farming product? Long term gains? Future possibilities?
Best answer: To generate high and consistent returns for yield farmers, we reward stakers with YELD tokens that continuously increase in value.
Question: What would you like us to build after this yield farming dApp?
Best answer: Build an app to make the d’app more mainstream and accessible and as a credit card facility like monolith.
4. Telegram Questions
YELD Finance is currently going well and is receiving positive attention. What will you do to get more exposure and adoption? What is the YELD Finance message for the Community today?
Merunas: To get more exposure and adoption we’ll setup many marketing actions to get the word out there once the dapp is live to attract interested users.
If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?
Merunas: Try the dApp for yourself with a small amount like 10 or 20 DAI and see for yourself. If you like it, you may want to continue using it.
Every industry is severely affected by the egregious situation of the Covid-19 outbreak. Does it affect the growth of Your Project and its? What are your plans to turn challenges into opportunities for Your Project development?
Merunas: The Covid thing doesn’t affect us as much because we are a remote team and we don’t need an office to develop our products so it’s like nothing happened.
Can you tell us the motivation and benefits for investors to keep the $YELD token long-term? Do you have a plan to help boost token demand and scarcity?
Merunas: Long term holders will be the first ones to enjoy the exclusive new product we’ll be releasing in the future since they will most likely require YELD to be used. Plus they have the most power when it comes to voting decisions based on the holdings.
What is the structure of this project, is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Merunas: So far we’re developing this by ourselves but we’re open to open source contributions to those that believe in the project. The governance will be implemented right after the dapp release using well audited contracts from other governance projects to reduce any risk.
What’s the focus of the YELDF now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold $YELD tokens? control flexibility, cost and security?
Merunas: Right now our focus is to release the dapp, then get the word out the by bringing as many people as possible to the protocol and then continue developing new products while managing our existing dapp for the highest impact.
DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space. My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?
Merunas: Even though these may be perceived as short term projects, we are focusing on the long term vision by creating an entire set of finance products that improve existing centralized protocols with blockchain technology for the highest returns.
I want to know if there are plans to list $YELD tokens on major markets such as Binance, MXC, Bithumb and others?
Merunas: Yes there are plans to list on the larger exchanges. The more places $yeld is listed the better, that’s something we will continue working non-stop.
Which area are you focusing on at the moment? (DeFi, Stake, Dapps…) and what is your goals in this year?
Merunas: Our goal for this year is to deliver a strong defi yield farming dapp that provides customers with great returns while opening them the doors for future finance solutions based on blockchain technology.
When will the RoadMap be available on your website?
Merunas: The roadmap will be added soon with our vision to those that want to understand our perspective and future goals.
Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?
Merunas: It doesn’t matter. In fact the token price is not our focus. Our focus is to deliver the best product possible while improving existing defi protocols to create a better decentralized economy.
Merunas: Alright guys that’s all for me! This was great.
Danny | Crypto Revolution: Thank you man. It was great having you. Final words for Community?
Merunas: I definitely did NOT expect that many questions. Thank you all for the overwhelming support. See ya soon!
Danny | Crypto Revolution: Thanks man.