AMA with Ynot Finance
Q1. Can you start us off with what YNOT Finance is about?
YNOT finance is a DeFi 2.0 protocol built over Polygon. It’s a swap that provides tools to Liquidity providers and Traders to make their life easier and makes things simpler just like a centralized exchange.
The DeFi wave that we saw in recent years have made space for a lot of swaps, most swaps started with a very good TVL ( Total Value Locked ) as they offer very high APYs for their liquidity providers, but most of them lose TVL as the reward gets sucked up and there is a lower APY, this happens as these AMMs are trying to have a patch over a wound while it needs a real good look to solve it.
The major problem behind this is not having proper tools for Liquidity providers to create or update their liquidity positions in a way that they can profit from the ever-changing market. Which we solve it with our AMM. 🙂
Q2. Can you elaborate on the distinct features offered by YNOT Finance ?
Sure, YNOT finance has the following features that is very different from any other swaps
Single Token Liquidity:
While others are more likely to ask for two tokens while providing liquidity, we give an option where users can be part of the liquidity pool by providing a single token, this makes the liquidity position directional.
Update Liquidy Position:
Liquidity positions are usually fixed and one can not update but can only exit their current position to open a new one.
Eliminate Impermanent Loss:
Impermanent loss is one of the reasons why users don’t want to be a part of the Liquidity game, YNOT finance allows users to provide liquidity in a way that can completely eliminate their impermanent loss.
Traders are the other sector of users that need to look after, portfolio management is a tool that allows traders to take the right decision on their current trading position.
Ynot finance mints a very interactive NFT on every profitable trade to the user, to display the profit he has made, which help identify good traders among others, while it also paves the way for the Pool trading platform. 🎁
Q3. What is benefit of acquiring and holding $YTC and how does it serve as utility in your platform?
YTC tokens are YNOT Community Tokens, is a deflanatory governance tokens built to provide certain access or permission to the protocol. Apart from being a governance token, the platform is built compactly with the token. Every swap that happens over the platform has a 0.3% fee out of which 0.04% goes directly to incentivize liquidity providers of YTC tokens. This ensures as the platform grows the incentives will attract more liquidity providers for the YTC tokens.
Here is the token metrics for YTC token
Q4.Can you tell us what are you guys planning to achieve by the Q1 of 2022?
We have so far partnered with TCC who is our advisor, helping us in every aspect of the project. While we partnered with Polygon as well which can make things impactful for us. We are done designing our UI and our smart contracts, we will soon be expecting the integration to be done so we can launch our MVP. We are approaching different companies, especially those who can provide us with oracle solutions and web3 API. We will soon have some announcements on that as well.
Q.1 In standard liquidity provision, LPs are require to deposit the pairs of certain coins/tokens, however, YNOT Finance allows LPs to deposit single coin/token. Can you explain to this community why YNOT decided to use the Single token LP format on their platform and its advantages?
Twitter question from
Thanks @grizz000 for asking that. We allow users to deposit either two tokens as normal swaps do while we also give an option to provide a single token for their liquidity position, this makes liquidity providers have the flexibility to choose from which way they gonna go with, if they are choosing to provide two tokens, that means their position is good on a neutral market, while if someone is going for single token liquidity it is good only for a trending market either a downtrend or an uptrend.
Q.2 I was reading about the YTC tokens also called "YNOT Community Tokens", they are related to the governance of the platform but I do not understand how they work. What is the use of YTC tokens and what type of access or permission does this token offer in your protocol?
Twitter question from
Happy to see people digging out about YNOT finance 🙂 Here is the answer: YTC token is a defamatory governance token and is created to support and incentivize the use of the platform, the team has integrated the token in a way that ensures the growth of the platform to be directly proportioned to the incentives given to the YTC liquidity provider, that means we can expect a more liquid market for YTC token as the platform grows.
Q.3 It was said that YNOT is in the completing stage of its MVP. Has YNOT finance completed its MVP and deployed its contract over Polygon? Do you have an intro of the UI releasing? Will you add portfolio management with NFT rewards ( Gamification )?
Twitter question from
Yes ofcours, we have completed most of our work for the MVP, we are almost done with the smart contract and UI designing for the MVP, we are working towards the integration, which once done will get the MVP up, we can expect Portfolio management to be there on our first MVP while NFT rewards will join in later this quarter.
We will soon be releasing a video of our UI which will help understand the platform 🙂
Q.4 You mentioned one of YNOT's financial features is "NFT Rewards". So, How do users get rewarded by NFT? How can users participate in this NFT Prize? And what makes this NFT valuable?
Twitter question from
Rewards always catch interest of users, here we are talking about NFT rewards which is even more interesting. So here is the answer:
The platform lets people open and close positions and track their percentage profit on each trade, we propose to mint an interactive NFT on each profitable trade. Once the user closes that position and if the system detects there is a profit, it mints an NFT for that user with the entire detail of the trade ( Percentage Profit, Time, Asset e.t.c ). This can be displayed through a dashboard to show off their good trades while also making them feel good once they make a profit. It’s a souvenir of a happy memory.
This paves the way to identify good traders among the user base so once our pool trading platform is up users can peg their funds to expert traders and share a profit margin.
Q.5 YNOT has a well structured plan for owned TVL, which means that as the platform grows, YNOT will continue to acquire TVL. Can you explain the structured plan for YNOT's TVL to us? How does it work?
Twitter question from
TVL is a really important part of an AMM, it tells us how liquid the market is. YNOT plan is to identify good pairs among all the tokens, once identified, strategically re-investing in those pairs from the fee generated will slowly allow YNOT finance to ensure continuous liquidity.
Also, as and when new features will be launched the fee generated from them will be used for the same, Margin Trading & Pool trading will help us retain most of the TVL as we go.
Audit is important for both trust and security. Have you done any audit of smart contract❓
We have not had any audits so far but we will be having an audit before we launch our app. We understand how important it is and we will definitely do it.
2)I Love You Shinthiya 4.0:
I want to research more about YnotFinance, Where can I go to get all the info I read??
Where I can get the latest updates or more information about the Project??
🚀🚀 does YNOT support a staking system? in that case, what’s the advantage on doing this? 🚀🚀
YNOT will definitely have staking pools to protect liquidity providers from impermanent loss. As we have mentioned 0.04% of fee taken over any swap will go as inccentive for the liquidity provider of YTC tokens. These incentives will be distributed as a part of staking pool.
For the tracker that is used to track funds, do we have to pay a fee and is it offered on Mobile???
Why are you on the same path with Uniswap???
No you dont have to pay an extra fee for portfolio management, its the part of the system.
We are in the same path of Uniswap as if you check out stats from DeFiPulse you will notice only few AMMs were able to pull of an uptrend TVL graph, one of the best over all is Uniswap. They have always explored the way how liquidity provider can participate for it and have given so many way to do it since Uniswap v1
1. What is the difference between YNOT Finance and Uniswap?
2. How does YNOT Finance benefit traders and liquidity providers?
Uniswap v3 has explored really well to liberate liquidity providers from just being on a neutral market to a directional market. While Uniswap allows directional liquidity, it allows till a price range only which means if the liquidity provider is not updating his position as per the market, his position can go to idle after a specified price range. Also Uniswap maximizes impermanent loss for the users for a specified price range.
YNOT finance works irrespective of the price range and also eliminates impermanent loss.
Over YNOT financce trader gets experiencce similar to a centralised platform with tools like Portoflio management while liquidity providers can use flexible liquidity to maimise their profit from the market.