The DeFi movement is in full swing as platforms leverage of the capabilities of blockchain technology to create unique investment products capable of offering attractive returns. YFSwap is one such project that allows users to convert their legacy cryptocurrencies to much more flexible DeFi tokens and use them to explore various investment opportunities which is otherwise impossible.
The YFSwap tokens are designed to emulate the market dynamics of legacy cryptocurrencies like Bitcoin and Ethereum, magnified 1000 times. Meaning, the YFSwap token version of Bitcoin is a thousand times scarce than the actual cryptocurrency and theoretically, if the price of BTC increases by $1, then the effective increase in the price of YFBTC will be around $100. The same holds good for the total supply of YFBTC which will be 21,000 tokens in place of Bitcoin’s maximum cap of 21 million coins along with a similar, proportional reduction in rewards structure as well.
The YFSwap platform aims to create DeFi token analogues of some of the leading legacy cryptocurrencies, with YFBTC and YFETH being the initial ones. Other cryptocurrencies YFSwap intends to emulate in the near future include TRX, DOT, NEO, LTC, ADA, XMR, and XLM in the form of YFTRX, YFDOT, YFNEO, YFLTC, YFADA, YFXMR and YFXLM, respectively. With these DeFi tokens, users will be able to participate in yield farming, staking and exchanging them for other tokens.
Partnering with BITTO
YFSwap’s DeFi versions of legacy cryptocurrencies like BTC and ETH is the product of a collaboration between YFSwap and BITTO, a leading blockchain solutions platform. Apart from these tokens, BITTO is also working on YFSwap.Finance DEX, a Sushiswap alternative. With the implementation of governance and timelock protocols, BITTO will assist YFSwap.Finance in operations until a strong community is created, following which the DEX will start operating independently while the former’s role will be restricted to further technical development of the platform. Meanwhile, BITTO is also working on launching its own licensed crypto exchange service later this year, and the current relationship between the parties can potentially translate to additional support for YFSwap tokens.
The YFSwap.Finance DEX aims to link liquidity between leading exchanges like Huobi, OKB, Binance and more by integrating their native tokens as pairings to acquire YFETH reward token, whereas the YFBTC will act as primary yield reward.
YFSwap already has ongoing free reward token and private crowdfunding campaigns to encourage new users to acquire YFETH. As a part of the “Claim Free Token” campaign, those holding UNI, BITTO, YFI, BAL, LINK, BNB, HT, OKB, BAND, NXM tokens in their Metamask wallet stand to earn up to 3 YFETH for free. Meanwhile, private crowdfunding participants can purchase YFETH at discounted rates against ETH deposits.
YFBTC Yield Farming
YFBTC.net will officially open the doors for YFBTC yield farming by end of October 2020. Users can stake their ETH, USDT, BITTO, WBTC, RENBTC, and TBTC to claim YFBTC rewards. However, it is worth noting that by staking BITTO-LP users can earn 1.5X more rewards than other tokens. Those willing to purchase YFBTC can now do so on UNISWAP.
YFSwap’s plans to introduce YFTRX, YFDOT, YFNEO, YFLTC, YFADA, YFXMR, and YFXLM will create more yield farming options for the community, which could make YFSwap one of the largest DeFi platforms in the industry.
Learn more about YFSwap.Finance at – https://medium.com/@yfswap