YF-DAI Project Review

About

Intro

In another edition of our project reviews, we decided to have a look at YF-DAI.

So what is the deal with YF-DAI? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, and community and price action.

 

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Overview

Launched in the summer of 2020, YF-DAI is one of the emerging Defi platforms that has developed a range of core features to establish itself as a leading contender in the Defi space.

The aim of the project is to allow users to Invest, Borrow, Lend, Stake, and Farm on a safe, stable platform with holders being rewarded with a portion of the revenues generated by YF-DAI.

YF-DAI currently offer traditional Defi products such as staking and yield farming. The staking element offers a fixed 72% return per year or around 6% a month. The YF-DAI Staking Dapp can be found here.

When compared to other projects, it allows for a more attractive and sustainable yield, and we will discuss the coin inflation more in the Tokenomics section.

Yield farming allows participants to earn returns by providing liquidity in a variety of pools, as shown below. There are currently 4 farms available for YF-DAI holders and more information can be found here.

One of the key features in development is the proposed SafeSwap DEX that the team are currently working on. A fork of Uniswap, the SafeSwap exchange, will only list and support projects that meet the same rigorous criteria as YFDAI Finance.

The requirements for listing on SafeSwap include but are not limited to pre-locking tokens, pre-locking liquidity, passing protocol, and smart contract audits.

With SafeSwap, users will finally have the ability to trade DeFi protocols with peace of mind and in a safe environment. Overall, the SafeSwap exchange signifies a colossal step forward in DeFi as it eliminates many of the pitfalls currently plaguing the industry.

Additionally, the SafeSwap exchange will provide key revenues for YF-DAI from the trading fees and they will be distributed as shown below:

Alongside the Safeswap platform, the YF-DAI team are implementing the Launchpad which as the name suggests, allows projects to work with the YF-DAI team to gain adoption and list on the Safeswap platform. The intended aim is vet projects before listing, choose the projects that meet the criteria, and work with the projects that pass the Launchpad.

YF-DAI holders will be able to benefit from the Launchpad with allocations to presales via staking.

When the LaunchPad projects’ token staking starts, the same principles will be used of rewarding commitment over investment amount. Depending on the amount of time you had been staking YFDAI in the original staking pool will determine the amount you can receive from the LaunchPad staking pools.

The minimum entry time limit of 30 days staking will no longer apply once the LaunchPad token pools open.

The thing that stands out the most for YF-DAI is that they will use develop additional revenue streams over time and reward YF-DAI holders who are staking or farming. The rewards include access to presales and profit share from the SafeSwap/SafePredict/Advertising fees among others.

This is the first time we have seen a project offer these types of rewards and represents a huge leap forward from other token models in this crypto industry.

Competition

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Working platform ETH network can become clogged N/A
Several features SafeSwap still in development N/A
Growing adoption N/A N/A
SafeSwap platform N/A N/A
Improves on previous DeFi models N/A N/AN/A

Tokenomics

Token info
SYMBOL YFDAI
GENESIS BLOCK SEP 2020
BLOCK EXPLORER EXPLORER
CONSENSUS ERC-20
CIRCULATING SUPPLY 3,345 YFDAI
MAX TOKEN SUPPLY 21,000 YFDAI
% MAX SUPPLY MINTED 15.9%

 

Financials
MARKET CAP $2,560,817 USD
VOLUME (AVG 30 DAY) $1,202,086 USD
PRICE $755.41
VOL TO NETWORK 48%
AVG PRICE 30 DAY $621 USD
TRADING PAIRS ETH + USDT

 

Burn Model

The team will use revenues generated from their services towards burning the total YF-DAI supply as shown below. The total supply will be reduced by 33% from 21,000 to 13,950 YF-DAI over time.

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Low total supply N/A N/A
Token utility on platform N/A N/A
Financial reports from team N/A N/A
Deflationary Model via token burn N/A N/A
Developer funds labelled on Etherscan N/A N/A

Team

Experience
  • Team information is available on the website, along with LinkedIn profiles.
  • Development for YF-DAI is consistent with the roadmap; however, the project is still in its early phase.

Company and Funding

  • The YF-DAI project was launched in Sep 2020, and there is a registered company in Singapore: Tejster Technologies PTE. LTD, Registration No-202031933

Advisors and Partnerships

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Public team N/A N/A
Consistent development N/A N/A
Regular financial report N/A N/A
Working product with userbase N/A N/A
Registered company N/A N/A
Revenue streams to progress development N/A N/A
Strong partnerships N/A N/A

Code

Audit

The YF-DAI had their contract audited by the Blockchain Consilium in Sep 2020.

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Contract audited by Blockchain Consilium N/A N/A

Community

Engagement

The majority of the YF-DAI community involvement and engagement takes place on Telegram. There is a small but active community, with the project founder active in the chat daily.

To improve communication, the team plan to launch a Discord channel, which allows for much more organised communication in various channels.

Announcements are made in the Telegram channel along with regular publications on Medium and videos on Youtube. The Youtube channel is a great medium to share content, and we suggest the team produce regular videos to take advantage of a wider audience.

The website is not multilingual, and we recommend the team implement this to improve their adoption among non-English speaking communities.

Governance

In Q1 2021, YF-DAI will move to a full DAO (Decentralized Autonomous Organization) Governance model for all decisions regarding the future direction of the project’s DeFi services.

Initial decisions and strategies will be developed and presented by the core project team to the DAO community. The YF-DAI holders will be able to vote on the proposed item, either positively or negatively.

The YF-DAI core team will act on the voting process’s final decisions to the agreed schedule, as proposed in the item. If the vote is in the negative, then the core team will not enact the proposed changes. To be eligible for participating in the DAO, YF-DAI holders must possess a minimum of 2 YF-DAI tokens held in the governance pool. Team members and advisors will be limited to 1 vote each.

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Active engagement with community Sub 5000 follower base Increase social media following
Regular communication Website not multilingual Add more languages to website
Growing community N/A N/A
Governance model for YF-DAI holders N/A N/A

Technical analysis

Chart


Chart Analysis

After initial price discovery following launch, the price has been range-bound between $400 and $800 as marked by the green and red zones.

Areas of interest to the upside would be a close above the $800-850 level on a daily or weekly time frame. We can see a recent push to this level with a Doji candle indicating it is a key level to break.

To the downside, a break below $400 would likely see a return to the initial accumulation levels at $200-300.

Considering that YFI, one of the first Defi projects, hit a $1.2 billion market cap in the last Defi bull market, it is worth keeping an eye on YF-DAI as an emerging player in the Defi space. We recommend noting price movements as development milestones approach and are completed.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Room for price growth on upside Price not reflective of development Increase brand awareness
UDST + ETH pairing No USD/Fiat pair Add fiat pairing
Ongoing team burn will mean constant demand N/A N/A
Strong volume:market cap ratio over 30 days N/A N/A
Listed on several exchanges including DEX N/A N/A

Summary

Conclusion

In summary, the YF-DAI project scored an outstanding 79/100 based on our scoring matrix, and we rate the project at an A rating. The team are distinguishing the project from others in the DeFi space, and we are keen to see the launch of the SafeSwap exchange later this year.

We feel by adding features such as the Safeswap, Launchpad and SafePredict platforms, YF-DAI takes the project onto another level and implements ongoing revenue streams, giving the team the ability to grow the project above and beyond its competitors.

Stakers and farmers get access to the profit share of all YF-DAI services, allowing holders to benefit from increased rewards over time. We feel that this is one the few Defi tokens where early investment will be rewarded and recommend this as a long term hold for investors.

ABOUT USE CASE
✅✅✅
COMPETITION
✅✅✅
ADOPTION
✅✅✅
FEATURES
✅✅✅✅
ROADMAP
✅✅✅
TEAM PUBLIC
✅✅✅
EXPERIENCE
✅✅✅
DEVELOPMENT
✅✅✅✅
PARTNERSHIPS
✅✅✅
FINANCES
✅✅✅
COMMUNITY COMMUNICATION
✅✅✅✅
FOLLOWERS
✅✅✅
GOVERNANCE
✅✅✅
ENGAGEMENT
✅✅✅
WEBSITE
✅✅
TOKENOMICS DISTRIBUTION
✅✅✅✅
EXPLORER
✅✅✅
EMISSIONS
✅✅✅✅
UTILITY
✅✅✅
ENTRY
✅✅✅
PRICE EXCHANGES
✅✅✅
LIQUIDITY
✅✅✅
PAIRINGS
✅✅✅
T.A
✅✅✅
DATA
✅✅✅

 

Breakdown

Disclaimer
  • This is a sponsored review on behalf of the YF-DAI project.
  • This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice. 
  • Before investing in any project, we recommend you do your research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in October 2020.

 

Methodology
  • We used a combined rating score out of 100 for this review, covering all the listed metrics for project reviews.
  • Each section is rated out of 20 and comprises of 5 metrics we analyse
  • Each metric is rated out of 4, including a potential bonus point in every metric. 
  • Our rating and grading framework is available here.