Kriptobi, one of the most active groups in Turkey on cryptocurrencies, hosted CEO Tim Frost, CGO Jan Strandberg, and CFO&COO Justin Wright from the Yield App project on the 18th of December, 2020. In the first phase of our event, the Yield App project was introduced to our community members with group managers’ questions and our guest's answers. In the second phase, 3 questions collected via Twitter were asked to our guests, and in the third phase, the ‘live Q&A’ section was completed. In the second and third stages, our community members, whose questions were answered, were rewarded with a gift worth 10$ at the time of reward distributing. If you also want to participate in future AMA events and win while being informed, you can join the Kriptobi community.
Stage 1 (Questions of our group managers, answers of our guest)
Question 1. Could you give brief information about what YIELD.app is? What does he aim to do and solve in this sector?
Marie: YIELD.app was born from a vision to provide our customers with a high yielding deposit account coupled with safe custody of your assets! ??
We deliver this through a simple platform model that mirrors traditional main street and wall street-managed investment fund products.
We are building a bridge ?? into the Decentralized Finance (DeFi) ecosystem because we recognize that even for crypto natives, the time, cost, effort, and risk required to navigate and understand the underlying complexities inherent to this asset class can be overwhelming.
We're making it our mission to demystify this for the benefit of everyone. ??
YIELD is being developed for 2 main reasons. To build a digital bank where anyone can earn an interest-bearing account that is powered through Decentralized Finance. The other main area is to build a platform that is secure, insured, and we handle the heavy lifting for those who want to invest in DeFi.
JC: YIELD aims to be a simple, and easy-to-use application, much like normal online banking with all the heavy lifting performed by our portfolio team at the backend. In other words, YIELD makes DeFi accessible to anyone thanks to our intuitive app and web platform, where users simply deposit crypto or traditional currencies and select the investment plan that suits them best. Operating under a banking license, we offer insured and innovative financial products managed by a team with years of experience in FinTech and cybersecurity. This ensures that our users always feel comfortable earning with us. At the core of our strategy, our YLD token allows for transparent governance, rewards loyal community members, and supports social impact initiatives.
Question 2. There are many other projects that want to do something similar. What are your main features that distinguish you from other projects and what competitive advantages do you have? How will you get a bigger share of the market?
JC: We are targeting different customers, we are building a bank with fund products at the backend, we will operate a transparent model, we're building a proprietary portfolio management system. For the 1st fund, we are offering guaranteed returns. What people see now is our launch, we will grow beyond this and admire the work that our competitors have done, but do they make it clear if they are neutral or have any risk exposures on directional trades, etc.? Are they building innovation around an insurance product? Any good business will always have competition, think Starling Bank, Revolut, Monzo... Same models with different approaches and customer bases. If we attack competitors it shows weakness, we should instead honor them and state our visions. Also, if investors want exposure to DeFi and are worried about risk, there is a valid argument they should split their allocations across YIELD, Nexo, Celsius, etc., rather than concentrate it all on one platform.
Marie: What sets YIELD apart is that we are a regulated licensed bank ?? managed by a team with a proven track record in FinTech. That said, we are well-prepared to offer transparent governance through our YLD token. ?? Our goal is to go beyond DeFi and provide a more rewarding digital banking experience, where people around the world can easily earn interest on any currency and spend their earnings using our physical debit card ??, without ever having to think about crypto.??
One major area is our team. We have built very successful companies and financial institutions before. The other is our approach. We are licensed, insured, and are building a platform to offer clients a secure place to allow their money to grow. Unlike many crypto companies which are anonymous or not building companies that are compliant from day 1.
Question 3. About the $YLD token, can you tell us about its total supply, availability, and where we can buy it?
JC: The YLD token has recently concluded it’s presale and main round on Trustswap. Were happy to share that we’re 3x oversubscribed.
Tim: You can check our full tokenomics here. An announcement about $YLD's recent listing on BITMAX and Uniswap here. In the future, we will also create a feature where users can buy YLD directly in the yield.app platform.
Marie: $YLD tokens are now available on BitMax and Uniswap. Buy your $YLD through these addresses; $YLD Smart-contract Address - Uniswap - BitMax
Question 4. What is your strategy to make the $YLD token more valuable? What are the benefits for traders holding $YLD tokens in the long run and what plans do you have to protect the coin price and supply?
JC: I would say launching the token is only the first step in the process. What really opens up the YLD tokens is the YIELD platform. We’re launching early access to some early adopters to make sure we’ll launch an amazing product. We also have several reward tiers as well with corresponding APY based on the amount of YIELD you have. Please check our tokenomics and get some YIELD while it’s fresh ;)
Tim: YLD is the key to our entire ecosystem and used to reduce fees and gain access to opportunities. As we are building a sustainable multi-year project, we plan to create and add new utility as we continue to add products, features, and technology-driven niches to our capabilities, this is only the start of the YIELD.app story. On top of that, there's something we call treasury rebalancing when we buy YLD from the market and add it to our treasury. There's going to be stats about how much YLD is purchased & added to the treasury.
Question 5. Finally, can you give us some information about your roadmap and how #YIELD.app has progressed so far? What awaits us in the future?
Martin: The project's roadmap is in constant iterations, with many milestones to be achieved through this path. I would also suggest checking out the pitch Deck at www.yield.app as well as the Whitepaper, the top menu on the site.
After this answer, the first phase of our AMA event was completed. And immediately after that, questions sent via Twitter will be answered. And the second phase has begun.
Stage 2 (Twitter users' questions, our guest's answers)
Twitter Question 1
It looks like the Yield App is still not available on the Android or iOS platforms. There is no mobile version yet. Are there any obstacles in the process? When will it be released? (from @iseker1905)
JC: We highly prioritized the web platform and build the app from there. There are no big backlogs, just a matter of prioritization. We hope you sign up for our newsletter on the yield.app so we can let you know when it comes out ??
This allows us to offer DeFi investment already in the very first steps of our journey, without letting anybody on the side of the road. We need the community to help build and receive its feedback so we can offer only the best to our community. We need everyone's feedback to build a fantastic product that will produce wealth for everyone.
Twitter Question 2
There are 3 core issues prevalent in crypto and blockchain: security, Interoperability, and scalability. So how does your project plan to overcome these issues? (from @nguyenthanhtamzn)
Marie: We have identified critical systems and will continue to stress-test these alongside market-related technology security scenarios to mitigate and remove points of failure across our operating environment, including DeFi instruments held in our portfolios. We are building in-house technology solutions and employing industry-leading experts in their fields; data security consultants supported by our various oversight, enterprise, and risk management committees and frameworks themselves adopted from traditional funds and capital markets best practices.
YIELD has a core team of experts, our ‘Portfolio Managers’ who work closely with our technology, risk, and software engineering teams who are developing proprietary automated portfolio allocation and portfolio management tools for safely accessing a fast-expanding DeFi ecosystem. Also, we are working with some of the top smart contract auditors in this space.
JC: We solve this for our users by eliminating all gas costs. We handle everything on our back end, making it a simple one-step process to enter into defi investments. we think this is how we solve the scalability issue.
Twitter Question 3
When I examine your project and read the Whitepaper, we see that the "Portfolio Management Engine" has a very important place. Could you give us information about the Portfolio Management Engine? What are the benefits for the users? (from @waybesuricata)
Marie: We are building our custom POMS or portfolio management system. This delivers a lot of intel on many levels. We observe social trends, do technical due diligence, monitor pools, and smart contracts, and run business analysis reports. We have built this to offer our clients the highest yields we can with the safest measures we can take. We are building in-house technology solutions and employing industry-leading experts in their fields; data security consultants supported by our various oversight, enterprise, and risk management committees and frameworks themselves adopted from traditional funds and capital markets best practices. YIELD has a core team of experts, our ‘Portfolio Managers’ who work closely with our technology, risk, and software engineering teams who are developing proprietary automated portfolio allocation and portfolio management tools for safely accessing a fast-expanding DeFi ecosystem
JC: We are basically managing investments on behalf of our users. At the backend, we have a team of analysts, quants, portfolio managers, and developers that are building an automated allocation, analysis, and secure portfolio management suite. It doesn’t exist anywhere else today but it is designed to maximize opportunity regardless of the pools and farms we interact with. Our first fund will be $ neutral and stable coin backed. We are coding dynamic hedging tools in our proprietary portfolio management system to introduce dynamic hedging against impermanent loss for future product capabilities alongside funding rate arbitrage amongst other automated approaches to the rapidly evolving opportunities growing in the DeFi ecosystem. The first product is a low-risk minimum APY guaranteed.
After that answer, our event’s 2nd phase was terminated and the ‘live Q&A’ section started. 7 questions answered by our guest within minutes were shaped as follows.
Stage 3 (Live questions of community members, our guest's answers)
Live Question 1. Partnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnerships?
Marie: Partnerships and supporters - PAL Capital, Alphabit, Yeoman's Capital, BitGo, Ava Labs, Blockpass, Zokyo, BnkToTheFuture, the list goes on! We have very strong backers, as Tim put here already but :
We are backed by https://www.alphabit.fund/ https://bnktothefuture.com/ https://digistrats.com/ https://www.palcapital.com/ https://www.yeomans.capital/ https://chronosvc.com/
Alphabit and bankofthefuture are very well known players in the industry, we do plan to work with exchanges and I think in the coming weeks there will be more info about it. Recommend to join our telegram @yieldapp for upcoming news or follow our Twitter. We are not at this time discussing our exchange partner plans, but we can say conversations are ongoing at major exchanges. We are also working closely with many upcoming DeFi protocols that are coming soon.
The whole ecosystem benefits when genuine projects and like-minded project builders come together, we are targeting a global audience from day 1, we are already working with and continuing to build out alliances with other professional actors in the DeFi space. Some of these are technology-led, all of them are knowledge-driven with the aim of constant improvement and to pass the benefits back to our customers... That's how we collectively take this mainstream.
Live Question 2. The project looks awesome, and congratulations to the team. I have a question, do you have any insurance fund to cover the worst-case scenario event where the platform itself attacked and loses funds?
Marie: We are insuring the platform 2 ways. One is we have insured wallets and custody from BitGo. The second is we are taking a percentage of revenue generated and aggregating this into an insurance pool. This pool will be used in case of needs to cover any potential loss. Eventually, this will become a reinsurance product.
Live Question 3. Sometimes a good project doesn't receive the right attention of the DeFi community. To solve this intrinsic problem how Yield spread its name, and become more popular?
Marie: That's a very good question! Too often companies forget about non-English speaking countries. I want you to know that at YIELD, the story is a bit different. The team is made of people from so many different nationalities and we understand very well how important it is to be able to touch people in their own native language.
Our plan is to get all our ecosystems translated into the relevant languages. Mostly this will be based on which location do we see the strongest traction at first! We've been having a series of AMA sessions with different well-known crypto communities. We now plan to spread the awareness.
Live Question 4. For investing and connecting our wallet what security does YieldApp provide for their users? What are the security measures you are providing for the new users?
Marie: We actually have one of the top Security teams in crypto and also our advisor board is full of smart contract experts. We do KYC for every user and this is to ensure that we can have a platform that is safe and doesn't produce risk for other users.
Live Question 5. You just said we target different customers, what do you mean by different customers?
Marie: What we mean is that we are targeting a global audience. From day one, we are already working with and continuing to build out alliances with other professional actors in the DeFi space. Some of these are technology-led, all of them are knowledge-driven with the aim of constant improvement and to pass the benefits back to our customers.
Live Question 6. Any partner who has a big influence on the development of the YELD project?
Martin: For YIELD, I would say all the partners and backers have a big influence, also due to the fact that they agreed on collaborating with the project not only as investors but facilitating and providing advisory consultancy some and infrastructure & ecosystem knowledge, to add into the project. (I think this is my favorite question if I have to choose right now).
Live Question 7. Regarding regulations. Has YIELD already acquired a banking license? Are you a fully regulated company?
Marie: Yes. We are a regulated licensed bank managed by a team with a proven track record in FinTech, and we offer transparent governance through our YLD token. Our goal is to go beyond DeFi and provide a more rewarding digital banking experience, where people around the world can easily earn interest on any currency and spend their earnings using our physical debit card, without ever having to think about crypto.
After this answer, we came to the end of the 3rd stage and the whole event. We thank all our guests for not breaking our kind offer and for joining our community.
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