16 Dec YfDFI Finance: How One Telegram Group Grew to a DeFi Ecosystem Powerhouse
In the past couple of months, we’ve seen the DeFi space reach enormous highs. Within months, we’ve seen billions of dollars passing through various protocols, creating a ton of opportunities for investors, creatives, and enthusiasts. With large amounts of money, you’ll always have scammers around, especially in the DeFi space. Simple clones of established projects created wealth for their creators, leaving investors empty-handed. The individuals behind YfDFI Finance felt it was time for a change, time to create a fair ecosystem that’s genuinely community-centered. It all started with a telegram group. Now the project is worth several million dollars.
YfDFI Finance started with the purpose of moving against the grain of food coins with the sole purpose of pumping up its price to later dump on its investors. One individual started to reach out to other DeFi enthusiasts with a mission of establishing a group of individuals with a diverse skill-set ranging from development to marketing, design to community-engagement. The initial outreach started as a Telegram group: YfDFI Finance Gigs & Rewards. In return for small favors for the community, individuals could earn YFD tokens. 2,000 YFD tokens, without value at the time, were created as an initial supply to use for Gigs & Rewards. These days, that stack is worth around $700,000.
The Telegram group shared messages such as: “YfDFI Finance needs a Graphic Designer to create the community-project identity and to design the logos,” “YfDFI Finance needs a Web Designer and a Web Developer to create the community-project website, it will be the main place to get access to all resources” and “YfDFI Finance needs a volunteer to fund and manage the community project’s “Hosting & Domains.” The funds will be used to buy two shared hosting plans and four domains”. Interested talents could reach out to the YfDFI Finance email address, and after completion, the proof of delivery and proof of reward is shared among the other community members. The first gig was published on the 2nd of October. As of the 12th of December, there have been 33 gigs published, and most of these have been completed and rewarded.
Throughout the completion of these rewards, the entire community created a complete ecosystem of DeFi projects, genuinely created by the community. There’s no sole leadership, and every single community member can add value to the project and decide which route to follow. Momentarily, the project is home to a bunch of diverse range of products;
Audited smart contract & non-circulating supply locked
The most important piece of the puzzle is the smart contracts. Someone has created the YFD tokens, coins have been minted, and value has been created. However, for someone who’s less technical, who does not understand code, trust a smart contract, it’s always comforting to receive a third party’s profound opinion. Thus, the token contract by YfDFI Finance has been audited by Nasdax Security Team, and no significant flaws have been found.
On top of that, the team made sure to lock the non-circulating supply, the liquidity, and both the staking and farming tokens. There’s no single person who can gain access to the tokens created to distribute to the community.
The first Decentralized Exchange dedicated to DeFi projects that will be entirely governed by its community. The goal here is for community members to vote for each token that lists on the exchange, plus all the fees collected will be redistributed among YFD holders every month.
Staking & Farming pools
What’s DeFi without either staking of farming? YFD Finance does both. Right now, there’s a staking pool with 7.2% weekly interest available with 6,000 YFD tokens available for rewards. Moreover, YfDFI Finance will soon organize “Staking Events” thanks to its recent partnership with the established project Ferrum.Network. The liquidity farming pools will be available soon, with an extensive range of plans to satisfy all types of liquidity providers.
It should be mentioned that the community is working hard to make the project work. The roadmap created for Q4 has been completed totally with just the governance portal left and the liquidity farming pools. However, the community’s conversation covers both topics daily; thus, both items can be expected before the end of the year. More products are announced throughout the next year, creating an entire ecosystem that people will eventually call a financial center. The traditional finance world will be brought to the DeFi space, and the community will enjoy its rewards, not just the folks high-up.
The perfect example of the community-centered focus is the fact that YfDFI Finance will distribute more than $70,000 YFD to its community members. All the fees collected from the staking pools were initially meant to be redistributed once all the solutions have been developed. However, to celebrate the completion of many solutions well ahead of schedule, YfDFI Finance managed to distribute 60% through a special staking event, an event with very high APY, and 40% to the Gigs & Rewards program. Both projects will bring more utility to the YFD tokens and find new ways to reward the community members.
The strong community involvement and rapid development haven’t gone unnoticed price-wise. YFD started as a valueless token. It’s now worth more than $350, bringing the market cap of YfDFI Finance higher than one million dollars. It’s unbelievable to believe that all these solutions started from a single Telegram group. The beauty of it all is that the project has the ambition to enter the insurance industry with DFI.Insurance, the banking industry with DFI.Self-banking and the venture capitals world with the DFI.Ventures part. In short, the products that currently form the YfDFI Finance ecosystem are just the tip of the iceberg. The momentum is there, time to accelerate and enjoy the growth!