Yearn Lab AMA Transcript

"Yearnlab is a 2.0 Advance Yield Farming Protocol Based on Binance Smart Chain. "

By
BSCNews
on
December 21, 2021
Category:
AMA

Stephanie (BSC.News)

Hello everyone and welcome to the AMA with Yearn Lab! Today we have @wizardbsc the CEO of Yearn Lab joining us to talk about their exciting new project... Great to have you here :)

Wizard 

Thank you team BSC.news, great to be here.

Stephanie (BSC.News)

Awesome! So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you beforehand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway.

Sounds good with you?

Wizard 

Fair enough, excited to do this 🙂

Stephanie (BSC.News)

Great, so to kick things off, for those who may be unfamiliar...


1. Please introduce yourself and the team behind Yearn Lab.


Wizard 

Sure.

Hello, I am Wizard, a founding member of yearnlab the world’s most innovative 2.0 Advance Yield Farming Protocol Based on Binance Smart Chain., and first, thank you for having me here; it’s great to communicate to new people about our project.

We have started this Yearnlab journey 6 months back in June 2021. 

After spending inevitable effort and time we have developed a staking product now which is live and our community is enjoying impressive reward on staking YLB tokens.

Let’s start with the team; we are getting a large group now with about 25 strong, including community admins; we are always looking to add to the team and grow with the project. As to the team skills, outside industry experience. 

One of the best things about working with the yearnlab team is experience from across different verticals within the same domain.

We are a multi-Jurisdictional team that spans across the globe, team members from Europe, Asia, the USA, UK, Hong Kong, Australia. Yearnlab team is a true believer in diversity and equality.

Stephanie (BSC.News)

Oh wow! a very international team. sounds like you have an amazing team behind you

Wizard

Indeed we are amazing people with versatile background 🙂

Stephanie (BSC.News)

So let's talk about the project itself


2. What is Yearn Lab and what is the mission of your team?


Wizard

Sure, let me break down and explain one by one feature.

Yearnlab is a cross-chain protocol. Unlike its counterparts, Yearnlab’s aims to bring the most updated service of DeFi to its users. 

A smooth and reliable trading between heterogeneous and homogeneous blockchains is the top priority of Yearnlab. 

Here is the list of utility that yearnlab is offering to their YLB token holders:

1. Stake YLB tokens and get upto 500% APY (Live here: )

2. Create your own custom token (Deployed on testnet )

3. Setup your staking pool and offer desired staking reward to community (Beta-version it will be live soon)

4. Yieldfarming in multi chain  (We will launch this product in first quarter of 2022)

5. Community empowerment ()

Stephanie (BSC.News)

Up to 500% APY is quite amazing!

Wizard

Yes, the beauty of our staking platform is we have fixed tokens supply so eventually price will increase over time.

Stephanie (BSC.News)

So to dive even deeper into that


3. What kind of features do you offer? Can you explain more in detail?


Wizard

Sure, one of unique feature of yearnlab is:

Cross chain liquidity aggregation protocol

Interoperability among blockchain is a burning concern at the moment. Cross chain liquidity aggregators address this issue through aggregating liquidity resources from multiple decentralized exchanges, and their own cross-chain pools.

Yearnlab will declare itself as a cross-chain liquidity aggregator protocol in Q1 2022. 

This platform will soon allow free trading among different chains including ethereum, polkadot. Our project aims at becoming a multi-chain co-existence.

Let me share visualise to get better understanding for audience, how it looks like.

Apart from offering Crosschain liquidity Aggregation and impressive APY, yearn lab introduced a platform where laymen can create their custom token with desired name and setup staking pools.

Let’s say Stephanie wants to create his own token. He’s very excited to create it and launch it. He has even decided the name of his token $STP. Everything is streamline so far. But there is one problem, Yearnlab requires at least 15000 $YLB tokens which is equal to 1 BNB, for Steaphanie to create his own token. These funds can be unlocked at any time later on. But unfortunately Steaphanie do not have the required funds to provide at the moment. Charlie really wants to create his token. So he asks family and friends to lend him some funds. 


Sadly, they refused. He has another idea; he will open an ICO or conduct a pre-sale of his token. Stephanie is good at marketing, he has people who believe in the success of his brand, so they participate in his pre-sale. Luckily, he has arranged the required funds. Now he can simple buy BNB token from pancake swap.

So far, Steaphanie is all set to convert his BNB into $YLB tokens to meet the requirement and create his own token. Now it’s time for him to follow a few easy steps to create his token in less than 5 minutes

Stephanie (BSC.News)

Okay wow thank you for all that information with examples!

Wizard

Yeah, i would suggest you create a token with our platform haha.

Stephanie (BSC.News)

Yes, I should definitely name it as $STP!

So let's talk about your token

Wizard

Good to know you like that name, let's move forward.


4. What is $YLB and their utilities? Is your token deflationary?


Wizard

We do not have any burning mechanism in our contract but YLB token follow deflationary model. It has fixed amount of supply, so the team can't mint tokens.

So once our staking pool is end price will increase due to demand and other utilities.

Stephanie (BSC.News)

Great!


5. Can you tell the community what makes your project different from others? What’s the benefit of using Yearn Lab despite the challenges faced?


Wizard

As i said, Cross chain liquidity aggregation protocol is one of unique feature which differentiate and give Yearnlab edge toward its counterparties. 

Though, team is working on development apart from a greater number of challenges we are determine to deliver this amazing protocol in the very first quarter of 2022.

Stephanie (BSC.News)

Sounds good!


6. Can you tell us more about creating your own token feature?


We encourage everyone to join blockchain without having technical knowledge. That is why yearnlab came up with the idea of having a simple platform where users can create their own tokens.

It will develop a very healthy environment and awareness among non tech audiences. Eventually blockchain adaptability will rise at some point. 

For more detail I have already shared the token creation use case of Stephaine, please refer to that.

Stephanie (BSC.News)

Yes, you can refer to question 3 for the example!


7. Where are you on your roadmap? What visions do you see for Yearn Lab going forward into the future?


Wizard

Team Yearnlab is one step ahead of their roadmap, we are very religious to meet deadlines on time. 

We have developed staking platform, token creation platform, now team is heading toward cross chain staking & liquidity aggregation protocol. Its going to be game changing in deFi space as our YLB tokens holders will get all staking utility under one umbrella. 

They will enjoy limitless experience to stake different tokens from different blockchain at one place, either its Etherum,polychain,bsc,solana,ada, etc. 

Yearnlab will lead in cross chain staking platform at the first quarter of 2022 due to limitted supply it will cause big jump in token evaluation as well.

Stephanie (BSC.News)

How exciting!  There will be many more features for the users to explore


8. Is your platform audited? How can you ensure users that your platform is safe to use?


Wizard

Yeah, We understand that security is the main priority and most important concern in the DeFi industry. We do not want to put user’s funds at risk. Team Yearnlab have successfully stopped and corrected the issue before it made a big impact on the investors. Yearnlab bore all the costs of the unfortunate event.

YLB contract is audited by 3 different audit firms here are the official links:

Audit1
Audit2

Audit3

Stephanie (BSC.News)

Very cool! Last but not least


9. Any exciting news you would like to announce here today?


Wizard

Yeah, we will add different staking pools in our platform where users can stake YLB tokens and get rewards in other tokens like BNB/SHIB/INU etc.

All these pools will be live by the end of december 2021.

Stephanie (BSC.News)

It's definitely some exciting stuff! Would you be able to provide us with social media links so that our community could follow?

Wizard

Social Links:

Website:

Staking:

White Paper:

Github:

Telegram:

Discord:

Twitter:

YouTube:

Reddit:

Medium:

Stephanie (BSC.News)

Awesome! If you haven't already make sure to go and check out Yearn Lab everyone! Super exciting project that you don't want to miss out on :)






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