As of today, YFX is yet to issue its official token(as it hasn't begun trading on any exchanging platform). But it has put the needed requirement in place to start up its Genesis mining as of today.
BRIEF REVIEW ABOUT YFX
YFX is a straightforward decentralized trading platform for perpetual contracts. All assets are facilitated by smart contracts.
A smart contract is self-executing and a contract with the consensual agreement between both transacting parties written in code lines. The code and the agreements contained are left across a distributed, decentralized blockchain ledger. The code takes charge of the execution, and transactions are recorded, trackable, and not reversible
It permits the conveyance of secured transactions and agreements to be carried out among two different anonymous parties without the need for a central authority or a third party system, or external enforcement law.
All smart contract codes on YFX DEX are open sources, which have been examined by the expert establishments. Users have full control of their assets in smart contracts.
YFX-DEX Trading Principle
YFX is a decentralized smart contract trading platform is the most recent decentralized cross-chain trading platform which underpins numerous blockchains including Ethereum, TRON, Binance Smart Chain(BSC), Huobi Eco (HECO) Chain, OKEX Chain, and Polkadot. Through the specialized technical plan, for example;
•Reasonable value quotation
•QIC-AMM
•Constrained liquidation
•Trading charges
•Traders being able to utilize any token on Ethereum, TRON, Binance Smart Chain, Huobi Eco Chain, OKEX Chain, and Polkadot, including ETH, TRX, USDT, USDC, WBTC, utilized as an edge to open long or short positions.
YFX is such decentralized in that everyone can partake in its liquidity vote mining
Liquidity mining is naturally performed by YFX's smart contracts with an open capital pool that expands each client's energy for mining and actuates each client's worth creation.
YFX GENESIS MINING
YFX GENESIS mining is scheduled to start today March 2, 2021 till March 11, 2021, and the mining plan will take place accordingly to the headings given below:
TOKEN DISTRIBUTION
The token distribution plan for YFX GENESIS mining is divided into four portions:
Community taking 60% of the token allocation, Team and early investors taking 25%, Strategic partner taking 10%, and the Strategic Investor will be allocated the least as 5% is allocated to it.
1) Community Token Allocation: This mainly comprises Genesis mining, airdrop, other promoting action, and community rewards.
The token will follow a three-way distribution part which is distinguished by years. The first part is the distribution of 50% of the token from the whole 60% token allocatio , in the primary/first year then followed by the second year taking 25% of the token's distribution and finally the third/last year taking the remaining 25%.
2) Team And Early Investor: The allocation is distributed into two portions: 20% is going to be made available to team members and early investors who provided initial financial backing.
While the remaining 80% will be shared evenly and in all fairness for a year too early investors and two years for the team.
3) Strategic Partner: 10% of the Token allocation will go to the YFX key partner as earlier stated.
Thirty percent(30/100) of the whole allocated token distributed will be delivered when the YFX token begins to disperse. 70 percent (70/100) of which is to be discharged straightforwardly within a year.
4) Strategic Investors: Despite getting the least distribution their role in token allocation can not be waved off as they provide vital funding to the platform
This part of the token allocation is saved for Strategic investors later on(kept as a backup fund). 30% will be discharged immediately, while the rest 70% will be straightly discharged in a year.
The YFX economic model followed the pattern below to ensure the smooth running of the DEX
* Half of the exchange expense(transaction fee) gotten by YFX will be utilized for token repurchase on Decentralized exchanges (DEX) such as Uniswap, Mdex, JustSwap, or different trades.
*It prohibited that more than half of the insurance fund will be utilized for token repurchase.
*YFX token can also be utilized as an edge in perpetual contract exchanging (In simple terms they can serve as margin when it comes to perpetual trading).
*The voting force/ability of the YFX token is in an equivalence.
GENESIS MINING
3,000,000 YFX token will mind out for the first stage of genesis mining and this will be done by Trade Ming, Liquidity Mining, and Trading rivalry. The first round is going to reign for about fourteen days on Binance Smart Chain, Heco, and Tron.
YFX token is going to be delivered after the second round of Genesis Mining closes. Gauge no later than the center of April. All mined tokens will be delivered simultaneously. No lock-up period.
FIRST ROUND GENESIS MINING
Time span:
March second, 2021 to March 15thh, 2021.
(1) Trade Mining
This will be taking place on the DEX stated below:
BSC: https://bsc.yfx.com/
Heco: https://ht.yfx.com/
Tron: https://trx.yfx.com/
For each position a user holds, he/she will get an equivalent in hash Power. 1$=1 hash Power.
For a better explanation, if a position with a value of $800.60 is being traded, an equivalent of 800 hash Power will get.
The Hash Power reward follows the simple arithmetic equation below:
Estimated YFX tokens rewards = Your Hash Power for Trade Mining/Total Hash Power for Trade Mining * YFX Trade Mining token pool.
For trade mining, you need to exchange on the trading sets beneath to get the YFX token. New trading pairs may be added.
For Binance Smart Chain(BSC): BTC_USDT(USDT)
HECO: BTC_USDT(USDT), ETH_USDT(USDT), BTC_USDT(HT)
TRON:BTC_USDT(USDT), TRX_USDT(TRX)
The accompanying wallet upholds exchanging on YFX: Meta Mask, Tronlink, Huobi Wallet, Trust Wallet, Math Wallet, imtoken, Token Pocket, Bitkeep, Bitpie, HyperPay.
(2) Liquidity Mining
Liquidity providers are made Hash Power holders simply by providing liquidity to the YFX's market creator pool. The greater liquidity you give, the more Hash Power you get, likewise, the more drawn-out time you hold the LP token, the more Hash Power you get.
You will get 1 Hash Power for 1 USD Valued added market maker pool each. For instance, if you add $10 to the liquidity pool, you will get 10 Hash Power from the following minute. On the off chance that you hold this for 60 minutes, you will get 600 Hash Power.
Estimated YFX tokens rewards = Your Hash Power for Liquidity Mining / Total Hash Power for Liquidity Mining * YFX Liquidity Mining token pool.
Disqualification can result if the transfer of the LP token to other addresses is made.
(3) Trading Competition
Another way of entering Genesis mining is by partaking in a trading competition on YFX DEX.
We will reward top winning and top losing accounts with the YFX token.
Ranked from the first to thirteen positions.
The first position; the best/earned trader on YFX DEX. Reward slated for this position is 30,000 YFX token
This is followed by the second position with the reward of 20,000 YFX tokens.
Followed by the third position with a reward of 10,000
For the 4th to 13th position, 2,000 YFX tokens each will be rewarded
The last position (who lose the most) in trading will be allocated 10,000 YFX tokens.
Last 2–11 place：1,000 each
(4) Invitation Rewards:
By inviting others to partake in YFX Genesis Mining through your referral link you stand a chance of getting more Hash Power.
When your referred makes any trade, you will get 10% Hash Power of his/her trade. The more people you invite, the more Hash Power you got
NOTE: 1USD Trade Value = 1 Hash Power.
For more information on YFX TOKEN GENESIS MINING you can reach out to YFX through it's social media:
Website: https://www.yfx.com/
Twitter: https://twitter.com/YFX_Defi
Telegram: https://t.me/YFX_EN
Discord: https://discord.gg/xwAtjpabC5
Media Contact: media@yfx.com