YFLINK AMA Recap

YFLINK AMA Recap

CryptoDiffer team

Hello, everyone!

We are glad to meet here 

Core team of YFLINK (@sgtshaftoe)

and

Core team of YFLINK (@Ashitaka_YFL)

Core Team of YFLINK, Sergeant Bobby Shaftoe

Hello hello! thanks for having us! looking forward to this ama! 🙂

Just pulled out a frozen steiner . . . cracking open a Sapporo . . . one of those big silver bullets 🙂

CryptoDiffer team

Q1) Can you introduce yourself to our community ?

Core Team of YFLINK, Sergeant Bobby Shaftoe

I’m Bobby Shaftoe, not my real name. In real life I’ve been a banker, a software entrepreneur and an investor, and made a ton of awesome and now very close friends in the crypto community. 

Joining me is my incredible friend Ashitaka, we’ve been working and investing together for many years.

In real life he works in Silicon Valley and is one of the most incredible growth people I know, I’ll let him introduce himself when he comes online.

Core Team of YFLINK, Ashitaka

Hi all, very happy to be here. I’m Ashitaka, and at YFL I’ve been working on growth, marketing, and helping with product. IRL, I work in product strategy at a fintech and come from a background in consulting and startups

CryptoDiffer team

Q2: Can you briefly tell us what is YFLINK in 3-5 sentences?

Core Team of YFLINK, Sergeant Bobby Shaftoe

So, Ash, myself and 3 other anons created YFLINK about 3 weeks ago. We wanted to create a defi-backed governance token that could help thousdands of LINK marines coordinate.

The influence and power of LINK marines is legendary in crypto. At the moment, coordination is very dispersed and adhoc, and even so marines have had a massive influence.

Now imagine what 10,000 LINK marines might be capable of if they formed a coordinated and cohesive unit with the help of a crypto-incentivised governance token.

That’s what we want to discover with YFL.

Ash I thought wrote this tweet which I thought was spot on https://twitter.com/YFLinkio/status/1296895561568681984?s=20

CryptoDiffer team

Q3: Let`s now talk about the milestones you have achieved and about your upcoming plans?

Core Team of YFLINK, Sergeant Bobby Shaftoe

So Ash, myself and the 3 other anons that created YFL are but one team with a minority holding in YFL. We have called ourselves Team 01.

Team 01 is currently working on a web app for a YFL incentivised meme competition. The ostensible objective will be to flood Twitter with LINK marine memes.

We should launch in the next 7 to 14 days.

It might seem a bit silly and maybe like a bit of a game, but the larger objective is to start to experiment with what LINK marines might be capable of when using a crypto-incentivised governance token to coordinate their activities.

Over time and with practice, we hope to develop and expand the capabilities of the YFL community to take on more complex and more challenging tasks.

When we started YFL we had a vision that other people in the community would emerge and start to form teams according to their capabilities.

We are thrilled that organically, a Team 02 has emerged who are working on a LINK based defi product.

And even more recently a Team 03 with significant real life marketing experience is emerging with an interest to form a YFL / LINK marketing team.

I personally am thrilled that this is happening as envisioned so quickly.

And am incredibly excited about what say even just 3 to 5 teams could achieve with the support of LINK marines

Yeah I’m super thrilled . .. sometimes . .. tbh . . .I find it hard to explain the potential of this thing . . . hence why at least with Team 01, what we’re trying to do is to show . . . with what we build . . . I think once we pump out our first project (meme competition) more people will understand it . . .and once we launch our second project even more people will start to understand it . . . Team 02 and Team 03 I think have started to understand it hence why they’re taking the risk of setting up and investing their own time and resources . ..  I find I communicate better through buidling . . . excited to see what happens once we start delivering products 🙂

Core Team of YFLINK, Ashitaka

To see this work, the community really needs to take this platform and own it. Shaftoe and myself have personally benefited from and seen how random strangers on the internet can come together and build something great through some of our investment communities, but we thought we could do this for building products as well

Financial products become commoditized quickly and become very difficult to maintain if you aren’t a first mover or have some sort of competitive advantage, whether that is cheap cost of capital, a technological advantage, aggregation etc, In crypto, this process of commoditization happens much quicker as any one can remix, compose, or fork another open source project. What is sticky, is community. The Link ecosystem is large enough to stand on it’s own and has a lot of resources and people on the sidelines.

Core Team of YFLINK, Sergeant Bobby Shaftoe

yup 100% . . . we’ve discussed this with Ash many times .. . the value in this space is created in the tech, but it isn’t captured there because in open source the tech is instantly commoditised . . . the real value is in creating capable, coordinated communities with a common purpose

The most capable, the most coordinated, the most purposeful communities on the internet will become unstoppable imo

Core Team of YFLINK, Ashitaka

The meme competition is also allowing us to see what the current “shill” value of the platform is. It is quite possible that some of our revenue can come from pointing resources at advertising. Imagine 2-10k marines all sharing the same affiliate link throughout the internet, and all sharing the ad revenue from their efforts through YFL. We can benefit from the next DeFi chad fruit farming project that pops up every week, and feed the community, we can fork what products work and make them YFL and LINK owned.

CryptoDiffer team

Awesome, a lot of updates to come out!

Thank you for great answers!

I think it is time to start community questions round!

Cryptodiffer Community

what are the ways that YFLINK generates profits/revenue to maintain your project and what is its revenue model ?

Core Team of YFLINK, Sergeant Bobby Shaftoe

great question . . . many many possibilities . . .one simple example is affiliate links . . . we could generate revenue and distribute to YFL holders given the amount of attention LINK marines command . . . another is because we have a big audience, there is an incentive for developers to develop products specifically for our community . . .revenue from these products can be shared b/w YFL holders and the developers . . .similar to the App Store model ..  just 2 of many possibilities

Cryptodiffer Community

A governance token is as valuable as the community that revolves around it. What effort has YFLINK put in place to help build a community around it $YFL token so as to make it more valuable and worth holding for long term purpose?

Core Team of YFLINK, Sergeant Bobby Shaftoe

100% agree. ..  the value of a governance token is only as valuable as the attention it commands . . .probably the best way to explain this is for you to see this for yourself .. . we would love to have you on our discord so you can see how our community is developing https://discord.gg/VZgeYV2

Cryptodiffer Community

I crypto investor and I only care about prospect of a crypto that I chose, give me reason why I should choose $YFL token over the existing one ? What is your token advantage that can convince me to change from my favorite token ?

Core Team of YFLINK, Sergeant Bobby Shaftoe

YFL is made for LINK marines . . . totally fine by us if investors step in and out of YFL but ultimately our time and attention is focussed on LINK marines

Cryptodiffer Community

DeFi is so popular that many platforms are competing in the DeFi concept mentioned recently..!!

when blockchain projects started building protocols & applications to support DeFi. So, what is YFLink strategy to attract more new users in the DeFi world?

Core Team of YFLINK, Sergeant Bobby Shaftoe

YFL is used to coordinate the attention of LINK marines . . .LINK marines as a cohort are formidable . . . that attention can be directed to any defi product, whether it’s made by a YFL team or anyone else . . . value on the internet, whether its for defi or antyhign else, is captured at the attention end . . . that’s what yfl coordinates

Cryptodiffer Community

Can you briefly explain how the Top milestones that the YFLINK team aims to execute before the end of this year or going to execute in future, will help you succeed and What you may look like in 2020 and beyond?

Core Team of YFLINK, Sergeant Bobby Shaftoe

LINK / YFL meme competition in about 1-2 weeks, then a signalling app which we discuss in the second episode of our podcast https://embed.sounder.fm/play/62329

Cryptodiffer Community

What is the killer feature of YFL ?

Core Team of YFLINK, Ashitaka

The killer feature of YFL is the attention and value of the community that forms around YFL itself.

@sgtshaftoe and I are just the creators and the first team to build on the YFL platform. The project truly aims to be open source and hopes to attract builders who can show adaptability, build a product and propose it to the community through on-chain voting. We are already seeing quick progress here and have people joining team 02 and offering to work for free to benefit the community. 

We gave away over 90% of the token and voting rights, if we are motivated to put our own resources to increase the value and attract the right community, we believe the community will self-select people like us. 

People should see the asymmetric opportunity to take a low mcap token with a strong audience built in, and build to improve it. We believe the value accrual of the token will help us continually find the right talent and the right ideas.

Cryptodiffer Community

•  YFLink has had a great acceptance in the market. How do you plan to continue expanding to other communities? Only through AMAs? Do you have any method of monitoring the project?

•  What do you consider to be the fundamental pillar of YFLink? Do you think the community is the basis of the whole project?

Core Team of YFLINK, Sergeant Bobby Shaftoe

The community is indeed the basis of the project . . . I think after the meme competition and the second product Team 02 are building . . . I think it’ll become clear how cohesive and capable the LINK marine community can be

Cryptodiffer Community

Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?

Core Team of YFLINK, Ashitaka

I think listing on a major exchange will be important in the future. For now, there isn’t a large team treasury like an ICO to throw liquidity at exchanges. We have seen some exchanges farm and buy to add their own volume to date. 

Eventually we should see the community vote to share their YFL to these exchanges, and vote / discuss if it is the right move.

Cryptodiffer Community

Q. What’s the difference between YFLINK and yVaults, and what function does each perform?

Core Team of YFLINK, Sergeant Bobby Shaftoe

We get this question a lot . . . check out https://medium.com/@sgt_b_shaftoe/a-vision-for-yflink-8a23a51d2468

Cryptodiffer Community

Can you talk about YFLink’s marketing strategy? how are you planning to get ADOPTION around the  globe?

Core Team of YFLINK, Ashitaka

We want to 1) find and attract the right talent and the right community, then 2) show the power of the community working together and capture the value of that work 3) build products that directly benefit the community and incentivize them to help market them and 4) partner with our broad network to rinse and repeat

Cryptodiffer Community

How YFLINK associated with Chainlink?

I have read that you are really focusing about the long term use of the platform for LINK Marines. What is the special feature and character of YFLINK and what LINK Marines could contribute to the platform to make this possible and success?

Core Team of YFLINK, Sergeant Bobby Shaftoe

It’s important to know we are NOT officially associated with Chainlink. In terms of our target audience, it’s LINK fans aka LINK marines

Core Team of YFLINK, Ashitaka

Yeah I’ve come around to believing governance tokens do have value and that value is directly proportional to the value of the attention that it attracts and retains. In the case of YFL, it is the attention of LINK marines which I think is one of the most powerful  cohorts on the internet. Re holdings, I personally hold less than 2% . . . we are essentially giving away YFL to the community through our mining program

Cryptodiffer Community

Q1/ What are the main reasons of YFI for adding LINK into its yVaults product?

Q2/ How are the major performs of YFLINK and how it’s different to yVaults job?

Core Team of YFLINK, Sergeant Bobby Shaftoe

q1 you’d need to ask them that and q2 check out https://medium.com/yflink/a-vision-for-yflink-8a23a51d2468

Cryptodiffer Community

Hey!

1. Prior to the release of YFI, Cronje said that the token would have no value and it’s intended solely for governance functions. However, we all see what happened). Such example bacame quite tempting for many). Exuse me for my curiosity, but isnt that the main reason why you’ve forked Yearn? Isn’t YFLINK a purely speculative mechanism, built on top of “big names”? Does the project (3 weeks old) with “no real names here” have a future and already its own usecase and vision? Tell us more please.

2. YFI it’s a ‘one man show’ highly supported by the community. And the most interesting part is that Cronje himself does not own any significant number of YFI. What about your team’s initial YFL holdings? If any ofc.

Thanks!

Core Team of YFLINK, Sergeant Bobby Shaftoe

Yeah I’ve come around to believing governance tokens do have value and that value is directly proportional to the value of the attention that it attracts and retains. In the case of YFL, it is the attention of LINK marines which I think is one of the most powerful  cohorts on the internet. Re holdings, I personally hold less than 2% . . . we are essentially giving away YFL to the community through our mining program

Cryptodiffer Community

YAM, another yield farming project running with unaudited code, faced with critical errors leading to the falling of YAMv1, frozen 750k$ so how will YFLINK prevent the same mistake from happening? Have you carried out multiple audits with independent parties?

Core Team of YFLINK, Sergeant Bobby Shaftoe

No we have not . . .please be SUPER careful with our mining contracts . . .they are as dangerous as YAM I’m not kidding . . .I personally have significant capital in our own contracts but they ARE dangerous and unaudited

Core Team of YFLINK, Ashitaka

Totally agree w/ Shaftoe here. I will add that we adopted Audited contracts with minimal changes, audits are expensive and we don’t have a large treasury to pay for these things. They community could always decide not to use these contracts and/or raise money for an audit.

I will say here that YAMS was using a non-standard erc20 that adopted AMPLs work which introduces a significant amount more risk at rebases + including a treasury component into the uniswap pool, there were a lot more things that could go wrong.

Cryptodiffer Community

Where do you see YFLINK in the long term?

Give 3 reasons, what makes it worth investing in YFLINK and how trusted is this investment?

Core Team of YFLINK, Sergeant Bobby Shaftoe

YFLINK is NOT a trusted investment I’m seeing this question a lot. . . we are a governance token for LINK marines . .. if you don’t know what that is then YFL is probably not for you . . but of course anyone is welcome to learn what a LINK marine is and actually a good place to start is on our own discord where you will find a very welcoming community https://discord.gg/VZgeYV2

Cryptodiffer Community

Why did you decide to use the ETH Network? Don’t you think this is a long-term limitation? Have you thought about developing your own network?

Core Team of YFLINK, Ashitaka

Developing a L1 blockchain solution is costly. There are few Layer 1 solutions that I would trust in terms of development and security. That being said, we could benefit from the work of those before us and adopt best practices for building products. L2 and other interoperable solutions are becoming more mature everyday. Perhaps one day YFL will have it’s own blockchain, if the ecosystem is large enough and the community calls for it / is worth it in terms of time and cost against other priorities.

Cryptodiffer Community

DeFi is the important topic in the blockchain space right now and many projects were born everyday, but some of them have similar name like YFI, YFFI, YFII so does YFL have any realationship with them and what is the difference between YFL with those projects? Why we should invest in YFL? @sgtshaftoe

Core Team of YFLINK, Sergeant Bobby Shaftoe

YFL is not an investment, it is a governance token for LINK marines . . . a way for LINK marines to coordinate . . .if you are intersted in what LINK marines are  . .. please do feel free to join our discord to see if it’s something that interests you https://discord.gg/VZgeYV2

Cryptodiffer Community

1. How many Developers does YFLINK have as well as ” CORE TEAM” and where are they?

2. Why does YFLINK chose Chainlink instead of other crypto?

Core Team of YFLINK, Sergeant Bobby Shaftoe

We ditched the “Core Team” name we are now Team 01, and organically believe it or not Team 02 and Team 03 have begun to emerge . . .which we are very excited about .. . we have 1 developer working on Team 01 projects atm

Cryptodiffer Community

Que1:

What is the main utility of YafiLink #YFL in the ecosystem/cryptocurrency world and what are the next steps to achieve of #YFL? @sgtshaftoe can you please explain?

Core Team of YFLINK, Sergeant Bobby Shaftoe

Main utility is as a governance token, a way to capture the intent of our community and to capture the value of its attention

Cryptodiffer Community

Q.1 Can you explain why staking my cryptocurrencies in YFL Pool is beneficial for me instead of staking on any other platform?

Q.2 How can I stake YFL. Can you please tell me the process. And how much rewards will I receive if I hold more than $500 in YFL? And can unstake my token anytime or there a time-lock period?

Core Team of YFLINK, Sergeant Bobby Shaftoe

Unless you are a LINK marine I’m not sure YFL is useful for you. For instructions on our pools please see here https://gov.yflink.io/c/bootcamp/7

Cryptodiffer Community

How will YFLINK solve the scaling problem? And how does it overcome the threat of centralization?

Core Team of YFLINK, Sergeant Bobby Shaftoe

Ha! This is a great question we are thinking through this now . . . ETH gas is a huge problem . . .I mean . . .moving my own funds to a mining pool I’m interested in cost me something like $500 in gas . . .can you believe that???? We at Team 01 are having a think about this . . . I mean . . .I’m not sure we’ll be able to solve this as it’s an ETH wide problem but stay tuned . . . we got some ideas 🙂

Core Team of YFLINK, Ashitaka

Yes, a large problem for the every day marine or crypto user is they don’t have a large stack to farm against like DeFi whales, so they have to pick and choose their opportunities because of how costly rotating crops are in yield farming. We have some ideas to bring this barrier down to help the everyday person benefit from some of the great yield and DeFi opportunities out there.

Cryptodiffer Community

Whu liquidity so low at uniswap?

Core Team of YFLINK, Sergeant Bobby Shaftoe

yeah . . . this is interesting . . .I think this is because it is risky to provide liquidity for such a new token . . . I’m actually not 100% sure how to solve this problem . . .one idea is to accept some of the approaches we have received from centralised exchanges . .. which we haven’t really responded to due to lack of time . . . I’m also thinking whether these uniswap pools will increase in liquidity as demand for our token increases from say positive reception of our products . . . we’ll see I actually am wondering about this I don’t have the answer

Cryptodiffer Community

Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?

Core Team of YFLINK, Sergeant Bobby Shaftoe

I actually think this has changed A LOT in the past 6 weeks . . .the amount of liquidity you’re getting on Balancer and Uniswap is already way in excess of what you used to get on centralised exchanges say a year ago

Core Team of YFLINK, Ashitaka

Thank you all for hosting us. This was fun. Thank you for the questions, I hope we answered most of the relevant ones here. If you have any further questions that didn’t get answered or if YFL is interesting to you, please jump in our discord.

Core Team of YFLINK, Sergeant Bobby Shaftoe

Thanks everyone and MASSIVE thanks to @makscryptodiffer for organising really enjoyed this have a great weekend everyone!

Cryptodiffer TEAM

Thank you for you answers, it was an insighfull session

Thank you everyone who participated, great questions as always!

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