Interview with YeFi.one team
YeFi.one functions as a staking platform dedicated to acting as a DeFi protocol. With staking currently being its primary feature, YeFi.one allows users to earn passive interest simply by depositing crypto assets in its dApp. The dApp itself was created to be simple to use, which is beneficial for all newcomers to the crypto sector who were attracted by the new possibilities and a promise of a great future in DeFi.
A few things that users should know is that YeFi.one offers daily interest at up to 80% APY, it is compatible with any BSC wallet, and users are in full control of their stake, capable of withdrawing accumulated interest at any time of the day. The stake can be withdrawn after 1 day or 15 days - users choice. YeFi.one is still a young project, which means that a lot of new features and functionalities will be coming in the near future, as the project grows and progresses.
1) What can you tell us about the project’s origin?
The founding team consists of entrepreneurs with more than 15 years of experience in data storage and encryption, who joined the crypto and blockchain industries in 2017.
Having acknowledged the impact of the DeFi revolution on the crypto and blockchain space, the founders created a DeFi project, that would one day comprise all the essential decentralized finance functions, but will initially run as a staking platform.
The founders recognized the value of decentralized data storage and computing projects like Filcoin, Swarm, Chia, and Dfinity. That is how the idea to collaborate and promote these projects has emerged.
In mid-March 2021, YeFi.one platform was officially launched.
The CEO of the project, Pekka Kelkka, is a seasoned blockchain business consultant, online business and digital strategy professional. He is a blockchain and cryptocurrencies enthusiast with 25 years of experience in global markets, and provided solutions and services to giant tech companies like IBM, HP, Oracle, Netscape, Nokia, McDonald's.
2) Why did you choose to focus on staking?
We have acknowledged that when it comes to user experience in DeFi, simplicity is key. Staking is becoming users’ favorite way to make passive income for that same reason. Deposit your assets and watch your profit grow, it's that simple. Staking is what will hedge your portfolio in a bear market and add extra Xs on your profit in a bull run.
3) What makes staking on YeFi.one better than choosing other protocols?
The flexibility offered. Users are not forced to lock their assets for months, like on other platforms, instead they can choose to stake for 1 day or 15 days. The majority of users, of course, will auto-renew their position to keep earning, but it does feel good when you are in control of your assets and have an option to leave the protocol if you wish to.
To top that up, the interest gets accumulated every 10 minutes, and users can withdraw it any time of the day.
4) What would you say is the strongest feature of YeFi.one
That would definitely be security. We made sure that the protocol gets comprehensively audited by two external blockchain security audit companies Certik and Beosin. As a result, the YeFi.one smart contract proved to be 100% secure and exploit tolerant. There are plenty of DeFi protocols that have not taken these measures and suffered from cybercrime. Eliminating any possibility of that and maintaining absolute security of our users’ funds has always been our topmost priority.
5) The project’s YEFI token will soon be listed on Bittrex. What impact do you expect to see?
We expect to continue seeing a positive dynamic in the YEFI token’s price. Bittrex is one of the top exchange platforms and going live on it is certainly a green, bullish sign for YEFI.
6) Do you plan to pursue listings on other centralized exchanges in the future?
Listing YEFI on the most popular CEX and DEX platforms is a part of our strategy to bridge as many users globally as possible.
7) Why did you choose to connect the project to BSC, rather than the Ethereum network?
As we want to bring YeFi.one closer to its user and make access as seamless as possible, compatibility with Ethereum is a part of our roadmap too. The priority, however, was given to BSC connection for significantly lower fees and faster transactions, which our users certainly enjoy.
8) Which coins can be staked on the platform as of right now?
Currently, we support BTC, ETH, USDT, BNB, FIL, YEFI, and YTA. By staking BTC, ETH, BNB, and USDT users earn up to 40% APY. With FIL, YTA and other tokens of decentralized data storage projects that will be included in the future, users’ interest is 1.5 times higher (upto 60%APY). Staking with YEFI offers 2 times higher interest (upto 80%).
9) What exactly is YeFi.one’s role in decentralized data storage?
YeFi.one demonstrates how leveraging one of the primary DeFi functions, it can support the development of decentralized data storage projects. Users are incentivized to stake native tokens of such projects, say Filecoin, at considerably higher APY rates. This model encourages users to stay loyal to the project and continue to HODL, while earning passive income. Additionally, traders that were never interested in this project before, will get attracted by the high passive interest rates, buy-in FIL, and start staking.
10) What other features do you plan to implement in months to come?
As a fundamentally DeFi project, YeFi.one will incorporate lending & borrowing, DEX as well as NFT functions, together forming a complete LEGO of DeFi.