Thank you to everyone who joined AMA Blockelite x YSL.IO on 22nd June at 01:00 PM UTC I 08:00 PM (UTC+7). Here is the recap for those who missed this AMA.
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Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Hardev Dhillon – Co-Founder of YSL.IO
Hello @hardev_ysl , welcome to Blockelite today
Hardev Dhillon – Co-Founder of YSL.IO: Hello! Great to be here, thanks for having me! 🙏
Don’t forget to join our Vietnamese channel 👉 Telegram (VN) 👉 https://t.me/ysl_vn
Yuno – Blockelite Host: How are you today ?
Hardev Dhillon – Co-Founder of YSL.IO: I’m great thanks! How are you going? Excited to share some insights of YSL.IO 🦾
Yuno – Blockelite Host: I’m good but the market is so crazy now 🙂
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!
Hardev Dhillon – Co-Founder of YSL.IO: Looking forward to answering everyone’s questions on YSL.IO! 🦾
Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
Q1: Can you briefly introduce yourself as well as YSL.IO?
Hardev Dhillon – Co-Founder of YSL.IO: Greetings Everyone 👋🏻
Its great to e-meet you all today, and thanks for tuning into this AMA!
I am Hardev Dhillon, the Co-Founder of YSL.IO
I’ll begin with a brief background on myself; I’m a Certified Practising Accountant (CPA) with a professional background in Finance, Accounting and Business, specialising in Financial Risk Management and Advanced Taxation (I love numbers!). I have broad experience across banking/accounting (HSBC, Westpac, KPMG, and Deloitte), which has allowed me to appreciate the importance of driving error-free standards for compliance, develop strategic plans for transformation, and create risk frameworks for the evaluation of a range of sectors/functions.
Simran Dhillon (@simran_ysl), is the other Co-Founder of YSL.IO. Just to give you a quick background on him; Simran has diverse professional background across IT and Business, and has notable industry experience with companies such as Microsoft and HSBC. More importantly, he is a crypto veteran 💪 that has garnered significant experience within the crypto space, both as a programmer and working in the background as an advisor for a number of Blockchain projects including Zencash (which is now known as Horizen).
In addition to @simran_ysl and myself, we have a dedicated team of blockchain developers + UI/UX designers that are focused on the development of our smart contracts and platform . Each of them are experts within their respective fields and are all busy working their magic behind the scenes ✨ to ensure we can deliver the best possible version of YSL.IO for our 12k+ community. We also have a marketing team that are hard at work, drumming up informative materials that will help spread awareness of our unique concept.
Here’s a quick overview of what YSL.IO stands for and some of our stand-out features:
YSL.IO 💎 = [ ⭐️ Yield + 💗 Staking + 🌊 Liquidity ] = 🚀
YSL.IO is a cutting-edge DeFi tool designed to OPTIMISE and AMPLIFY the returns from yield farming platforms, whilst maximising the benefits of LOCKED LIQUIDITY to create a truly unparalleled token economy.
✅ Zero Platform Fees – YSL.IO does not charge a Deposit fee, Withdrawal fee or a Performance fee
✅ Novel Tokenomics – The governance token of YSL.IO (sYSL) is correlated to YSL-BUSD Locked Liquidity
✅ Continual Growth in Locked Liquidity – Our protocol autonomously creates YSL-BUSD Locked Liquidity
✅ Automated Buy-Backs – sYSL token holders and YSL-BUSD liquidity providers can stake their tokens to earn a share of the monthly buy-back.
✅ Maximised APR (%) – Our protocol will OPTIMISE positions (held on AMMs) by 300%
The name is meaningful
Yes, our project name is derived from the key features of our unique protocol; high YEILDS, rewards for STAKING and locked LIQUIDITY.
YSL.IO 💎 = [ ⭐️ Yield + 💗 Staking + 🌊 Liquidity ] = 🚀
Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Next question
Q2: We know that there is fierce competition when DeFi is a hot topic currently. Obviously, there are other projects like yours already on the market. Which projects are YSL.IO’s consider competitors? What makes YSL.IO more special than them?
Hardev Dhillon – Co-Founder of YSL.IO: We don’t have any direct competitors, our novel token economy and approach to yield farming is what makes us truly stand out among other comparable BSC yield farming projects.
It has been deigned with purpose to ensure long term value for our native token holders!
Unlike other projects, the price of our native token is tied to locked liquidity and our protocol has the unique capability of creating liquidity AUTONOMUSLY whenever a user interacts with the platform, ensuring there is a CONTINUAL creation liquidity!
This novel approach will ensure as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token!
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
All the details on our unique tokenomics model can be found here 👉 https://bit.ly/2TViNlz
Yuno – Blockelite Host: YSL runs on BSC, great because i love BNB and BSC 🙂
Yes we’re launching on BSC! 😉
Yuno – Blockelite Host: BSC is so hot now
That’s right, low gas fees and high yields, what more could you ask for 🚀
Yuno – Blockelite Host: Agree
Next question
Q3: Maintaining projects and long-term development are important for the project. How do you accomplish that goal and what is your business model? How do users, investors, and your project become a win-win situation?
Hardev Dhillon – Co-Founder of YSL.IO: Great question! I strongly believe that the key to real success as a token is to have the fundamentals down in terms of long-term stability and value for native token holders – this is something I’d say isn’t present in many projects.
YSL.IO here to stay and show that yield farming can be sustainable long term.
So from the outset we decided the best way to make this happen was to ensure that our token economy would be resilient and be a win-wn for the project and investors, even in a bear market.
We have achieved this by designing a truly unique Tokenomics model that revolves around our protocols novel capability of autonomously creating YSL-BUSD locked liquidity.
The benefit of this novel design is that even during a bear market, our optimisation function will be even more attractive due to its ability to provide high yields. As during a bear market, farmers would likely switch their positions to stable coins which typically have low APR (%), and platforms that are able to offer greater returns on stable coin positions will increase in demand.
For example; the BUSD-USDT farm on ApeSwap Finance currently yields an APR of 14.66%. Traditional optimisation (harvesting + compounding daily) would only result in an APY of 15.79%. Whereas YSL.IO optimisation is capable of obtaining an APY of 42.78% 🚀
This will not only guarantee our survival during a bear market, but will increase our market share + TVL 🤩
And as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token! 🚀
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
This integration of locked liquidity within a token economy is unlike any other BSC project, and will provide long-term stability and value to sYSL token holders!
Yuno – Blockelite Host: Nice APY 🙂
Thanks for sharing
Continue with Q4
Q4: Safety and security are always a top concern for users. What security mechanisms does YSL.IO have to ensure user assets do not become a target for Hackers? Has your project audited through a third party?
Hardev Dhillon – Co-Founder of YSL.IO: That’s a great question, and coming from a background in risk management, i believe its critically important to be proactive when it comes to the implementation of practices to detect any potential hazards, so you can rest assured that security is the absolute top priority at YSL.IO! 🔒
Our smart contracts have been developed by a team of experienced blockchain developers that not only have extensive knowledge of DeFi protocols and their associated specifications, but also have an internal audit process embedded within their development process to ensure the reliability and safety of our protocols functions.
More importantly, we will be engaging with well-known and reputable parties such as Certik and Zokyo to conduct an audit on our smart contracts:
✅ MULTIPLE EXTERNAL AUDITS – Before we launch, our protocols architecture and logic will be audited by external parties, so you can have piece of mind that your funds are SAFU!
✅ ONGOING AUDITS – We intend to conduct ongoing audits on a regular basis, to ensure the long-term maintenance of our protocols security.
In addition,our team has incorporated the following features into the protocol to ensure MAXIMUM SECURITY:
1️⃣ Price Feeds by Chainlink: the protocol can better resist flash loan attacks, network congestion, and centralised infrastructure disruption.
2️⃣ Smart Contract Timelocks: these will be integrated across all of our smart contracts to protect our users and funds, as a delay/period of time is required before any changes can be made to any smart contracts.
3️⃣ Real-Time Monitoring of the Main Oracle Price: When there is a serious deviation between the main oracle and the system, the system will alert and notify our development team to ensure timely action.
4️⃣ Prevention of External Smart Contract Interaction: With the recent flash loan attacks on BSC, we will incorporate a stop on all external smart contracts to interact with the our contract, mitigating the risk of any flash loan attack within our protocol.
Yuno – Blockelite Host: Thank for interest
yeah, I think everyone need 1 minute to read 🙂
it’s so detailed
Last question in segment 1
Q5: Please share some information about the upcoming YSL.IO private sale and public sale? What is the next roadmap for 2021?
Hardev Dhillon – Co-Founder of YSL.IO: The private sale begins on July 1st, and the public sale begins on July 23rd. There is no whitelist, everyone can participate!
And we have some exciting benefits during the Price Discovery Phase!
✅ Bonus multiplier – Our bonus multiplier will effectively add a bonus on top of any deposits that you make!
During the private sale the multiplier is set to 3.00x! So if you were to deposit 5k during the private sale, you will essentially receive 15k worth of sYSL tokens, that’s $10k of bonus value 🤯
✅ 10% Referral bonus program – you can earn 10% on the contribution made by those you refer. So if you were to refer someone that had a $60k contribution you would get back $6k worth of sYSL tokens at the end of the discovery phase.
✅ Airdop – We are going to airdrop sYSL tokens to the Peanut (NUX) community. You need to hold a min balance of 100 NUX before 25th JUNE (ERC20).
Our recent Medium article provides information about how you can be apart of the airdrop Read it here 👉 https://bit.ly/3qeAkBs
IMPORTANT: The sYSL token will only available to be purchased until 30 days after the platform launches. And remember that sYSL is tied to YSL-BUSD liquidity, so once the platform launches and our TVL increases, YSL-BUSD liquidity will increase, this will cause the price of the sYSL token to increase. SO DONT MISS OUT ON THE PUBLIC + PRIVATE SALE!
Here’s what we have in store for 2021:
❇️ YSL.IO platform launch
❇️70+ AMAs (Telegram +WeChat)
❇️ Initiate audit of smart contracts
❇️ 30-day price / supply discovery phase
❇️ Establishment of the YSL/BUSD liquidity pool
❇️ YSL token listing (CoinMarketCap, CoinGecko)
❇️ Cross-chain integration(s) with Polygon and Ethereum
❇️ A preliminary version of the community-governance function
❇️ Gitbook language translation (Simplified Chinese, Vietnamese)
❇️ Frontend language translation (Simplified Chinese, Vietnamese)
❇️ Cross-chain swaps through Ethereum via Uniswap cross-chain bridge integration
Yuno – Blockelite Host: I know Peanut 🙂
We wrapped up nicely the first part.
Are you ready for Segment 2 (5 best questions from twitter)?
Hardev Dhillon – Co-Founder of YSL.IO: Was really productive!
Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: Collaboration and partnerships are one of the cornerstones to making DeFi more widespread, Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Hardev Dhillon – Co-Founder of YSL.IO: We recognise that forming partnerships will not only propel our project forward but would also help grow YSL.IO.
We formed our first-ever strategic partnership with peanut.trade, whereby NUX-BNB liquidity providers will be able to benefit from our protocols novel optimisation function that autonomously creates YSL-BUSD locked liquidity.
More recently, we were lucky enough to have been accepted into the highly coveted ApeSwap BUIDL program! This is huge for YSL.IO in terms of increasing the awareness of our project, as they have a growing user base of over 400,000! Not only that, it will enable us to collaborate and form meaningful partnership’s with other projects within the ApeSwap ecosystem to increase our reach!
The announcement can be found in the most recent #BUIDL newsletter released by ApeSwap 👉 https://bit.ly/3xFnf6S
And in our most recent medium article👉 https://bit.ly/3vGWiyh
Yuno – Blockelite Host: Got it
Next question
Q2: Who is your target market and how do you plan to market your products across different regions of the world?
Hardev Dhillon – Co-Founder of YSL.IO: Everyone is part of our target market!
We are committed to creating a truly diverse community, and to achieve this we have arranged over 70 AMA’s with several local communities based all across the globe. This includes countries such as China, Vietnam, Indonesia, Malaysia, Singapore, Korea, India, Turkey, and Iran!
Currently, we are having our comprehensive Gitbook translated into several languages, this will ensure our concept is better understood in any countries/ regions where English is not commonly used!
In addition to this we intend to release informative material in several languages so that people from across the globe will better understand the benefits of YSL.IO.
On top of this, to help raise adoption of our platform in any countries/ regions where English is not commonly used, we plan to offer different languages for the frontend language in the near future!
Yuno – Blockelite Host: 70 AMA 🙂
Hardev Dhillon – Co-Founder of YSL.IO: 76 to be exact 🦾
Yuno – Blockelite Host: 🙂 wow
so much AMA
Next question
Q3: Please mention some of the key features which make this project more beneficial than other competitors in the market. And also what are the best modes for purchasing or from where we can purchase the coins?
Hardev Dhillon – Co-Founder of YSL.IO: Key features that make us stand out:
✅ MAXIMISED APR (%)
Its not a secret that a large number of individuals look to DeFi to make returns on their crypto assets through attractive APYs.
YSL.IO challenges the status quo by being different. We have a completely unique approach to yield optimisation, that is fuelled by the creation of YSL-BUSD locked liquidity. Our protocol has been designed to maximise the returns of third-party tokens through the creation of locked liquidity, optimising the APR (%) of positions held by users on a AMMs (such as ApeSwap and PancakeSwap) by 300%!
For example – It will increase the APR of a users CAKE-BNB position on PancakeSwap from 58.29% to 173.67%!
That’s not all! Users will be able to amplify their optimised returns from YSL.IO by a further +100 APR%, by utilising our Amplification function! More details on our revolutionary optimisation and amplification function can be found in our Gitbook (docs.ysl.io).
✅ ZERO FEES
Fees are something we thought much about when developing YSL.IO, typically there are two common pain points faced with farming: barrier-to-entry and the costs involved. In view of this, we designed our platform to be extremely cost effective from a users perspective!
❌ ZERO SWAP FEES
❌ ZERO DEPOSIT FEES
❌ ZERO WITHDRAWAL FEES
❌ ZERO PERFORMANCE FEES
This not only provides the user with ultimate flexibility but also makes it extremely easy for a user to benefit from our protocols exceptional yield optimisation and amplification functions, simply deposit LP tokens into any of our vaults and our protocol will handle all the heavy lifting of maximising your returns, its that simple!
Ways to obtain sYSL:
1️⃣ Price Discovery Phase – those that participate in our Private sale and Public sale will receive sYSL tokens.
2️⃣ Purchase – sYSL will only be available to purchase only 1 month after the platform launches. So don’t miss out on our sales, as the price will increase as users begin to use YSL.IO, and the TVL of the platform increases.
3️⃣ Block Rewards – Once YSL.IO launches, users that deposit their LP tokens into any vault will earn their optimised + amplified returns as sYSL tokens on each block.
Yuno – Blockelite Host: Thanks for sharing 🙂
Next question
Q4: How is YSL.IO planning to strengthen the Liquidity and also can you briefly discuss regarding the tokenomics of the native token?
Hardev Dhillon – Co-Founder of YSL.IO: Our token economy is made up of three components:
⚡️ YSL token – Utility
💎 sYSL token – Governance
🌊 YSL-BUSD liquidity pool – Held on ApeSwap Finance
There are two key things to know about our unique tokenomic model:
1️⃣ The price of the sYSL token is tied to YSL-BUSD locked liquidity.
2️⃣ We have designed the YSL.IO protocol to create YSL-BUSD locked liquidity whenever a user interacts with the platform (there are 10 ways our protocol does this 👉 https://bit.ly/3wSNery).
In other words; as users begin to use YSL.IO, the TVL of the platform will increases, causing more YSL-BUSD locked liquidity to be created, leading to the price of the sYSL token to increase!🚀
YSL.IO TVL ⏫ = YSL-BUSD locked liquidity ⏫ = sYSL token price 🚀
Added benefit to our tokenomic model: The continual growth in YSL-BUSD locked liquidity will also cause there to be a progressive price floor for the sYSL token, and the growing liquidity will also reduce the exposure of the YSL token to price volatility!
You can find all the details about our unique tokenomics model here 👉 https://bit.ly/3wMO8Wm
Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: At the moment there are many scam projects in the market that make people afraid to invest, I want to long term investment in this Project , but I’m in doubts right now, So how can you convince and assure me this project is safe for investment & PROFITABLE?
Hardev Dhillon – Co-Founder of YSL.IO: Every opportunity comes with risks, and DeFi is no exception. However, these points will help convince you of that safety and security is our top priority!
✅ FULL PRODUCT LAUNCH – The YSL.IO platform will launch with live vaults, regardless of the amount received during the private and public sales.
✅ SMART CONTRACT AUDITS – Our protocol architecture and logic will undergo multiple external audits, you can have peace of mind knowing that your funds are SAFU!
✅ LOCKED LIQUIDTY (Locked for 1000 YEARS) – The WBNB/BUSD received from the sales will be used create YSL-BUSD locked liquidity on ApeSwap Finance, No Rug Pull!
✅ TEAM – Our team is not anonymous and our blockchain developers have extensive knowledge of DeFi protocols, you can rest assured the protocols will be safe and reliable.
Preview of our platform that will launch after the private + public sale end 🦾
Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.
Hardev Dhillon – Co-Founder of YSL.IO: My pleasure 🦾
Blockelite Community:
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
Hardev Dhillon – Co-Founder of YSL.IO: YSL.IO will be a full product launch!
Our platform will be a fully operational with live vaults and will launch regardless of what is raised during our private & public sale.
The platform and smart contracts are being developed as we speak,
More importantly, the platform launch is not hindered by the performance of our private + public sales.
It would only mean a greater upside potential for the price of the sYSL token.
This is due to our protocols unique capability of auto-generating liquidity whenever a user interacts with the platform. As a result, as users begin depositing LP tokens on YSL.IO, the amount of YSL-BUSD locked liquidity being created increases, which will causes the price of sYSL to increase! 🚀
Blockelite Community:
What are the competitive advantages of your project? What advantages do you have over competitors?
Hardev Dhillon – Co-Founder of YSL.IO:
⭐️ High APR (%) – Our protocol will OPTIMISE positions (held on a AMMs) by 300%, and is able to AMPLIFY these returns by a further +100% APR!
🌊 Continual Growth in YSL-BUSD Liquidity – Our protocol will autonomously create YSL-BUSD LOCKED LIQUIDITY whenever a user interacts with YSL.IO
💎 Novel Tokenomics – Our model ensures the price of sYSL (our governance token) increases with our TVL, through the continual creation YSL-BUSD locked liquidity
💗 Block Rewards – sYSL token holders and YSL-BUSD liquidity providers are able to earn to stake their tokens to earn block rewards (buy-back and inflation rewards)
Blockelite Community:
What is your revenue model? In which ways do your platform generate revenue/profit?
Hardev Dhillon – Co-Founder of YSL.IO: Our protocols revenue is sourced from four aspects:
1️⃣ Optimisation – An equivalent of 2% collected from the APR (%) of the token being optimised
2️⃣ sYSL exit fee – An equivalent of 2% collected when sYSL is sold
3️⃣ sYSL entrance fee – An equivalent of 2% collected when sYSL is purchased
4️⃣ Inflation block reward – 20% allocation, distributed on each block
The revenue collected will go towards ongoing operational expenses, including maintenance/development of the protocol, remuneration for engineers/developers, and to cover expenditures for ongoing audits and marketing. The mechanism behind how these are collected can be found in our Gitbook (👉 https://bit.ly/3wQJM0y)
It’s important to note that those that stake in the sYSL vault & YSL-BUSD vault will also benefit from these same four aspects:
1️⃣ Optimisation – An equivalent of 8% collected from the APR (%) of the token being optimised – Contributed to the MONTHLY BUY-BACK
2️⃣ sYSL exit fee -An equivalent of 8% collected when sYSL is sold – Contributed to the MONTHLY BUY-BACK
3️⃣ sYSL entrance fee – An equivalent of 8% collected when sYSL is purchased – Contributed to the MONTHLY BUY-BACK
4️⃣ Inflation block reward – 80% allocation (50% to the YSL-BUSD vault & 30% to the sYSL vault), distributed on each block
Blockelite Community:
YSL has unique and unparalleled tokenomics, what are the features of your tokenomics that have no precedent, and how do you expect they will affect the yield farming on the platform and therefore the performance of users?
Hardev Dhillon – Co-Founder of YSL.IO: Unlike other projects, the price of our native token is tied to locked liquidity and our protocol has the unique capability of creating liquidity AUTONOMUSLY whenever a user interacts with the platform, ensuring there is a CONTINUAL creation liquidity!
This novel approach will ensure as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token!
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
All the details on our unique tokenomics model can be found here 👉 https://bit.ly/2TViNlz
Blockelite Community:
Some projects cannot handle the stress of Bear market and the recession. Covid virus is not helping as well. How will you prevent this bad situations that the crypto markets have?
Hardev Dhillon – Co-Founder of YSL.IO: We are here to stay and show that yield farming can be sustainable long term.
So from the outset we decided the best way to make this happen was to ensure that our token economy would be resilient, even in a bear market.
We have achieved this by designing a truly unique Tokenomics model that revolves around our protocols novel capability of autonomously creating YSL-BUSD locked liquidity.
This auto-generation of liquidity occurs whenever a user interacts with our platform, and there are total of 10 in-built mechanisms that to this! (Explained in our Gitbook 👉 https://bit.ly/2SMo670)
The benefit of this novel design is that even during a bear market, our optimisation function will be even more attractive due to its ability to provide high yields. As during a bear market, farmers would likely switch their positions to stable coins which typically have low APR (%), and platforms that are able to offer greater returns on stable coin positions will increase in demand.
For example; the BUSD-USDT farm on ApeSwap Finance currently yields an APR of 14.66%. Traditional optimisation (harvesting + compounding daily) would only result in an APY of 15.79%. Whereas YSL.IO optimisation is capable of obtaining an APY of 42.78% 🚀
This will not only guarantee our survival during a bear market, but will increase our market share + TVL 🤩
And as the TVL of the platform increases with more users, the more YSL-BUSD locked liquidity is created, the greater the price of the sYSL token! 🚀
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
Amazing questions! Thank you everyone! 🙏
Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!
Our AMA session is now over !!!
Hardev Dhillon – Co-Founder of YSL.IO: My pleasure! That was a productive AMA session! So many great questions, thanks everyone! 🙏
Thanks to everyone that participated! 🙏
If anyone has any other questions, please don’t hesitate to send us a message on our telegram channel!
Telegram (VN) 👉 https://t.me/ysl_vn
And don’t forget the NUX airdrop snapshot is on 25th June, so make sure you have at least 100 NUX to be included in the airdrop!
YSL.IO private + public sale begins July 1st 🚀
Twitter 👉 https://twitter.com/ysl_io
