In this Telegram AMA recap you’ll find hot discussion about the Yetiswap project. In an event hosted by Miranda from MEXC, you will meet Gregory, Mert and Mutlu from the Yetiswap (YTS Token).
Introduction to Yetiswap AMA Member:
Gregory: I’m the community manager at YetiSwap (YTS), helping to coordinate our social platforms, community members and generally make yeti the coolest project in the Avalanche ecosystem 😉
Mert: Hi everyone and thank you for joining us today! I’m Mert, from Istanbul, Turkey. I’m one of the community managers of Yetiswap. I’m moderating both Turkish and English channels and helping Yetiswap to build a solid community. Every day we make Yetiswap better than yesterday, we would love to see you taking your part in our journey 🙂
Mutlu: Hi every one I’m Mutlu. I’m a developer at YetiSwap
Questions from MEXC Community:
Miranda: anyone would like to introduce what YetiSwap is in detail?
Mutlu: YetiSwap is actually much deeper, but to summarize briefly
Yetiswap is a DeFi & NFT platform that is built on Avalanche. We started our journey in February 2021 as the second DEX on Avalanche blockchain. Right after we launched as a DEX, we started to build our NFT Marketplace from scratch. Now we have simple and user-friendly swap, liquidity mining, staking options and NFT Marketplace & staking options on our platform. With all these, we are one step closer to bringing the DeFi and NFT world together. As we are one of the first platforms developed on Avalanche, our main goal is to be on the frontier of the decentralized financial and digital asset ecosystem.
Miranda: Next can you tell us what triggers you to launch YetiSwap? What are some of the real-world problems/ pain points that YetiSwap aims to solve?
Mert: Low-cost fees for minting and gas solves this huge cost issue many faces on eth-based marketplaces like Open Sea. To this effect by bringing over both more independent artists and bigger NFT Collections, we strive to give users the most efficient way to deal with the NFT world, and remember, this is just the start of our journey, much more coming in the future!
Miranda: 👍Looking forward to seeing more!
Miranda: How about the native token of YetiSwap, What is the role of $YTS in YetiSwap? Would you tell us more about its tokenomics?
Mert: $YTS is the governance token of Yetiswap, users can use their tokens to provide liquidity and stake them to get rewards. Also, in our NFT marketplace, there is a %33 discount on NFT selling fees if you buy/sell your NFT with YTS currency. Besides them, a lot of new use cases for YTS tokens are coming in a short time, like governance and voting mechanisms for our holders.
Now let’s speak about our tokenomics.
First of all, we give number one priority to our community in every situation. Because of that, instead of an IDO, we launched $YTS with an airdrop. For the first 4 years of our platform, approximately 5.2 million $YTS is being distributed to our users each month. Every 4 years, we have halvings that halve the monthly distribution amount. There are 556 million $YTS tokens time-locked and we’ve made sure no more $YTS could be created after our launch. %90 of that total supply will be directly distributed to our community, %5 of them is for the airdrops and community events, and the last %5 of them goes to the platform developers.
Miranda: Are there any exciting news or updates with regards to YetiSwap that you would like to share with the users?
Gregory: we have recently announced a number of exciting features for our Yeti Community…
first is NFT Staking!
This was a very proud moment for us, as we are the first platform to offer this on Avalanche. It allows users to stake Yeti Summer Collection NFTs and receive daily staking rewards from the YTS pool of 2400 YTS/day. One of our partners Penguin Finance has recently joined where you can now stake their ‘Ghoul NFTS’ also, we will continue to add more projects as time passes… We have announced a string of partnership agreements with major Avalanche projects; Penguin Finance, Roco Finance, Yay Games. These partnerships will allow us to work together strategically and position ourselves to build a stronger Yeti Swap and evolve within the Avalanche ecosystem. Continuing with the NFT theme… We recently began our Artist of the Month (ATOM) initiative designed to nourish independent artists careers by promoting their work on our social media platforms (Twitter, discord, medium) and giving them certain perks and privileges. Our aim is to cultivate an environment where artists are supported and given a proper platform to be noticed.
I hope to bring over many cool artists to the marketplace lastly. We have several great ideas for our DEX and NFTMarketplace planned for 2022 masterminded by our devs, @mutlufuruncu, and @cybersensesi. We can’t reveal too much right now due to many copycats so keep an eye out on our Twitter so we can surprise you! Does anyone else from the team have anything to add there?
Mert: I wanna add something exciting here 🙂
Our developer team is working on Avalanche subnets too. When Avalanche blockchain gets the subnet update, we will create our own subnet to give our users the best experience and make Yetiswap better. We’ve started developing ideas from today. We will always be one of the frontiers of every new technology which benefits us 🙂 No lagging behind for Yetis!
Miranda: If you were to summarize your project in ONE word, what would it be and why?
Gregory: ohhhh, ok I’ll go would have to say DYNAMIC. Crypto is a fast-moving, ever-progressing space- we can’t be certain where we will be in 1 year let alone next week! So the key for us is to be adaptive and reactive to market paradigms and user behaviours. This means listening to our community, analyzing the wider crypto space, and incorporating these behaviours and market shifts into our platform with a forward-thinking outlook ( an example of this approach would be how we implemented NFT Staking and our ATOM initiative). We look forward to more dynamism in 2022!
Free-asking Session to YTS
Q1. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Gregory: Hi, Aracelis. Thanks for this question. Yup, we have a TG! Come and join!
Q2. Are you afraid someday there will be another project with more innovative technology that can replace your project?
Mert: We are not afraid of competition. Actually, we love the competition! As we said earlier, there is no lagging behind for Yetis. If there is a new technology which is useful for us, we use it. If there is feedback from our community about our project, we update and make Yetiswap better. Yetiswap is alive, and always try to be the best ❄️
Q3. What are your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Gregory: Hi, this year we plan to:
- implement many new DEX features ( we can’t mention specifically as there are many copy cats) but our devs are working on some very cool stuff so keep out for announcements
- work our NFT marketplace into the most attractive for both minters and buyers – improving both front and back end UX/UI
- to grow our community globally with marketing plans across the world
Q4. Can you tell us about the background and experience of your project DEVELOPMENT TEAM? And how will they carry out your project during the current pandemic?
Mutlu: As the core team, we have developers with a lot +12 years of experience. Our priority has always been the user experience and the safety of the project. Since we are working remotely, the pandemic process will not affect our developments under any circumstances.
Q5. Is your platform global or is there any restriction to certain regions?
Mert: We are a decentralized platform, so anyone who has an internet connection and an electronic device can use Yetiswap. There are no restrictions ❄️
Q6. Do you have a coin burn/buyback system or do you plan to increase the value of those token burn tokens and attract investors to invest?
Gregory: We do not have a buyback system at the moment, but we burn half of the fees collected as $YTS through our NFT Market. We’re considering a few things for the buyback as well.
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