YSL.IO is a cutting-edge DeFi tool designed to OPTIMISE and AMPLIFY the returns from yield farming platforms
Hardev Dhillon, co-founder of YSL.IO dropped by to talk to TheDev100x about their new project, as well as to discuss their plans for the future. To celebrate the BSCTimes and YSL.IO AMA, five members from the community who participate in the question and answer segment at the end will be selected to win a share of prizes worth $200!
TheDev100x: Welcome everyone and thank you for joining us today for the BSCTimes Interview / AMA with YSL.IO co-founder Hardev Dhillon. @hardev_ysl I have made you an admin, and have muted the chat until our community question segment at the end.
Hardev⚡️YSL.IO: Hello! Glad to be here, thanks for having me! 🙏
TheDev100x – BSCTimes.com: I’ll begin by asking you some questions, and follow-up questions. Then we’ll open up the chat to allow the community an opportunity to ask questions. To the participants with the questions @hardev_ysl Hardev chooses to answer there’s a share of $200 worth of prizes available!
Hardev⚡️YSL.IO: Sounds good! Look forward to sharing insights of YSL.IO with the BSC Times Community! 🦾
TheDev100x – BSCTimes.com: Sounds great! It’s our pleasure to have you with us today!
TheDev100x – BSCTimes.com: With that out of the way, My name is Joe, it’s nice to meet you 🙂 Can you please begin by introducing yourself, your background, and tell us about your team?
Hardev⚡️YSL.IO: Greetings Everyone 👋🏻 Hello Joe! It’s nice to meet you too, and thanks again for having me!
I am Hardev Dhillon, the Co-Founder of YSL.IO
Hardev⚡️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 have broad experience across banking and accounting (HSBC/Westpac/KPMG/Deloitte), which has enabled me to appreciate the importance of driving error-free standards for compliance, develop strategic plans for transformation, and create risk frameworks for a range of sectors/functions.
Simran Dhillon (@simran_ysl), is the other Co-Founder of YSL.IO. Just to give everyone a quick background on him; Simran has diverse professional background across IT & Business, and has notable industry experience with companies such as Microsoft and HSBC. More importantly, he is a crypto veteran 💪 that has gained significant experience within the crypto space, both as a programmer and working in the background as an advisor for a number of Blockchain projects such as Zencash (now known as Horizen).
In addition to @simran_ysl and myself, we have a team of seven blockchain developers + one 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 11k+ community. We also have a marketing team that are hard at work in the background, drumming up material that will help spread awareness of our unique concept.
TheDev100x – BSCTimes.com: Very interesting! You guys have a very strong background! Could you tell us about YSL.IO? I read….
“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”
on your website, could you tell us more about what your project does and how it accomplishes it?
Hardev⚡️YSL.IO: Sure!
So our project name is derived from the key features of our unique protocol; high YEILDS, rewards for STAKING and locked LIQUIDITY.
YSL.IO 💎 = [ ⭐️ Yields + 💗 Staking + 🌊 Liquidity ] = 🚀
And our goal is to make YSL.IO the best place for DeFi users to maximise returns on their crypto assets!
Hardev⚡️YSL.IO: We accomplish this through our completely novel approach to yield farming, that centres around our protocols ability to autonomously create locked liquidity whenever a user interacts with our platform.
Platform user’s will be able to benefit from this continual creation of locked liquidity when they use our unique optimisation function.
Unlike traditional optimisers that harvest and compound interest daily, ours has been designed to maximise returns through the creation of YSL-BUSD locked liquidity and will optimise the APR (%) of positions held by users on AMMs (such as ApeSwap or PancakeSwap) by 300%!
For example – It will maximise the APR of CAKE-BNB position on PancakeSwap from 58.29% to 173.67%! 🚀
That’s not all! As our protocol is capable of improving these optimised returns by a further +100 APR%,through activation of our Amplification function!
More details on our revolutionary Optimisation & Amplification functions can be found in our Gitbook (👉docs.ysl.io)
TheDev100x – BSCTimes.com: Ahhhh that makes sense now, I was curious what the YSL acronym stood for. That’s really cool, so this is a novel approach to traditional yield optimization? Are there any other DeFi projects out there doing anything similar?
Hardev⚡️YSL.IO: What makes our approach truly novel, is that the price of our native governance token (sYSL) is tied to YSL-BUSD locked liquidity! This link is unlike any other DeFi project out there, and they way in which we have designed the YSL.IO protocol to create YSL-BUSD locked liquidity when ever a user interacts with the platform is something that makes our token economy stand out among others. 🦾
TheDev100x – BSCTimes.com: Interesting, that seems like a nice mechanic to help boost the platform tokenomics. As a financial auditor I am really intrigued with tokenomics myself and yours are particularly interesting. So when users use your platform, they’ll be able to “optimize” and “amplify” their yields, what are the fees involved? Do you charge deposit or performance fees?
Hardev⚡️YSL.IO: That’s exactly right Joe, its an attractive way to not only boost liquidity but one that will reward supporters of the project.
That’s a great question!
Fees are something we thought much about when developing YSL.IO, typically there are two common pain points with yield farming: barrier-to-entry and the costs involved. In view of this, we designed our platform to be extremely cost effective from a user’s perspective!
❌ ZERO SWAP FEES
❌ ZERO DEPOSIT FEES
❌ ZERO WITHDRAWAL FEES
❌ ZERO PERFORMANCE FEES
This zero fee approach that we’ve taken will not only provide ultimate flexibility but also makes it extremely easy for a user to benefit from our protocols exceptional yield optimisation and amplification functions!
Just deposit LP tokens into any of our vaults and our protocol will handle all the heavy lifting of maximising your returns, it’s that simple!
TheDev100x – BSCTimes.com: Holy crap, that’s amazing lol So no fees at all? I am loving that. Now that we have talked about what your project does, could you tell me about your plans for what you’d like YSL.IO to offer in the future? Does YSL.IO have a roadmap that you’d like to share with us?
Hardev⚡️YSL.IO: We do have some fees 😆, we have a section in our GitBook that outlines when they are applicable and how they are deducted 👉 https://docs.ysl.io/ysl-io/ysl-core-protocol/fees
Sure!
We can always be better, and plan to grow YSL.IO on all levels and fronts, here’s what we currently have planned 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
TheDev100x – BSCTimes.com: This all sounds really promising, you mentioned YSL token listing on CMC and CG, could you tell us more about the YSL token? I see you have multiple tokens, how do they all function?
TheDev100x – BSCTimes.com: Based on what you’ve mentioned so far, I also take it the system is being designed in such a way to help protect YSL token holders?
Hardev⚡️YSL.IO:
That’s right, we have 3 key components to our token economy:
⚡️ YSL token – Utility
💎 sYSL token – Governance
🌊 YSL-BUSD liquidity pool – Held on ApeSwap Finance
The key thing to know is that we have designed the YSL.IO protocol to create YSL-BUSD locked liquidity whenever a user interacts with the platform.
In other words; as users begin to use YSL.IO, the TVL of the platform increases, the more YSL-BUSD locked liquidity is created, and the greater the price of the sYSL token!🚀
YSL.IO TVL ⏫ = YSL-BUSD locked liquidity ⏫ = sYSL token price ⏫
✅ sYSL token use case:
Governance – sYSL tokens will operate as the governance token for the YSL.IO platform, token holders will be able to vote on various proposals once the community-governance function is integrated.
Staking – sYSL token holders will be able to stake their tokens in our sYSL vault.
✅YSL token use case:
YSL-BUSD locked liquidity – The primary function of the YSL token is to create YSL-BUSD locked liquidity, this done autonomously by the protocol through 10 in-built mechanisms (https://docs.ysl.io/ysl-io/ysl-core-protocol-1/auto-lock-liquidity)
Staking – Liquidity providers of the YSL-BUSD pool (on ApeSwap Finance) will be able to stake their LP tokens into our YSL-BUSD vault
TheDev100x – BSCTimes.com: I absolutely love this, and can’t wait to give it a try, and see how it all works together. Projects like yours tend to grow their TVL rather fast, and with your background I am sure you understand the importance of the security of users assets, to that effect, what steps have you taken to ensure your platform is as secure as possible?
Hardev⚡️YSL.IO: The true value lies in the sYSL token (governance) 🚀, the YSL tokens (utility) true objective is to remain stable with a massive pool of locked liquidity, while having the sYSL token linked to YSL-BUSD locked liquidity which keeps increasing when a user farms.
Hardev⚡️YSL.IO: Definitely!
Having a background in risk management, i believe its critically important to be proactive when it comes to the implementation of practices that can detect and prevent potential hazards.
So you can rest assured that security is the absolute top priority at YSL.IO! 🔒
Hardev⚡️YSL.IO: Here are some examples of features that we’ve incorporated 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.
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.
TheDev100x – BSCTimes.com: 💪 thats what I want to hear! You guys seem to have a real home run on your hands, how do we as investors participate? Tell us about your private/public sale please
Hardev⚡️YSL.IO: Thanks 🙏
There’s no whitelist and everyone is welcome to participate in our 30-day Price Discovery Phase!
The private sale will begin on July 1st, and the public sale will begin on July 23rd.
And we have some exciting benefits during the Price Discovery Phase!
Hardev⚡️YSL.IO: Here’s a preview of our platform 🦾
Hardev⚡️YSL.IO: During the private and public sale we will have the following incentives:
✅ 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 – We are also running a referral bonus program during the price discovery phase, where 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.
TheDev100x – BSCTimes.com: What a gorgeous UI/UX! 👀 Props to your design team! That bonus multiplier is wild! July 1st can’t get here soon enough! I can’t wait to give the platform a try.
TheDev100x – BSCTimes.com: I say we open the chat up for some community questions, are you OK with that? If so I am going to put “slow mode” at 30seconds, and reopen the chat.
Hardev⚡️YSL.IO: We have dedicated a lot of effort to ensure the design of our UI/UX is not only engaging but is extremely user friendly to even the most novice of DeFi users!
Hardev⚡️YSL.IO: Sounds good! I’m looking forward to the questions! 🦾
TheDev100x – BSCTimes.com: OK community! I am going to go ahead and open up the chat, there are $200 in prizes that will be shared with the top 5 questions that @hardev_ysl chooses to answer! Get your questions ready, i’ll keep the chat open for 1.5 minutes, enough time to ask 3 questions.
Community Questions
Community Question #1
ＺＵＫＡ ＲＯＳＥ: One of the big problems for DEFI projects is low liquidity, so I wonder what will they do about it to solve that? Do you have a liquidity provider program? What are the benefits of liquidity providers?
Hardev⚡️YSL.IO: That’s right, liquidity is an integral part of any DeFi ecosystem, and that’s why we’ve made YSL-BUSD liquidity the heart and soul of YSL.IO 💖.
Our protocol has been designed to ensure there is a CONTINUAL creation liquidity through 10 automated mechanisms! (https://docs.ysl.io/ysl-io/ysl-core-protocol-1/auto-lock-liquidity)
More importantly, all the liquidity that is generated by our protocol will be LOCKED in the locked liquidity contract (ApeSwap Finance vesting factory) for a period of 1000 years!
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!
YSL.IO TVL ⏫ = YSL-BUSD locked liquidity ⏫ = sYSL token price ⏫
Community Question #2
Natalia Ospina: Analyzing amplification strategy 2, why at a certain point in time does the protocol create aYSL tokens, what is the purpose of this, for what purpose is this done and how can users benefit from this?
Hardev⚡️YSL.IO: aYSL tokens are amplification tokens that are issued to user’s that utilise strategy 2 amplification.
When a user decides to activate Strategy 2, they are given aYSL tokens (BEP-20), which are tethered to the price of the YSL token, and the protocol will utilise the aYSL token(s) as an information resource to determine the amplification APR (%) the user obtains.
Community Question #3
Asha: I believe that there are too many yields optimizer projects in DeFi especially in Binance Smart Chain right now. How ysl.io will differentiate itself from the other project and what ysl.io will do to compete with other and more known project like Beefy Finance, etc.? Also, will YSL.IO do cross-chain? @hardev_ysl
Hardev⚡️YSL.IO: Our novel token economy and approach to yield farming is what makes us truly stand out among other BSC projects.
Its has been deigned with purpose to ensure long term value for our native token holders!
Unlike other projects, our protocol has been designed with the unique capability of creating liquidity AUTONOMUSLY whenever a user interacts with the platform, this will ensure there is a CONTINUAL creation liquidity!
Not only that, all the liquidity that is generated by our protocol is LOCKED in a locked liquidity contract (ApeSwap Finance vesting factory) for a period of 1000 years!
⏫ YSL.IO TVL = ⏫ YSL-BUSD liquidity = ⏫ sYSL token price 🚀
Please visit our Gitbook to learn more about our tokenomics model 👉https://docs.ysl.io/ysl-io/ysl-core-protocol/tokenomics
Community Question #4
Fan DeFi: One of the features of YSL is a Referral program that benefits both the referrer and the referee. Can you explain how does this Referral program works? What will be the incentives that a the referrer can get from referring? In return,what will be the welcoming bonus for referee? @hardev_ysl Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Hardev⚡️YSL.IO: The YSL.IO referral program is a single-tier program that will come into effect once the platform launches.
Any user that connects through a referral link will benefit from a 0.5% APR increment on their base amplification when utilising Strategy 1. And it is beneficial for those that decide to share a referral link, as they would be capable of earning a 0.5% APR based upon the TVL of each user that connects using their link.
This referral program will be linked to the 10% referral bonus program that is run during the price discovery phase. So if you were to refer a participant that makes a deposit in the price discovery phase and utilises the platform when it launches, you will benefit from both programs.
Community Question #5
🔥🔥CRYPTO BOSS🔥🔥: Can you tell us more about your Team and Partners? Team and Partners are the key to success. Do they have enough experience in a project?
Hardev⚡️YSL.IO: In addition to @simran_ysl and myself, we have a team of seven blockchain developers + one UI/UX designers that are focused on the development of our smart contracts and platform.
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.
To learn more about our partnership with Peanut and our upcoming airdrop to the NUX community, check out our recent Medium article 👉 https://t.co/JIX1B4gKG5?amp=1
Most recently, we were lucky enough to have been accepted into the 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 connect and form meaningful partnership’s with other projects within the ApeSwap ecosystem!
The announcement can be found in their most recent #BUIDL newsletter 👉https://ape-swap.medium.com/buidl-newsletter-003-56f12fc0237c
Hardev⚡️YSL.IO: Amazing questions! Thank you everyone! 🙏
TheDev100x – BSCTimes.com: Awesome you chose to answer some really good questions!
Hardev⚡️YSL.IO: There we’re so many to choose from! 🦾
Hardev⚡️YSL.IO: That was a great AMA session! 🙏
TheDev100x – BSCTimes.com: It sure was! I’d like to thank you all for attending our interview/AMA today, and i’d like to thank you @hardev_ysl for joining us, I know you are extremely busy, so we appreciate it! A recap of today’s interview will be posted up on our website at BSCTimes.com within the next 24-36 hours. We will reach out to the winners and collect your wallet addresses, and prizes will be sent out on Monday June 21st!
Excellent job @hardev_ysl I am really impressed with you and with YSL.IO, hope for the best for your future! 🙂
Hardev⚡️YSL.IO: My pleasure Joe! Thanks for being a great host!
I hope everyone managed to learn something new about YSL.IO! 🦾
Hardev⚡️YSL.IO: Thanks! and thank you to everyone that participated! 🙏
If anyone has any other questions, please don’t hesitate to send us a message on our telegram channels!
Telegram (EN) 👉 https://t.me/ysl_io
Telegram (VN) 👉 https://t.me/ysl_vn
And don’t forget the YSL.IO private + public sale begins July 1st 🚀
Twitter 👉 https://twitter.com/ysl_io