Hi YieldShielders! On Sunday, June 5, we held in our Telegram chat an AMA session with YieldShield Founder Jake Shield💜 So pick up a post from us with a recap of the session. Our team has collected the main questions and answers for you⬇️
1. What is your(Jake Shield) favorite feature in YieldShield?
It’s easy — Stop-Loss.
The Stop-Loss functionality is unique and only exists (as far as I know) in YieldShield — it is the only platform that allows you to farm yield with high APY while keeping your risk moderate. One of the reasons I started YieldShield was because I was making 1000%+ APY and I thought this is amazing. I went to sleep and woke up seeing my balance is almost $0. This function is what Yield Farming was missing.
2. Earlier you said that at the moment, the pools are chosen by you personally. How long will this still last? Indeed, sometimes new pools are the most profitable and it is difficult to track their appearance manually. When will AI pool selection be implemented?
We’re already in the progress of developing a tool that detects new farms on ESTABLISHED dexes (like PancakeSwap and ApeSwap) — those are already known to be legit.
However, there are a LOT of pools that are not part of such changes. similar to our official YIELD pool, it is independent.
There’s no way to automatically add those. But we will allow ANY community member to add a pool that they found, those will be APPROVED and RATED by our DAO. this will take some more time to implement, but that’s the future.
3. Many community members were wondering about the security audit of the smart contract and platform. What is the update on that front?
We have gone through CONSTANT auditing during our development.
But we still don’t have the final report from our auditors. The smart contracts were just very recently COMPLETED. Of course, there will be more versions, but we are confident to launch our first version with this one.
This Beta period will provide us time to learn and give the auditors enough time to FULLY audit those contracts. Yield Farming is profitable but it’s also very dangerous, our goal is to mitigate those risks as much as we can, but it takes time.
4. What are the security features that are implemented in YieldShield that will help to secure the investment?
Users deposit their funds into a smart contract that has limited functionality, such as Invest Here, Withdraw here, and Give profits to the Owner.
The more limited it is, the more secure it is. The funds that were deposited into the smart contracts can ONLY be withdrawn to their owner (YOU) — this is the main idea here. there are so many security features, I can talk about it for hours but that’s the main one.
5. I have been an investor of YieldShield since March 2020. I witnessed all the stages. What I am wondering is this. beta versions had a limited number of farm sites. Will this number increase in the public Beta? how many farm sites will you integrate?
Right now, to simplify things, we’re working with 4 dexes, we will have the same pools on Public Beta. The number will increase for sure as we go. There will be more dexes and more pools and most importantly MORE CHAINS as we move forward.
6. What kind of protection against theft and hacking are available on your platform. How do you plan not to victimize your investor if the protections don’t work?
We are talking to a few on-chain insurance companies, and will eventually decide on the best now. For now, we are limiting the amounts of deposits in order to give us time for testing.
7. YieldShield will be going live on Binance Smart Chain. What next chains will you integrate? Are you planning to go cross-chain?
Next up is Avalanche, there’re a lot of yield farming opportunities there. We are aiming to add ALL THE EVM-compatible chains at some point.
8. Why did you decide to switch from rewards to profit? Is it more beneficial? I believe they are referring to the switch that was done — previously users were able to claim rewards, but now you switched to profit.
When we first started we thought investing in BNB or ETH is better. But users have deposited ETH, and made a profit, but when they withdrew they lost the USD value.
We decided that from now on, invest in USD and we will make you more USD. Withdrawing the profit makes more sense.
9. Has a security audit been done? If so, what are the consequences?
We had our TOKEN audited but that doesn’t mean much. We are working with numerous security auditing firms to audit our smart contracts, as they’re very complicated.
10. The YIELD token has little liquidity in its pool for farming. When do you aim to increase this liquidity?
Our project was honestly UNDERFUNDED. We underestimated the amount of money needed to build this. We don’t have a lot more funds to add to the pool, so we will have to grow it slowly (by getting more buyers).
11. Are there any influencers you talked to promote the project?
We have a lot of influencers but they got a little bit “tired” to wait for the product. Now that our product is going LIVE, there will be more exciting.
12. Tell us what is coming next? Any other exciting features?
The compounding feature is one I’m excited about.
13. Will you implement insurance?
Yeah, trying to find the best partner.
14. Will it be possible to select a pool manually in the public release (or at least see the pool selected by the robot, before placing the contract)? I would still like to be able to pre-evaluate the chart of the trading pair and the prospects for its growth in the right direction.
Right now both options are not possible. I like the idea of being able to see the pool selected before deploying the contract, it should be pretty easy to display (since we are displaying the APY of that pool too. You can see the APY of all pools in all risk levels on the pools section of the app. So you can easily see in what pool your investment will go. Just keep in mind that your investments cant end up in the same pool.
15. I wonder if it is possible, to make it so that when a new profitable pool appears, the platform transfers part of the funds there in order to be the first and receive the most rewards in the first few days? Something like a “capital trust management” platform section, so that the robot itself constantly transfers funds somewhere?
If the pool that is added to our pool list is on par with your RISK LEVEL choice, then your funds will most likely move there in its entirety.
16. What about YieldShield audits? If it’s not a secret, has the platform already passed at least one, or is everything still in the process? What do you basically have in your plans to prevent hacks and protect users?
It had an ongoing audit but a clean and full now is still in process.
17. What are the plans for Yield Protocol? Can you lift the veil of secrecy? Will new projects be released in the near future to give the YIELD token additional usability? Are there any promising ideas for the growth of the value of the token in the future that we do not yet know about?
I can’t speak for YieldProtocol, I think all eyes are on YieldShield, if this project succeeds, more projects will come along in the near future.
18. Earlier it was said that for the participants of the Beta version of the platform, the entry threshold will be raised to 5K$. Can I learn more about these thresholds? What are they for? For the safety of users, or is there something interesting behind this for the future value of the YIELD token?
For safety only.
19. Will you keep the minimum investment at 100$ for all future releases as well? Or will we be able to invest less in the future?
A minimum of $100 will remain. It might change but most likely the minimum will go up. I think we have around 110 right now.
20. Will you allow investing in the pools directly, without a robo-farmer involved?
Yeah, we will allow that, but honestly, I wouldn’t do it. That’s why we built a robot…
21. How many funds do you need to develop the project? Currently, the total value of the project is 500k dollars. If you sell the tokens reserved for marketing, the project will be destroyed anyway. Have you tried raising funds elsewhere?
We have very (VERY) little funds left. we can do an OTC deal with some investors, but selling tokens at the current market price also seems like a VERY bad idea.
22. Will I see weekly earnings? Where will I find them? In the vault? Is there any way to guesstimate how much they will be?
Thanks for the suggested features. We will add them. We don’t have them currently.
23. Are you involved with the Yield Protocol enough to know what/if any other projects might be planned for YP? Are there any ideas you have that you would like to see developed for Yield Protocol? And yes, the security audit question is a huge one for the public to know about IMO.
From my understanding, we are the only SERIOUS project building on YP. There are some teams that are waiting to see our product before they start developing, that’s what I know. We’ve been working very closely with the YP team, so yeah, there are some things we want to be added but there’s nothing URGENT at the moment currently WE DONT HAVE A COMPLETE SECURITY AUDIT. If you’re a hacker, please report us if you find any bugs and we will give you a nice reward.
24. How much funding do you think you would be seeking?
We’ll be looking for at least $500k.
25. And any group that provides such funding. What kind of holdings do you envision them gaining?
Honestly, as I mentioned, it would mean giving up a HUGE percentage of the project, and since I KNOW this project will succeed, I see no value in raising funds now.
We hope to see you guys again in the next YieldShield AMAs.