AMA Recap: Yamp Finance

Hello $START-ers! Here you can catch up with our AMA with the CTO of yamp.finance, the cross-chain Crypto lending platform that has introduced YAMP, an LP token allowing leverage on borrowed positions.

We had a really informative discussion, but if you have any more questions be sure to join Yamp’s channels on Twitter and Telegram, and visit their website for more information.

Their IDO takes place at 14.00 UTC on Thursday 22nd July, so without further delay, let’s get into the AMA!

TheBarChef
Good day, Starter Community — Our AMA with Yamp Finance starts now! Are you as excited as we are to get this going? 🔥

Today, we are joined by @LeRage from Yamp. We will discuss their background, history of the project, security and other key topics. We will then open the chat for questions from the community and allow @LeRage to respond.

Le Rage | yamp.finance
Hi everyone

TheBarChef
@LeRage, welcome! Are you ready to rock n roll?

Le Rage | yamp.finance
🤘🤘

TheBarChef
Awesome! Why don’t we start by you telling us about yourself — what is your professional background and how did you get started in Defi?

Le Rage | yamp.finance
Sure

Le Rage | yamp.finance
I’m Younes, the CTO of yamp.finance. My personal background is in software development, I've been experimenting with solidity since Ethereum popped out when the DeFi wave arrived, we saw some great protocols come out but felt there were still some market inefficiencies, hence yamp.finance. In the team with have 3 Devs, an economics genius, a social media manager, and a graphic designer. We’re currently running our operations lean, but will look to expand post-launch.

TheBarChef
Thanks for sharing. This industry is so young and, therefore, filled with many inefficiencies that create opportunities for devs. We’ll revisit this subject a bit later. You are KYC’d with our partners at AssureDefi, correct? What did that consist of? Did you have to cut off a finger and ship it to them also? 🙂

Le Rage | yamp.finance
Haha! No one has been injured in the making of Yamp

Yes, we’ve KYC’d with AssureDefi. This was one of the first requests from our seed community, we looked for options to KYC, and Assure popped up, they gave us a cool NFT certificate too, all in a decentralised manner, love it — great product.

Core members submitted their ID and facial identifications

TheBarChef
This was a smart decision. It is a great show of confidence and helps build trust with your stakeholders. How did you come up with the idea for Yamp? Explain what that process was like…

Le Rage | yamp.finance
Yamp came from user-experience…

The entire team have LP tokens, most of them are from tokens that have a huge portion of farming incentives allocated in their supply, Farming incentives are great, but equal ‘dumping’ power by farmers, resulting in a long term loss as the token feels the wrath of farmers dumping. Hence why we started working on an indirect solution to counter this issue.

TheBarChef
I see. But why lending and borrowing of LPs specifically? It is a fairly specific niche. How does it help address that issue?

Le Rage | yamp.finance
Yamp enables LPs to leverage their token

The same as a centralised exchanges offer to leverage tokens…

Faster gains or faster losses depend on the user. But at least with Yamp, smaller LPs can feel big returns. We provide the tools, the user makes his/her decision at the end of the day.

Now in a decentralised market, we need lenders and borrowers, rather than a centralised exchange being the lender and raking in all the fees.

Yes, it’s a niche, but the DeFi market is still big enough. Being across 4 chains obviously helps

TheBarChef
Thanks for that. We will talk about your market in a second 🙂

Please share a link where users can learn more about the inner workings of the service in more detail. Also, do you have a UI teaser you would like to share with us? 🙂

Le Rage | yamp.finance
Sure!

We’ve spent a lot of time laying everything Yamp on our docs.yamp.finance

You will find video user guides on how to use the app, which will launch tomorrow. The user guides are in video format and will also allow you to see what the app will look like, for those who can’t wait until tomorrow.

Initially, Yamp will launch on Poly and BSC.

TheBarChef
Here, I will share since you are a bit shy haha

Le Rage | yamp.finance

Thanks!

We’re soon to launch on ETH, and later on SOL, requiring us to grow the team, as it’s a different coding language

TheBarChef
That is one of the things that attracted us to Yamp — the fact that you were working on your product and planned to have a working product by launch. When we launched Starter, we launched our IDO using Starter itself. There is no better sales person for your software than the software itself.

Ok, let’s continue. Have you worked with any lending protocols in the past?

Le Rage | yamp.finance
When Yearn came out we did a bit of experimenting, it was raw and didn’t conclude with anything. This time we’re back with a dedicated team

TheBarChef
I’m very familiar with Solana. I’ve spent time on Solana via my node operator company, and I’m not a big fan of Rust. But it works 🙂

Le Rage | yamp.finance
Starter on SOL soon?

TheBarChef
Shhhhhhh 🤫

Le Rage | yamp.finance
We are already in talks with a SOL IDO launchpad for a liquidity raise but are open to discussing

TheBarChef
So following up on the market. Obviously, in order to build something sustainable, you need to have a solid grasp of your target market. Here is a trifecta for you: How large is your target market? What strategies will you employ to capture a large part of that market? Who are your primary competitors and what makes you different?

Le Rage | yamp.finance
Good questions…

Our target markets are all DeFi protocols that have liquidity protocols across BSC, POLY, ETH, and SOL

Our strategy is understanding the user and facilitating all the tools he/she would expect from a leverage enabling platform. From a B2B side, we will be working closely with upcoming DeFi protocols at early stage with guaranteed liquidity, helping them work on better token economics, and consider Yamp as a -1 thought process to think about “economics with leverage”.

Primary competitors are similar products, on single chains or across multiple chains. We are yet to see an “all-in-one” product — that’s our differentiator.

It’s all about being the solution slightly before the problem occurs. And for most projects, the economics will be a long-term issue.

TheBarChef
You certainly have an ambitious schedule. Focus and consistent execution could be a challenge when pursuing too many chains simultaneously. What is your multi-chain rollout strategy?

Le Rage | yamp.finance
One at a time… Poly and BSC are working and will be live in 24 hours

ETH is an easy addition as it’s the same language

TheBarChef
Great. Now for the first of my two big questions of the day: How does Yamp generate revenue? Surely you can’t survive on your token sale alone, in perpetuity

Le Rage | yamp.finance
For SOL we've already started translating functions to Rust, but will recruit to move faster.

The balance between speed and adoption is key upon launch. We need traction on the pairs we offer leverage before introducing other chains. The product is built to scale, marketing needs to, and will follow.

Agreed, models that rely on solely the token are delusional. We have an actual business model, like an exchange Product <> Token 20% of platform fees will go to Yamp foundation for future development, 80% of platform fees will go back to lenders to maintain a sustainable incentive. Within the 20% of platform fees, a portion will go to a market buy and burn. Down the road, we will be introducing governance to vote on adjusting fees and other functionalities to respond to the community’s needs.

TheBarChef
Sounds like a solid start. Have you determined yet how Yamp Foundation will be governed?

Le Rage | yamp.finance
We’ll be using tokens as voting protocol

Participants will be able to submit proposals and vote. Once a certain % is reached, we get to work :)

TheBarChef
For the second major question of the day — and the most important to me concerning security. Flash loans have been a major issue for most lending platforms. How can they affect Yamp users and what measures do you have in place to minimize the occurrence of flash loans?

Le Rage | yamp.finance
We could go over this for hours but let me summarize…

TheBarChef
Yes, I understand. It’s a very hot and sensitive topic. Perhaps you can go over it in detail in a dedicated write-up on docs.yamp.finance soon?

Le Rage | yamp.finance
Flash loans allow people to take out short-term loans through the AMM. In the past, this has caused disastrous effects to certain DeFi producers as hackers have been able to abuse this to cause sudden spikes in pricing, and the abuse with other products like we have seen with pancake bunny.

Definitely, we have an introductory post but will get the team to expand on that specific notion

TheBarChef
Great. In the meantime, just a quick summary on how you are designed to minimize their occurrence on Yamp would suffice.

Le Rage | yamp.finance
Sure…

Yamp counters flash loans by using our own time weight average pricing oracle. If someone were to try to abuse the Yamp platform through the use of a flash loan, they would need to sustain the price fluctuations for over 30 minutes as compared to minutes or even seconds for other platforms. A flash loan attack would cause a forced liquidation of users borrowing or leveraging on a certain pair on the platform, so again for the attacker to benefit they would also need to be providing a large sum of capital before the attack to even benefit from any forced liquidation. This means while Yamp may still be somewhat affected by the potential for a flash loan, it is 1. Almost impossible to do on a very high volume pair 2. Very intensive for very little gain.

TheBarChef
Thanks 🙏 Please notify us once there is a dedicated section on your Docs site where we can read more about your flash loan protections.

Now for the final question before we open it up to the community — with so many launchpads popping up over the past quarter, why did Yamp choose Starter? How has it been to work with them?

Le Rage | yamp.finance
Starter have been great since day 1

Multi-chain raises for multi-chain products make perfect sense… So no regrets on that side.

TheBarChef
Great. It has been a pleasure working with your team as well.

Now, unpausing the chat to allow for community questions. You will select the top 3 you’d like to answer and also a winner for having the best question, then we can wrap this up.

Le Rage | yamp.finance
Got it

CZ_DYOR | crudeoil.finance
As you guys can see there’s blood in the whole market, so what’s different in YampFinance that will keep our investments safe and give us a good profit?

Le Rage | yamp.finance
Yamp is a “bear market” product as leverage can also be a solution to minimising risk

leo lopes
What are the marketing strategies going to be moving forward

Le Rage | yamp.finance
Our strategy is understanding the user and facilitating all the tools he/she would expect from a leverage enabling platform. From a B2B side, we will be working closely with upcoming DeFi protocols at early stage with guaranteed liquidity, helping them work on better token economics, and consider Yamp as a -1 thought process to think about “economics with leverage”

King Richie
How can we help to grow the Yamp community and ecosystem?

Le Rage | yamp.finance
Join the community, stay curious

King Richie
What is the market cap on launch?

Le Rage | yamp.finance

The potential is here

TheBarChef
Great. Looks like the slow mode worked perfectly for this session, real questions by real people vs. 1000s of questions from bots 🙂 Well, thank you very much @LeRage for joining us for this AMA. I hope it was insightful to some and a great refresher for others. We look forward to your launch tomorrow!

Le Rage | yamp.finance
Thanks for the time!

Exciting times, see you all tomorrow

TheBarChef
Thanks! Chat is opened.

Yamp.Finance

✉️ Telegram: https://t.me/yampfinance
🐦 Twitter: https://twitter.com/yampfinance
📄 Docs: docs.yamp.finance
📝 Medium: https://yamfinance.medium.com/
🌐 Website: https://yamp.finance/

Starter

✉️ Telegram: https://t.me/starterxyz
🐦 Twitter: https://twitter.com/starterxyz
🔊 Announcements: https://t.me/BSCstarter_announcements
🚀 START Contract: https://bscscan.com/token/0x31d0a7ada4d4c131eb612db48861211f63e57610

The #1 and most active community-oriented multichain token presale platform $START https://BSCstarter.finance