SINGAPORE / ACCESSWIRE / December 2, 2020 / The exponential rise of decentralized finance has garnered a monumental amount of support and popularity. Within the course of less than a year, DeFi has added a staggering $13 billion dollars to its total value locked amount and is expected to grow to new highs in the near future. The key to DeFi's success is that it provides decentralized financial tools and services to anyone with little more than an internet connection. This approach to finance highlights a new era of banking services and is expected to bring in a new wave of innovation to the crypto space.
While the future of DeFi continues to become increasingly optimistic, its infancy promises an unavoidable flurry of growing pains. One of the growing pains currently plaguing the industry is the onslaught of scams, hackers, and protocol exploits. As news of a new protocol hack or exploit hits the market, more and more begin to associate DeFi as being a virtual minefield. Doubling as a virtual minefield is the fact that DeFi is now regarded as the wild west of crypto as bad actors and suspicious practices continue to grow along with its popularity. Luckily, YFDAI is already leading the way to a new future in DeFi - the minefield!
How YFDAI is shaking up the Industry?
In a DeFi world of uncertainties and unsustainability, YFDAI has chosen to take a different approach to DeFi. To lay the base for their fundamentals, YFDAI has locked all liquidity and team tokens in time-locked smart contracts. These contracts, as well as the protocol, have all been fully audited and certified by the Blockchain Consilium, a renowned blockchain auditing firm. To further scaffold the fundamentals of the project, the team has been publically unveiled with their names and social media on the project's website.
One of the unfortunate truths about most of the DeFi protocols is that they often encompass less than half of the actions taken by the YFDAI project (eg. full audit certification, locked tokens, non-anon). Electing to lay this foundation early on has not only further solidified YFDAI's stance on security and transparency, but also has garnered it much clout, even for being a newly formed project.
YFDAI - Above the Basics
As a DeFi leader, the team at YFDAI knows the project must go above and beyond to position itself for long-term success. YFDAI project is developed by Singapore based company and its also having Crypto Exchange and wallet license from Estonia, this further establishes their position in the DeFi space. This step has been monumental as the licenses help YFDAI offer new services and financial tools such as launching an e-commerce suite with fiat on/off ramps and debit cards without future legal scrutiny. Adding further to their practices, YFDAI is also well acquainted with the current SEC guidelines thanks to the legal opinions from their expert legal panel.
Setting a path for a better DeFi future is important to YFDAI. That's why it has used the same standards as a benchmark for other DeFi projects to follow. The LaunchPad and SafeSwap exchange were built in order to help construct and foster projects to achieve the highest caliber in the industry.
Maintaining a balance
It is often believed that security and regulation must be sacrificed for freedom and decentralization, especially in the case of DeFi. In practice, however, YFDAI has been able to maintain this balance without sacrificing decentralization. What's been found is that utilizing secure and transparent practices have naturally made YFDAI fall into compliance, free from legal issues. Operating through the right practices in security and transparency in mind should always be the main goal of DeFi. Championing these principals champions the investor, this will inevitably lead us to new waves of innovation and unlocking new potentials.