AMA Recap Crypto Library with YFX Global Ambassador


On 31st May 2021, YFX Global Ambassador conducted an AMA in the Crypto Library Community. Our guest is R.L. Lots of questions as usual from the Community about YFX Global Ambassador progress. The YFX Global Ambassador team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into YFX Global Ambassador.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

R.L (YFX Global Ambassador) : Sure. I'm R.L., the author of Blockchain: Project Renaissance Volume I and II and I've written for a number of projects in crypto and worked for many others. I'm a Global Ambassador for YFX. Thanks for asking!
Crypto Library Team : What is YFX? and how your team can create this big project?

R.L (YFX Global Ambassador) : is a defi derivatives trading platform. YFX is committed to becoming the world's top decentralized contract exchange, allowing users to truly realize contract trading on YFX like a centralized exchange. Continuous technological iterations provide global users with safe, stable and smooth decentralized 100X leveraged contract trading products. Relying on decentralized contract exchanges, will build a closed-loop ecosystem and gradually develop decentralized currency, lending and option transaction products.

Crypto Library Team : Could you give us some reason Why we have to choose YFX than other projects out there?

R.L (YFX Global Ambassador) : delves into the decentralized perpetual contract trading platform, and provides users with safe, stable and smooth decentralized 100X leveraged contract trading products for users around the world. At the same time, invited the world's top auditing agency, CertiK, to do the engineering code. The whole process of auditing ensures the security of the code. In order to reduce the user's transaction costs on, the distributed cross-chain and multi-chain deployment has been deployed on the Ethereum layer2, HBC, Tron, Heco and other public chains, which solves congestion and high gas fees on the Ethereum mainnet network. YFX won't speak badly about individual projects but no other project has this. YFX is the first mover in the entire blockchain industry.

Crypto Library Team : Please tell us about $YFX token! What are the token use-case, distribution, and where we can buy it?

R.L (YFX Global Ambassador) : The YFX token is a governance token that users will hold if they choose to have voting rights in the future of the protocol. Eventually the protocol will become completely decentralized and turned over to the community. So, holding $YFX token enables traders on our platform a voting stake in the YFX community and how it operates. The total supply of  the $YFX token will be 100 million tokens. The $YFX token is distributed across all four chains we use currently so traders can enjoy using our token across the chains and help scale the protocol and for ease of use.
$YFX token is now trading on Sushiswap, Mdex, MXC, BitZ, COINBENE, GateIO and BiKi.

Crypto Library Team : Please share some information about your roadmap, your milestones, and your future plans?

R.L (YFX Global Ambassador) : Just yesterday,, the Founder of Tron’s company, Justin Sun, tweeted about YFX and TRX’s LP collaboration. The broad roadmap of YFX is simple: to become the world’s preeminent exchange for perpetual contract trading. It’s that easy. There are a lot of short term roadmaps that we release. For example, just recently one we’ve just completed was the token launch and listings across the market. That was a big success and the work never actually ends or someone else can take your spot - it’s all about continuing to innovate and providing services the market deems necessary by demand.
Crypto Library Team : You comment that YFX's goal is to build a DEX that can compete with the CEXs on the derivatives trading floor. In your opinion, what are the main challenges and hurdles you need to overcome to make a DEX that can beat a CEX? What barriers do you need to overcome?

R.L (YFX Global Ambassador) : Wow amazing question! Well I really believe it's the other way around, how can the CEX compete with the DEXs now. To be honest, the DEX now has a major advantage. YFX has the best tech now so it is working to become the top ranked DEX, CEXs will continue to lose their edge from being a first mover in the market across time but they will not go away. They're easy for new users to use for now. Maybe when everyone is more advanced in crypto they almost go away though, not sure.

Crypto Library Team : YFx as a Defi trading platform that is compatible with Ethereum, Tron, Binance Smart Chain and Huobi Heco. How do you manage to achieve good interoperability between all these chains?

R.L (YFX Global Ambassador) : The developers are next level. Someone has to be first to achieve this big goals and YFX wants to be first over and over again. That's what great minds and innovators accomplish, the first mover advantage. 
Crypto Library Team : What about YFX that you are most proud of when you founded it? Can you tell me the difficult road that you had to go from the first day of YFX's founding until now to me and everyone?

R.L (YFX Global Ambassador) : Being the first in the space to do cross-chain perpetual contracts while everyone else is still stuck on one chain was a big accomplishment! YFX is very proud of that achievement.

Crypto Library Team : What is your plan about globalization? Do you have local Communities for those user who don't understand English well?

R.L (YFX Global Ambassador) : Currently YFX has many different communities. That's one of YFX's strengths, the project is very decentralized and has representatives and ambassadors around the entire world. That is a major leg up on the competition when there's progress 24 hours every day.

Crypto Library Team : Who are the Software Users in the facility of this YFX project? What advantages does the YFX project aim to provide users of this software with? Without having to use other existing software? Would you please answer for me?

R.L (YFX Global Ambassador) : There's no real software needed. Other than a wallet to connect and some gas for transaction costs, the network doesn't need to be downloaded.

Crypto Library Team : Is your platform suitable for Crypto beginners? Or does it only appeal to professional users?

R.L (YFX Global Ambassador) : I believe it is very usable for a crypto beginner. That's important to YFX that everyone can be included. That's why they developed the protocol to give traders options across the market but only as long as it is legal in your jurisdiction. Always check the site for that.

Crypto Library Team : How do you think that as a community we can collaborate in improving the your project, in addition to our feeedback?

R.L (YFX Global Ambassador) : YFX always wants feedback on what can be better or what the market [users] want next. Everyone should join the YFX telegram group and provide feedback, YFX listens to their users.