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On 13rd August 2021, YDragon conducted an AMA in the Crypto Library Community. Our guest are Leon, Raiden, Halfdan & Octal. Lots of questions as usual from the Community about YDragon progress. The YDragon 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 YDragon.

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

Leon : YDragon is a group of financial products, created to help reduce risk and increase returns by using some key features in the defi space. The main product focus is a number of prearranged coin groups, known as indexes, spread across different blockchains. These coins, or assets, have a value, and these stored funds are used to reward users with additional income. This is known as passive income (without any work) through yield farming. To summarize, by investing in a YDragon index, you are investing in a number of coins, with a further option of investing in the passive income systems - or yield-farming protocols - that are linked to that index. We’ve been working on this project since last year and we’re really excited to be launching soon!

 

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

 

Octal : The core feature for us that really sets us apart from our competitors is our passive income generation and cross-chain offering. By choosing YDragon you can reduce your risk with our indexes, whilst opening yourself to a range of crypto niches, and generate income from those indexes. No other project is currently offering this, and we’re also simplifying the whole process, by reducing transactions (and costs) and offering articles and videos on how to use our platform, so anyone can get involved, you don’t need to be a crypto expert.

 

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

 

Raiden : YDR is the utility & governance token of the YDragon ecosystem. YDR captures the growth of every index within the ecosystem, receives numerous revenue sources, allows the community to participate in governance and therefore provides incentive to hold. YDR will accumulate numerous revenue streams from fees on many indexes as well as from the yield bearing collateral and increased exposure to YDR in the indexes of the YDragon ecosystem. Users will be able to provide liquidity for indexes and farm YDR or stake index coins and earn YDR.

 

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans??  

 

Halfdan : Yes sure! You can find our roadmap here, please do take a look. We’re working on several key items for the remainder of the year including the launching of more indexes, cross-chain compatibility, governance expansion and transition from a managed index model, to a full automated model. The next big phase on our roadmap is simple and coming soon : - Token released : August 18th - Index Minting Event (Launch of our product) : Soon after Token launch! Stay tuned it's gonna be huge!

 

SECOND SEGMENT (TWITTER)

Crypto Library Team : When it comes to platforms like YDragon, security is a fundamental pillar.What are the security protocols that you have included in your platform to protect all the assets and products of your main commercial partners and users? How invulnerable are they to malicious attacks?

 

Leon : Preventative tools have been mostly unsuccessful as you’ve seen that many protocols still get hacked even after many audits and preventative measures implemented. We have obviously went through audits as well, but we felt that we needed a way to react after the fact - Lossless protocol, with who we are partnered, is great for that. Lossless basically makes the YDR token a honeypot for hackers: it’s a post-hack mitigation strategy that freezes malicious transactions, and later undergoes a rigorous process of fund recovery. You can read more here: https://losslesscash.medium.com/how-does-the-lossless-protocol-work-19b62da05e01

 

Crypto Library Team : Your token $YDR is a utility token as well as a governance token where users have the ability to vote and make decisions about the future of the YDragon index and strategies, and earn passive income at the same time. Why does $YDR have two functional properties?  

 

Octal : We believe that the more utility a native token has, the better for the price discovery action of the token. We want to capture as many subsets of the potential investors as possible. The token is there to provide added utility for our ecosystem as a whole, and this utility will initially be governance and staking. Part of our index offerings will be cooked up by us, but in the future we envision that a large part of these indexes will be created via governance - users will dictate what these indexes hold, how much they hold, how they are balanced, etc. Crowdsourcing index creation, and making investors accountable for those decisions, is one reason we need a token.On the staking side we want an extra way of rewarding ecosystem participants - not just liquidity providers and index token holders, but the people that actually invest in us as well.Also you can expect more utility for our native token to get rolled out over the coming months - we’re constantly brainstorming new ideas and welcome any suggestions.

THIRD SEGMENT (LIVE QUESTIONS) 

Crypto Library Team : Why did you name your project YDragon and what does the name have to do with what your project is all about? 

 

Raiden : The "Y" stands for Yield so YDragon means Yield Dragon. The inspiration behind YDragon was to develop on the themes around ancient dragons hoarding and protecting treasure and gold. So the bottom line is that YDragon is a platform built from the ground up to protect investor assets and provide a safe place to earn reliable returns.  

 

Crypto Library Team : While you build your project, do you take into account community feedbacks and demands?

 

Leon : Absolutely, we actively encourage our community to provide us with feedback about our products and our platform. We will use this feedback to respond to the community and make changes that will improve our offering, so please, do be active and communicate with us!

 

Crypto Library Team : How does an initial minting event work ?

 

Halfdan : Index Minting Event is somehow even more important than the IDO. The Index Minting Event will be the launch of our product and platform! A minting event is simply a period during which a user can purchase shares in an index that is going live shortly after the end of the minting event. Participating in a minting event awards the user select benefits exclusive to a particular minting event. Details about these benefits will be announced before every minting event.

Crypto Library Team : The BSC Top 5 Reputable Projects is a selection of the top 5 tokens listed in multiple chains in binance, in addition to YDR, that have the ability to produce high returns. So is $ YDR part of this top? What are the yield benefits they can provide for traditional farmers?4008

Halfdan : $YDR will be part of every index! This will allow our token to face a strong buying power at each IME. The farming aspect is mostly automated, which means you don't have to jump from a farm to another, we do that for you!

Crypto Library Team : Is it possible that an indices YDragon will be using are be composed of different assets coming from different networks and blockchains for further diversification?

Halfdan : The strong point of YDragon is to have crosschain indices as well. Which mean you can have one index for BSC top 5 projects, one index for ETH top 5 projects but also in the future you can have for example : - NFT Index : Top NFT projects from different networks (blockchain) - Gaming Index : Top Gaming projects from different blockchains etc...

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