AMA RECAP OF Yield Parrot Finance HELD ON 06/1/2022
We held a live telegram Ama session with Yield Parrot Finance in our official telegram channel on 6th Jan,2022 and here is a recap for the same in case you miss the live Ama session
Hello @MasterParrot we welcome you to an ama session with Dappcentre Official :)
Guest :- Hello! Thanks for having me here today again haha.I was here a few months ago when we launched on BSC
Segment 1 – Host questions
Q1 Please introduce yourself and your team to our community and tell your crypto story
Guest :- I'm Master Parrot from the Yield Parrot team. I've been in crypto for almost two years now. I'm head of marketing and business development at Yield Parrot. We launched on BSC in June and we are now going multichain into Fantom
Q2 What is Yield Parrot Finance all about , it's usecase and how you got the Idea of creating it??
Guest :- We are a yield aggregator & optimizer.Basically what we offer is a wide variety of vaults for our users to stake all their favorite tokens with a higher APY than the original farm.
We do 6 auto-compounds per day and add $LORY to the rewards. In the Fantom platform we will lead to Fantom farms of the most popular projects, do autocompound and add $fLORY to the rewards.
We also create some advanced strategies to offer even higher APYs, such as our Maximizers.A few months ago we offered +160% APY for staking Cake and almost 200% for staking Banana
The maximizers are not endless. We have a financial engineer that is continuously searching for that kind of opportunities across all the DeFi landscape and for the last part of the question. The idea of creating it came because most of our team have worked on other successful DeFi projects, and saw that there were many yield farming projects, but no one creating advanced strategies to offer better opportunities and higher APYs
Q3 What are some of the significant development done in yield parrot from the previous ama hosted by us on 22nd June?
Guest :- All right, good question apart from the Maximizer we have built quite a few interesting developments too one of the developments that our community likes more is the Golden Wheel.
We have the Golden Lory pool, where users can stake Lory and earn WBNB. This pool is used to distribute most of the revenue of the protocol to the holders but that's not all. We have created a recommended path were users can maximize their profits using the Golden Lory pool and the Auto Lory-BNB vault
We also get on board really big partnerships, opening new opportunities for all our community, such as ApeSwap, BabySwap, JetSwap, Wault Finance, and many more.
We are currently developing some world-class partnerships on Fantom before we go live. Just about yesterday we partnered with SpiritSwap, the second biggest project on all Fantom Chain.
Q4 Why you decided to launch your product in ftm chain as well? What are significant advantages of this launch and can you share the details on how can our community participate in the pre-sale ?
Guest :- Going multichain was part of our roadmap since the very beginning of the project. We choose Fantom for the technology behind the network and the great potential we see in it for all the projects that are building in it.
The tech is much faster and cheaper than BSC, and there it has been experiencing huge growth.Last week all the market was red and FTM went almost x2 in only seven days. For this launch we have been incubated by DeFi Launch, strengthening several areas of our ecosystem
We have redesigned our tokenomics $fLORY will have a max supply (and quite low to be honest). So that means that it will be much easier for the price to grow. We also developed buyback vaults, that provide steady buy pressure for the $fLORY token. Basically what these buyback vaults do is to buy more $fLORY each time all our vaults compounds (6 times per day)
This is HUGE for the growth of the token. Imagine 23 vaults compounding 6 times per day, and each one of those automatically buying $fLORY each time it compounds
And about the last part of your question
To participate the users will only need USDC. I'll share an article with a very easy step by step explanation on how to bridge from BSC to Fantom, and how to buy $fLORY at presale
Q5 What are your plans regarding nft launch and what will be the usecase of your nft ?
Guest :- The NFTs features are already in the development phase. We two Lory collections from two different designer artists. We are about to go multichain and add the buyback vaults, two major milestones in one step and the next step will be the LORY NFT features, which will have staking use cases and some more innovative surprises that we'll announce in around 2-3 weeks
Segment 2 – Twitter questions
Q1 Vaults are an automated way of compounding interest on assets that are deposited in a farming pool. Enhancing this function requires several steps which require transactions within the blockchain. Can you explain to us what are the fees that are paid for this concept?
Guest :- All right, good question. There are network fees, that are quite low on BSC, and even lower on Fantom. Each vault only does one transaction when it compounds, getting the funds of all the participants to compound in the same transaction so that the already small fee, gets even smaller when it's distributed among all the participants of the vault
Q2 As I observed you have done a lot of partnership can you mention some of the key partnerships and how will it benefit yield parrot finance? Also do you have plans to launch on more chains in the future???
Guest :- I would say that the two biggest partnerships we achieved on BSC are with ApeSwap and BabySwap. That got us a lot of new users.
Especially BabySwap, in which we got a LORY-USDT farm, and a slot at The Playground. We look to the analytics of the website and more than 700 new unique users come from BabySwap Playground every month.
That's because we have built more than 10 vaults optimizing BabySwap farms. That's part of our long term collaboration.
We also built cross-pools and have done several cross-marketing actions to reach their huge communityAnd as I said earlier in this AMA, just yesterday we partnered with SpiritSwap, the second biggest project on all Fantom chain
For now, we'll stay in BSC and Fantom. We don't have plans to go into another chain in the short-term. Maybe we'll do it in the mid or long term if we consider that there is a potential benefit for our ecosystem.
Segment 3 – Community questions
Q1 Hello there Master Parrot. This is a really real and amazing project. I love tokens on based BNB. Sometimes market crypto are going dumping and i swap to busd with 0.1% fee for safe. Later on bnb if crypto market going stable without down. Thats why i love it. I have two questions for you:
1. What's the best token in project?
2. Is worth stake more GOLDEN LORY? Is the best this token?
Guest :- Good question. There is no better or worst token, both bsc $LORY and $fLORY are very good opportunities. It mostly depends if you like more to stake bsc tokens on the platform or Fantom tokens. That way you will earn $LORY or $fLORY depending on which network and vaults you are in an regarding the Golden Lory. It's not a token itself, but a pool, where people can Stake Lory and Earn WBNB. It's very attractive to most of our users. I belive you will like it.
Q2 Does your project is security audit and in future which update you will work to attrack the investors towards this project ??
Guest :- We actually have 2 audits. We were audited by Techrate before we launched and got an extra audit from HashEx after we launch. HashEx was strongly recommended by our friends at ApeSwap. We've been live in BSC since June and never experienced any kind of security breaches.
Q3 Hello, Sir where can I buy your tokens right now what is your current contract and how can I buy them??" Will you have any other DeFI feature like staking, yiekds farm or NFT in the future? Can share a little about your roadmap ???
Guest :- You can buy bsc $LORY at ApeSwap but the best opportunity will come on our Fantom presale, where you will be able to buy $fLORY with 2-10% discount. The presale will take place at ftm.defilaunch.finance as the closure of our Incubation Program with DeFi Launch.
So with that we came to the end of this ama session anything you will like to conclude with :)
Yes please. I'll share a post with the details of our upcoming presale
🦜@Yield_Parrot goes multichain into @FantomFDN
✅New tokenomics limited supply
✅Buyback vaults steady price growth
🛡️Live in #BSC since June without any kind of security breaches
🤑Buy $fLORY at presale with a great discount!
🗓Jan 8th, 23.00 UTC
Best and kindest regards!