Gem Hunters - Edition 4
Welcome back to the fourth edition of 'Gem Hunters' this is a series that I have wanted to write for a long time now, ever since we started to see lots of traction in the market with pre-sale, token hype in the DeFi space, and just general excitement about new and emerging altcoins! This newsletter tracks some of our favorite projects…
In this fourth official Gem Hunters edition, I wanted to share two projects that I think could see some pretty major upside over the next 1-2 months, I'm not sure how often I will release articles like this, I guess it depends on the feedback and response... but considering the response has been fucking incredible so far these editions will happen every week while the market is hot... once the market calms down then we could reduce the release to bi-weekly.
So let's dive straight into this first gem hunters edition and look at the picks...
1) Y.Financial is a project I have been watching for the past few weeks, we had an AMA in our HedgedInterest telegram channel which went really well that allowed us to learn more about the project and what they are trying to build in the cryptocurrency space. They are building something that should really have an impact on the space…
One of the most highly talked about areas within the blockchain space is ‘DeFi’, over the past 12 months is has become the fastest growing areas within blockchain and everyone wants to get involved. Y.Financial offers something that is pretty unique within the space that only now people are starting to think about… that is Indices.
Switching between different farms can be very profitable, but takes time and includes high gas costs. Y.Financial combines four top-performing assets within DeFi and Yield Farming and optimizes the process on their first index token YFIN automatically. This makes the process of new and interested parties getting involved with both the ‘DeFi’ and ‘Yield Farming’ assets with easy accessibility and usability. Also another problem this solves is less volatility and a more averaged out return on gains, due to the fact you are using an index, this prevents huge downside swings and makes your position more reliable over time. Products like this are needed in such a volatile market and I personally think what Y.Financial are building is something super cool and unique.
Another major bonus to using the Y.Financial ecosystem is the reduction of fees and gas across the board, If a user were to invest in four of the underlying assets of the index token individually with current gas marks, he would pay $200 in fees. Y.Financial remove the process of swapping multiple times and therefore reduce the gas fees for the user to $20-$50. A pretty significant saving when swaps need to be made regularly.
Y.Financial have their own governance token called YDOT. During governance votes, the more YDOT tokens a user has, the more their vote is worth. Voting for governance also entitles holders for airdrop rewards proportionate to the number of YDOT. The more YDOT you hold when voting, the bigger your share in airdrop rewards from yield farming opportunities coming from our index tokens. YDOT, therefore, rewards the user in multiple ways from just holding the token - the more interest we have in the main index token, the more YDOT holders benefit. So not only does the token work as a governance token for voting, it also rewards users who participate in the ecosystem.
The Token Generation Event is scheduled for Friday, 16thof October 2020. Listing on UNISWAP will occur immediately post TGE. Listing is supported with 200 ETH and 250,000 YDOT.
The initial circulating supply is 720,000 YDOT tokens. According to the last round with a rate of 1200 YDOT/ETH this leads to an initial market cap on Day 1 of 600 ETH. The total token pre-sale is 1'000 ETH.
I am personally super excited to watch Y.Financial grow over the coming few months, I am super interested to see what different type of indexes are built and how well the token is adopted into the market. I personally think it's a great platform that has a lot of potentials to have a large impact and gain market share, looking forward to the token launch tomorrow and to see the rollout of the ecosystem! Very exciting project.
2) The second project I want to mention in this Gem Hunters edition is Injective Protocol, The Injective Chain is a fully-decentralized sidechain relayer network which serves as a layer- 2 derivatives platform, trade execution coordinator(TEC), and decentralized order book. The core consensus is Tendermint- based.
Injective Protocol is an end-to-end decentralized protocol that creates a platform for decentralized perpetual swaps, futures, margin, and spot trading. Injective Protocol provides traders unparalleled access to new decentralized derivatives markets without any restrictions. It allows users the freedom to create and trade on any derivatives market of their choosing without being tied down or restricted which is a huge advantage and opportunity.
Binance announced that Injective will be the next project to launch a public sale on its platform. This means Injective will be the first incubated project by Binance Labs to debut its public sale via Binance Launchpad. As we know already, this is happening soon and I am personally super excited to watch the rollout of Injective, I think the impact is can have on the space is huge. Especially with their backing and partners. Injective now garnered funding from a group that includes Pantera Capital, Hashed, and a diverse array of prominent funds as well as market makers in the blockchain space. I love the funding and support they are receiving from such reputable sources.
Unlike traditional exchanges that serve as gatekeepers to the crypto industry, Injective transforms an exchange into a decentralized public utility. What truly differentiates Injective is that they bring every component of a decentralized exchange to the public. Everything — from the front-end exchange interface, back-end infrastructure, smart contracts, to orderbook liquidity — is provided openly and for free. This transforms the traditional business model of exchanges as we eliminate the technical barrier to entry for individuals to freely run a highly performative exchange.
You can just see from the infrastructure that Injective is building they are really looking to become one of the leading platforms for providing not only back end services but the whole lifecycle of a healthy exchange. Decentralized exchanges are becoming more and more popular as the lifecycle of the blockchain space expands and people are really seeing how much value they provide. Being able to decentralize exchange and give back power and rewards back to the users is something we haven’t see done before and I am super excited for this project to rollout. There are so many different elements to Injective and in a more in-depth article this week we will go into the platform in more detail, for now I believe that the Injective Protocol is looking to debut their products this year as soon as listing has been completed! Exciting news!
Ok, so that's pretty much it for the fourth edition of Gem Hunters, I want to take this opportunity to thank everyone for their continued support on this written series. These are a really good project I think could provide all readers of this article true value, I don't ask anything in return, everything is free and we love writing content for everyone! Thanks again and please if you did enjoy remember to share this article with friends and family!