YOP: DeFi World in Your Pocket
yPlatform&yProtocol all in one
Judy_EncryptClub: Given the new benefit exposure brought by market correction, many institutions and investors are optimistic about market trend in 2021. As public awareness of decentralized products has been awaken by the prosperous DeFi market in 2020 already, there is no doubt that product of this kind will be performing pretty well this year. Therefore, we remain bullish about projects like YOP which facilitates public convenience and DeFi ecosystem.
Today we are honored to have the founder of YOP (Yield Optimization Platform & Protoco) Atif Yaqub with us, and introduce YOP, the DeFi world in your pocket to us.
Thanks for coming, Atif, could you introduce yourself to the community?
Atif: Hello, everyone. I am Atif Yaqub, Founder of YOP. Born and raised in UK. Have been active in the crypto space for almost 5 years now. Started with Bitcoin mining and Ethereum, then moved into investing and over the years supported various projects. Enjoy travelling, visited China many times, love Asia. I take part in motorsport for my hobby and have been very enthusiastic about Bitcoin from the day I understood it.
Q1: YOP is relatively new to our community, could you give us an introduction of YOP?
Atif: YOP is based in, London UK with a global team. We have been in development since Summer 2020. Our project focuses on user experience making it easy for everyone to access DeFi and the crypto markets. YOP — stand for Yield Optimization Platform and Protocol. Yield optimization on the mobile, web and tablet. Accessing all DeFi protocols from one app. Yield generation from liquidity mining, APY Pools, launch pads and various other DeFi protocols, such as ETH vaults.
YOP operates with a global team from UK, Germany, Ukraine, and Philippines. Our team is a mixture of business leaders, UX/UI professionals and blockchain engineers to deliver the best product possible. With more support from our global partners around the world. YOP is backed by institutional investors from the London Stock Exchange, giving us further reach than other projects. We look forward to growing our followers in China and Far East Asia.
Don’t forget also our Mobile Slides.
Q2：The most exciting point of YOP falls on its launch of portable DEX App which facilitates the transaction and enables mobile users to trade directly on it without the limitation of wallet App. What convenience will it bring to users in your opinion?
Atif: At the moment users have to engage with multiple platforms to access DeFi markets. We believe that to grow liquidity and adoption you need a more seamless process. This is why we bring all the tools into one application. Our 5 core products give the user all the data required to make the best decision, while remaining non-custodial. The user having control and sight of their funds is very important to stay true to the essence of crypto.
This is why integrating the wallet to allow the user to sign transactions in the same app was an important feature for us. YOP is designed in a way that each of the 5 core products; Farmers Market, SWAP DEX, Wallet, Market Data & Personal Portfolio Dashboard, are robust and strong enough to be stand alone applications.
Q3：For a DEX, the size of its liquidity pool is the data most likely to generate head effect. So how will YOP’s DEX provide liquidity pool in the early stage to attract projects to list here constantly?
In the first stages we will aggregate liquidity from the market leaders like Uniswap. We will also integrate current aggregators like 1inch. So in a sense we become like an aggregator of aggregator at first. Then with v1 and v2 launches we will have a large enough user base to port over that liquidity into our native DEX. The best part of a DEX is that with permissionless access we can integrate several providers.
This is where we intend to also bring in cross chain aggregation in a seamless way that the customer does not even notice. Bringing more liquidity to the DeFi market is a key hurdle to grow. Having the infrastructure for this will enable billions of dollars to come into the crypto markets. As we have close partners in the traditional financial markets, we want to bridge the gap between the old finance world and the new DeFi world.
Q4：YOP is powered by Ethereum and Polkadot ecosystems, how will a successful upgraded ETH2.0 benefit YOP, what opportunities will YOP gain from the development of DOT ecosystem?
Did you notice blue (Etheruem) and pink (polkadot) makes purple (YOP). We believe DOT is going to be a support to the Ethereum network, so while we wait for ETH2 to arrive so we can start having faster transaction and lower fees. We believe at this point Ethereum network will really allow DeFi to rapidly scale. We are closely following development with both chains and also very much like Moonbeam on Polkadot. Beyond Ethereum and Polkadot we plan to integrate Binance Smart Chain (pankcake swap) and then other emerging networks like Solana.
Q5：YOP has a gorgeous UI design, and we can feel the team’s dedication into this project. However, any project may be undervalued by the market. How will YOP deal with this situation and rebuild market confidence if you were in such an situation?
We are not here for short term gain. So the market moves up and down as time passes but we are building today and will be still building product if market is down. Also our community and partners are very strong so we can have long term support in all situations. It takes time to build a community and growing slowly sometimes is better, but we already achieved so much in a short space of time. Our Telegram community is nearly 18,000 and we have been approved to list on leading sites around the world with very strong coverage in media also. So hard work pays.
Judy：Here comes our free QA session, our guest will choose 1 lucky question to give a brief answer.
User: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Atif: Good question. Customer safety is very important to us. Our smart contracts are audited and then checked again. Our team has 2 tiers of development so we also get to review all code twice internally by separate teams. For external contracts we will verify first before introducing to the YOP app and also make sure we have correct labels and information so the customers are always aware of any risks. Safety and security is high on our list.
Judy_EncryptClub: Thanks Atif for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.