Dear NMKR community,
In this blog post, we introduce the amazing DeFi project VyFinance.
VyFinance is a DEX that is easy to use, and you don't need to worry about managing your own funds because their auto harvester feature does it for you. People who don't have the time or knowledge to engage with a DEX can come in and choose a level of risk they are comfortable taking on (low, medium, or high), and let the auto harvester do the work.
Steven Ward, CEO and Director of VyFinance, comes from the traditional finance industry and he gave us his insights about the DeFi space, his motivation, and his opinion on the future of finance.
NMKR: What inspired you to start developing VyFinance? Please tell us what makes it so special.
Steven: I was using DEFI on the Ethereum, Tron, and BNB chains as my principal income. Through my experience gained with these systems, I started observing multiple weaknesses that needed to be addressed - principally the inflationary token design. Spurred by this realization, I worked to build an ecosystem that would balance these issues by merging existing functions and creating some new ones.
NMKR: What are the major challenges you're facing right now?
Steven: The bear market is never an ideal scenario, as it becomes more difficult to engage and maintain the community. Many people run away from crypto in these times, and the reduced engagement is certainly something that we are working hard to overcome. Also the technical difficulties that exist by building on Cardano. Everything we do can feel as if we are ‘reinventing the wheel’ so to speak, and must be dealt with one hurdle at a time.
NMKR: It’d be great to know your take on the Vasil upgrade. What do you imagine DeFi applications on Cardano to be like in the near future?
Steven: I hope for a larger capacity of transaction at a cheaper rate. The cheaper it is to conduct a transaction, the easier it is to gain adoption, particularly from poorer communities. The increased load that was seen soon after the launch of Sundaeswap is also an issue we want to overcome - so that we can have more stability on chain once we reach mass-adoption.
NMKR: What are you doing to get people to use or invest in your project? Please share some thoughts about your growth strategy.
Steven: Most recently we built a lottery - the first on Cardano. I believe in the mantra that constantly innovating will bring new interest. Our focus is to continue on this path, and provide new products that don’t yet exist on chain. This is how we differentiate ourselves from the competition, and build a dedicated user base.
NMKR: What do you think about NMKR? Tell us what we can do for you in the long run so we both win!
Steven: We minted our NFT’s using NMKR, and we are certainly fans of the project. Into the future, the capacity to farm NMKR LP on our DEX will bring more value to holders of NMKR token. I am also excited for our joint venture on Blueshift, and the exploration of bridging onto Milkomeda. We have a lot of growth to do together, and I am excited to be working with the team!
NMKR: What's your vision for the future of blockchain/decentralized technologies like Cardano? Please tell us what you're doing to make that future a reality.
Steven: We believe that Cardano should be a safe place for the unbanked and underbanked to engage with a financial system. Many aspects on Cardano protect users from a technical perspective, but there is also the social engineering risk that accompanies any investment in blockchain projects. We are working to build educational content and automated systems for engagement with Cardano DEFI to assist new users in onboarding to the chain. We are also focused on transparency and openness so that new users can see that we are not running any social engineering campaign.
NMKR: If our readers want to get in touch with you, where can they find you?
Steven: They can find us at vyfi.io and app.vyfi.io. From these links, you can engage with all of our socials. Feel free to come say hello, and ask any questions you have. Our white papers are here: vyfi.io/info.