Fantom Ecosystem Spotlight – Yoshi.exchange
In the ongoing efforts of builders in the Fantom ecosystem to lower barriers to entry and streamline user experience, the Yoshi.exchange team is at the front lines.
After launching in Q4 2021, the Yoshi team has moved quickly to secure key partnerships and develop tools users need to onboard and join the Fantom ecosystem.
This project gives us one more reason to believe that 2022 will be an epic year for Fantom.
1. What is Yoshi.exchange?
Yoshi.exchange is a decentralized exchange (DEX) Aggregator deployed on Fantom and Binance Smart Chain. It sources low-spread and low-slippage trades from partner DEXs while adding liquidity to the whole network.
We offer a range of features aimed at both new and experienced users:
- Liquidity pools: Yoshi.exchange maintains its own liquidity pools. Users who supply liquidity are incentivized with proportional shares of fees from token swaps.
- Token bridge: Our token bridge service simplifies onboarding for users joining the Fantom network.
- Fiat on-ramp integration: We are finalizing our fiat on-ramp to allow new users to use their banking (credit/debit) cards to buy tokens directly on Yoshi! We’re in the process of obtaining the required legal status and licenses to make this happen.
- Crypto Wallet: We’ll soon be launching our non-custodial crypto wallet, which will integrate fiat-on ramp through the wallet interface. We’ve worked hard to streamline user experience and improve upon the popular wallets currently on the market. This will be the first wallet of its kind built on the Fantom network.
These features combine to complete a closed-cycle payment system maintained by Yoshi on the Fantom network.
Beyond the above, we also offer a widget that allows developers to integrate the power of our DEX aggregator into any website.
For example: Let’s assume that you manage an e-commerce business that accepts crypto payments. Prospects on your site who need to exchange their tokens for cryptocurrencies that you accept can use the integrated widget interface to complete quick swaps without leaving your website. The widget fixes retention issues that arise when users are forced to go elsewhere to exchange tokens to complete a crypto payment.
Our widget is also configurable, so vendors with their own tokens can integrate them into the DEX system.
2. How do you introduce Yoshi.exchange to a novice or someone who knows relatively little about DeFi?
Imagine that a network of DEX-es is like a marketplace where barter rules are applied and where each DEX is a unique vendor offering different exchange rates.
In this marketplace, Yoshi.exchange is a DEX Aggregator that keeps tabs on what different vendors (exchanges) offer. Yoshi automatically guides you to the DEX with the smallest spread and highest liquidity for the trade you wish to make. This way, your slippage remains minimal.
Now, imagine that Yoshi then gives you a slick, easy-to-use wallet that is more polished than any of the ones you currently use, which you can use on multiple networks.
And the cherry on top is the soon-to-launch fiat integration, which will allow anyone to purchase crypto with their banking card.
Don’t forget how convenient that is, for example, when you have some crypto on your wallet but can’t move it because you are out of gas on that network! 😉
3. How did you come up with Yoshi.exchange, and what was your inspiration?
After using Fantom for some time and analyzing the market and DEXs, our team realized that it was pretty complicated for newcomers to get FTM to start using swaps, staking, farming, etc.
This observation evolved into the idea for the closed-cycle cycle payment system we are building.
To this, we’ve added the DEX aggregator, the widget, and the other features mentioned above. Our goal is to enhance user experience on the Fantom network.
4. What’s your background?
The Yoshi.exchange team unites 15 people with experience in blockchain, IT, and business.
We are accustomed to working on large IT projects and collectively have expertise working with neural networks, artificial intelligence, enterprise software products, and blockchain.
The core team consists of seven people:
- Our Project Manager leverages experience gained working with >100 people teams to guide development.
- The Product Manager applies experience working on mobile apps and websites to oversee all elements of Yoshi.exchange.
- The Technical Director has more than a dozen developed blockchain projects behind him and leads a team of 10 fantastic developers.
- The Operational Manager has a background in accountancy and law and is an expert in Intellectual property.
- The PR Manager invests extensive experience working with large media companies in Yoshi.exchange.
- Our Marketing Manager oversees advertising, digital performance marketing, forecasting, and KP/ROMI measurement.
- Last but not least, our Community Manager is a DeFi enthusiast who spent years in financial consulting and also led a division of a startup accelerator.
We have been into crypto since 2016, working behind the scenes on various blockchain projects. We got involved with Fantom in late 2020 and have never looked back.
5. Why did you decide to build on Fantom?
We consider Fantom the most user-and-developer-friendly platform for DeFi projects. The network is growing quickly, as is reflected in Total Value Locked.
Transactions process almost instantly. Along with Fantom’s EVM compatibility, these features are a huge draw for adopters.
6. How did you learn about Fantom?
Towards the end of 2020, we began analyzing available blockchain networks looking for a network protocol that balanced speed, security, and scalability.
We discovered Fantom, and as we compared it to other blockchains, Fantom was the clear winner.
7. How was your experience of building on Fantom?
Building on Fantom, having had years of experience working with other blockchains certainly makes things smoother because of the perspective that one has.
But every dev team should realize that working on Fantom isn’t only about building products but also bringing unity to the projects in the ecosystem.
Our success is built on our deep investment in the values of the community: a dedication to contributing to the ecosystem, being open to collaboration, a willingness to help others, and a constant drive to improve.
8. What brings you to DeFi, and what excites you most about the space?
We believe that DeFi is more than a new frontier for the financial services industry; it will be its salvation in the fullest sense of the word.
We exist in a time of uneven globalization. In many areas of life, we are being brought together and offered equal opportunity without the need for physical proximity. In the world of financial services, it seems that opposite forces are at work.
This agenda seems set by regulators set on preventing individuals and businesses from optimizing their resources. But even then, high-net-worth individuals and enterprises find optimal solutions while others are left to struggle.
While TradFi is being stifled by regulation and monitoring, DeFi is democratizing the market and opening financial services to individuals who aren’t able to profit in TradFi.
9. How did the community receive Yoshi.exchange?
The reception was very warm without any doubt.
As we launched during the Fantom Developer Conference, we received lots of support from Harry Yeh and hundreds of backers and fans. Early adopters joined us not because of hype but because they believe that the solutions we are about to unveil are unique and needed in the Fantom ecosystem.
10. What’s coming up for Yoshi.exchange? Free alpha!
We’ve mentioned what we’re building that will complete a closed-market payment system:
- A non-custodial mobile wallet application with DEX aggregation included;
- The ability to purchase tokens via banking cards.
11. What would you like to say to fellow developers who haven’t started building on Fantom yet?
Working with Fantom is awesome and easy. Seeing like-minded Fantom developers improve the network and ecosystem brings inspiration and belief on a daily basis.
Join Fantom, and you will never regret it!
Engage with Yoshi.exchange: