YFDAI.Finance Holds Special AMA with 360Wellness Team
YFDAI.Finance hosted a special 360Wellness Ask me Anything (AMA) live stream with Kevin, Cofounder, and Denis, Chief Digital Officer. The live session is divided into two parts. One where the YFDAI team asks questions from the 360Wellness team and the other where the YFDAI community asks questions. Here’s a quick recap for those who missed the session.
Tell us about how you entered the crypto space and how your background will contribute to the success of DEFIT?
Kevin: Denis will have a lot more to share with you as my experience in the space is quite limited to be totally honest with you. I’ve seen him and all my close entourage in Singapore investing and earning big in 2017. Personally, my career was booming and I was traveling nearly 80% of my time all across Asia for business meetings and Triathlon racing. It’s only in late 2019 that Denis finally got me to invest and buy my first bitcoin. I thanked him since lol.
In August 2020, we had a catch-up call with Denis and me and few other friends now almost full-time crypto investors, and tested my app, and immediately saw the potential to tokenize it with the vision of bringing the large fitness community onto the blockchain. I first had some doubts to be frank but we decided to run a couple of brainstorming sessions and the magic happened. What’s more natural, when building a decentralized health and wellness platform, to provide them with their own decentralized cryptocurrency? We worked relentlessly since to be here with you today introducing $DEFIT.
Now, I graduated from a Business School in France yet succeed as a Head of Product Engineering in a German company in Asia. My strength is my capacity to surround myself with people smarter than I am, develop a vision, and put the teams, resources, and structure needed for a project to thrive. Triathlon brought to me the discipline and grit needed as an Entrepreneur to persevere through difficulties and triumph.
Denis: Sure, so back in 2017, I was looking at ways I could invest my own money for side hustles as my job was not becoming as challenging or fulfilling as I’d have liked it to have been. I started to look into penny stocks or simple trading and after my first few trades and research, I saw it was much more difficult and dangerous than I had first contemplated. I got pretty much wrecked the first trade I made!
Then on an interesting weekend in April of 2017, I went along with the new COO of YFDAI, Daniel Stones to a friend of ours place in Singapore. It was not by chance that this happened because I remember thinking I really didn’t want to do anything at that time because I had some other things on my mind but I hadn’t seen either of them in months so I brushed it off and thought let’s go and have a bit of fun.
That day changed the course of my entire life as it was the day our friend reminded me of the word Bitcoin. I was very close to buying some in 2012 but the way to gain access was much more difficult than it is now or even in 2017. Luckily in 2017 I made my first purchase but was more interested in Ethereum which was around 40$ at the time I got in. Then our own private group was formed with 6 members (2 of them are in the YF Dai Team) and ever since we’ve been chatting almost daily on there, we’ve only ever added 1 member since last year so it is a pretty tight-knit group of friends so the trust between us is very high!
My background, as I mentioned before, is in digital content creation and social media listening for over 11+ years. My expertise helps to ensure that the marketing will be one of the utmost importance to DEFIT as the more eyeballs see the project the more likely they are to see its potential and become an investor, user, or even a coach!
One example I can share is that Kevin and I built a 6-week marketing plan for DEFIT going into this sale and the weeks after and our numbers for Telegram and Twitter show we’re making progress. We’ve done some great work with the marketing budget that we’ve had for this project and getting the partnerships with YF Dai and Ferrum has helped us greatly. This will continue for the rest of the year with YF Dai who is taking 10% of the raise for this purpose alone.
Briefly describe DEFIT in 3–5 sentences and how you are different from other health and fitness blockchain projects. (why should the community get excited about the fitness marketplace and the DEFIT token)
Digital Fitness is a groundbreaking decentralized Fitness and Wellness platform connecting people with professionals all over the world with upcoming loyalty rewards for staying fit and healthy. DEFIT is the upcoming cryptocurrency that will be fully integrated into our ecosystem as a credible alternative to fiat currencies for consuming health and fitness services and products.
What we have built so far is an integrated wellness app where you can connect and join trainers for live virtual classes to stay fit and healthy from your home. But we didn’t stop there. We built a revolutionary Lifestyle tracker where you can monitor how well you train, feel, eat and sleep all in one app. These are actually 2 firsts in the fitness blockchain projects with the Lifestyle Tracker actually being a world first as we have not seen anyone create this revolutionary product in all fitness applications.
I’ll quickly add more to it. Earlier this year we raised our equity seed-round successfully which helped us to staff-up and currently have over 15 engineers full time building our mobile next features as well as finalizing our web-app which is an incredibly powerful solution we started building in September last year. The next few months are going to be extremely exciting for us.
Can you tell us about the major milestones on your roadmap over the next 6 months?
Sure here is our roadmap:
First, we’d like to explain a bit about what we’ve done and where we are going for the rest of the year.
We started the project 1.5 years ago. Conceptualizing the product and defining the specs. Back in March last year we hired a team of 5 software engineers and started the build. We soft-launched the app last October and already passed the 3,000 downloads mark across 172 countries. This is only through word of mouth as we hadn’t done any marketing push yet.
With our upcoming web-app to be launched next month, we will ramp up our marketing and sales activities with the firm intention to hit 1M users and 5,000 health and fitness instructors on the platform by year-end
Our product is already live! If you haven’t already then download our mobile application 360Wellness and discover the amazing offering of live virtual classes on the platform here:
- IOS: https://apps.apple.com/us/app/360wellness/id1511566195
- Android https://play.google.com/store/apps/details?id=com.app360Sports.wellness.prod&hl=en_IN&gl=US
In the coming months after our sale, we will give the community some sneak peeks into our Web Application created specifically for our coaches. A powerful desktop management system for our trainers to manage their classes and clients all in one place!
We’ve already started the testing phase and will be seeing if we can launch in Q2!
This will be a true one-of-a-kind experience as the coaches will have free access to use the platform and 360Wellness will only ever take a commission once the coach brings in revenue from their clients. If the coaches win the company wins too and lessens the burden of expenses for new coaches just starting out on their fitness brand journey.
Connected Wearables we plan to have out in May so people with a garmin, fitbit, suunto, or other wearables can track their progress on our app with their steps and fitness. This will also connect to how we reward people with our upcoming DEFIT coin related to the user benefits we detailed before!
Also, let’s not forget our NFT integrations which we are planning later in the year. We are looking to incorporate them into the mobile application and the NFTs will actually evolve with your persona as an athlete. These awesome new NFTs will be built alongside Ferrum with their Advisory services and we know we’ll be in good hands with their creative outlook in the space. More info coming in the months after the sale!
Tell us more about the tokenomics behind the project
Sure here are our Tokenomics:
We spent a lot of time figuring out all the benefits and use cases we can give to the 3 main stakeholders of our mobile and web applications for our Investors, Users, and Coaches.
Let me share the key benefits we will start with for each:
- Staking — Details to be announced closer to TGE. Being a FAS incubated company we will use their staking technology which we believe is one of the best!
- Burning Mechanism of Staking fees will be in effect once it begins
- Buyback of coins with 10% of Profits coming from the mobile application
- Referral Rewards are given to users for onboarding friends and family onto the mobile application
- Achievement Rewards based on Fitness, Nutrition, Recovery and Sleep on the 360Wellness Tracker
- Top users featured in the App
- Top Wellness User Trending
- Top Coin User Featured
- Welcome Gift driving acquisition
- Based on their most popular media channel (E.g. Facebook, Instagram, Twitter). % based Token granted once company and instructor profile successfully set-up. *The revenue of the coach needs to be 10x of the coin value at when it was received. (E.g. 11 cents per token would mean a coach receiving 500 welcome tokens comes to 55$ and would have to do 550$ worth of revenue to unlock the welcome token gift.)
- Extra visibility and higher ranking in top search results based on our specific formula of ranking the coaches on the marketplace.
- Ranking will be updated twice a week (every Monday and Thursday; to maintain engagement from coaches). Accordingly, a coach will be ranked depending on his/her activity over the last 3- or 4-day period. To determine the ranking per period, we use a 2-step formula:
- Ranking based on a score of use of DEFIT coins, Xperience points, and the Quality of Classes
What are the major obstacles you feel the DEFIT and the wider blockchain industry are facing now? How will you overcome those challenges? (e.g. Ethereum gas fees, the potential for stricter regulations, etc…)
Great question, yes we see that the ETH Gas fees are a huge concern not only to applications that need to do a lot of transactions in a day but for any investor who wants to buy and sell on the Ethereum blockchain. Even though there will be some updates in July that they have said we don’t want to wait around and see them scale up even.
We are already exploring alternatives such as Binance Smart Chain where the cost of transactions can come down greatly in our application. We plan to get on board 1 million users by sometime in 2022 so sending the DEFIT tokens around the app is of the utmost importance to us.
Another obstacle not only for DEFIT but the whole cryptocurrency space is the education that is needed for new people who start coming into the industry. The usage of tokens and understanding everything about cryptocurrency will always be a challenge for newbies. We are still very much in a crypto bubble on Twitter and Telegram but for the past year, I’ve been teaching quite a few friends and other contacts about crypto. This is where it really begins to bring the masses over onto the blockchain and into applications that use the token such as DEFIT. I believe this will continue to be a challenge for the market and for us so it will be important we are able to educate our new mainstream clients and make the transition into using the DEFIT token as easy as possible.
Crypto needs decentralized exchanges, launchpads, project incubators, etc. Crypto also needs projects with everyday life utility cases to drive adoption by the masses. We are attacking what’s to become a 59BUSD Industry through Online Fitness.
In this part, the YFDAI community asked questions to the 360Wellness team.
Finally, as a special announcement, I understand that DEFIT has recently had ties with a government entity, could you please share more about this?
Kevin: I moved back to France last October to establish our first Business Unit in Europe. They have been welcoming us with open arms as they see the tremendous potential of our company. We’ve come to an agreement in partnership with BPI France, the French Tech, and the Chamber of Commerce to open up our first BU and we are receiving significant subventions for us to create jobs and establish our first teams here who will be looking at launching our business in Europe. It’s a very exciting time and we shall soon celebrate our first new office in France
With the upcoming Olympics in 2024, we are keeping this in-sight and by then hopefully manage to get some solid partnerships with the organizers providing our technology to the French athletes who will be preparing for it.
Denis: On top of that, the Summer Olympics will be in Paris in 2024 hence the reason they are scaling up efforts to onboard fitness applications and sports to their government grants.
Kevin ended the session with a final note on how cryptos can become mainstream.
“Crypto needs decentralized exchanges, launchpads, project incubators, etc. Crypto also needs projects with everyday life utility cases to drive adoption by the masses. We are attacking what’s to become a 59BUSD Industry. The online fitness industry with $DEFIT.”