For teams looking to apply to LINKCHECK - scroll down for details.
Frogs! We're happy to announce that the LINKCHECK Program is now officially LIVE and ready for companies and token projects to participate! As outlined in our announcement post, the LINKCHECK Initiative is a system where by teams can apply to get a grading from leaders in the YFL ecosystem. This grading represents a level of thorough due diligence has been made into the applying team, tokenomics, and communities to ensure that community trust is not misplaced.
We're also happy to announce that the first applicant for LINKCHECK has already been submitted to the program and they will be going through LINKCHECK Verification over the coming week. Though tokens and projects are allowed to remain anonymous while they undergo the application, the applicant has elected for a public announcement - our first client will be MASQ, with the application fee waived as part of our collaboration with their team.
Application Fee Structure
20,000 USD, if paid in Stablecoin
15,000 USD if paid in LINK
10,000 USD if paid in YFL
The team will provide a multisig address owned by Cole, Roy, and Palis that serves as the payment destination for teams that wish to submit an application.
Note on Fee Structure - these are variable values. Submission costs will change depending on total amount of applications, demand, and current market conditions.
50% to YFL stakers
30% to LINKCHECK team
10% to LINKPAD Treasury
10% to YFL Treasury
- The application form for LINKCHECK will be a form that asks the applicants several basic questions about their project and why they are seeking a LINKCHECK Verification. If the applicants pass this first filter, the LINKCHECK team will be in contact with applicants within 48 hours of submission. All applicants must provide KYC with appropriate proofs - this information will then be moved to a physical air-gapped drive where it will be encrypted and stored for retrieval if needs be. ALL KYC information will be stored securely and will NEVER be accessed, unless in the event of assisting investigations in the event of criminal activity. Anonymous teams may retain their anonymity through LINKCHECK and need not concern themselves with data leaks.
- LINKCHECK team will then reach out through the provided e-mail to schedule a first interview. During this interview a battery of questions will be given to the applicants, going over their blockchain experience, history, and previous background, as well as questions about their project, goals, aims, and how well they understand the current dynamics of the crypto environment. Additional questions will be asked regarding the security of their smart contracts, what audits they will partake in, or are underway (of which, proofs must be provided) in addition to security and code reviews. Note that the LINKCHECK team is not responsible for code reviews or security audits, and a LINKCHECK pass does not necessarily mean a given smart contract or set of smart contracts built by the applicants are stable, safe, or secure. This is the task of auditing firms - LINKCHECK merely audits the ethical motives of projects and their leaders to judge whether they are trustworthy from an organizational perspective.
- If the first interview passes, LINKCHECK will then grade the team on their various criteria, ultimately resulting in a PASS or FAIL. In the event of a FAIL, the applying team can choose not to disclose the LINKCHECK application was made, losing no community reputation. It is imperative that teams wishing to maintain anonymity exercise caution when paying for applications, as Ethereum transactions can be traced directly to team wallets if they are not diligent. For teams that receive a FAIL, a reason may be given by the LINKCHECK team, although this is not mandatory. It is possible for teams to apply to LINKCHECK as many times as they like, and a team with a FAIL can apply again once they feel their internal conditions have changed.
- If the team gets a PASS, LINKCHECK team will communicate and coordinate with the successful applicant on when to implement the LINKCHECK Verified badge on LINKSWAP, as well as the Ethical Audit Certificate that will be published directly on the YF Link website.
The LINKCHECK Verification does not guarantee price appreciation, lack of exploitable code, or otherwise. LINKCHECK Verification is strictly useful for teams that wish to prove legitimacy and the good intent of their directives. LINKCHECK Verified projects will then provide a level of community trust and support from individuals that are looking for reasons to invest in the project. LINKCHECK Verifications will be given out rarely, as the application process is strict and rigorous.
The LINKCHECK Verification badge may be revoked by LINKCHECK team at any time, and for any reason at our discretion. The Badge will persist on LINKSWAP and projects that have successfully passed the program will be placed at the top of LINKSWAP as a selection of curated projects of trust.