Last week, YIP-003 was approved. It introduces a new token as collateral for Youves assets.
Starting next Monday the 10th, Liquidity Baking LP tokens (XTZ/tzBTC LP) can be used as collateral. LP tokens are liquidity pool tokens that you receive for as long as you provide liquidity to the XTZ/tzBTC pool in Liquidity Baking (LB).
Decentralized Finance (DeFi) platform Youves allows users to deposit XTZ as collateral and take out a loan by minting assets. (Currently the stablecoin uUSD).
Users can also deposit uUSD in a savings account and earn interest. Once minted uUSD, the minter starts earning YOU tokens, the governance tokens of the Youves platform.
Holders of YOU tokens can stake them to earn a percentage of the platform’s revenue in uUSD.
Users can also use uUSD as collateral to mint UEFI.
Read more about youves in our introduction article here.
The Youves platform has been live for about 6 months, and currently, 626 users have locked 5.5 million XTZ as collateral and minted 6.8 million uUSD.
Changes to the platform are made through a governance process where holders of the platform’s governance token (YOU tokens) can submit their vote for or against a proposal.
Last week, YIP-003 was approved. It introduces a new token as collateral for Youves assets. Starting next Monday the 10th, Liquidity Baking LP tokens (XTZ/tzBTC LP) can be used as collateral.
LP tokens are liquidity pool tokens which you receive for as long as you provide liquidity to the XTZ/tzBTC pool in Liquidity Baking (LB). This will open more opportunities for liquidity providers for LB.
The previous proposal that was accepted is YIP-002. This will introduce a gold token uAUX. uAUX can be minted with uUSD as collateral. uAUX is now tested on Granadanet prior to launching on mainnet.
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