uDEFI is a synthetic token on DeFi platform Youves, that tracks the value of the top 5 DeFi tokens. The fact that it is a synthetic token, means that it is not actually backed by the assets it tracks (currently: AAVE, CAKE, LINK, LUNA, and UNI).
Instead, uDEFI is backed by the XTZ that is put up as collateral. The value is tracked by use of an oracle which broadcasts the live price data.
Youves platform uses Tezos-based Ubinetic oracles. The uDEFI token is soft pegged to that value. Just like uUSD and any stable coin that is traded on decentralized exchanges, the actual value is determined by ask and demand.
Read more about uDEFI here.
An important change compared to the initial design of uDEFI, is the fact that not XTZ, but uUSD is accepted as collateral. Besides the use as stablecoin, uUSD now has a use-case as collateral.
This way Youves becomes a multi-asset borrowing platform. And because both uUSD and uDEFI are available on Youves, this creates a layered yield opportunity.
You use your XTZ as collateral on Youves and mint uUSD and receive YOU tokens for as long as you don’t burn your minted uUSD.
The XTZ that you have submitted as collateral will be staked and earns you staking rewards. Next you can use uUSD as collateral to mint uDEFI. Minted uDEFI also earns you YOU tokens until you burn your uDEFI tokens.
The fact that uUSD can now be used as collateral instead of XTZ, has been instigated by a proposal that could be voted on by YOU token holders.
Voting was done last month and 119 YOU holders participated in the vote. These holders represented 64.96% of the current circulating supply, and an overwhelming majority voted in favor of the five proposals. Only 0.01% voted against the proposals.
After kDAO (the governance token of kUSD), Youves platform is the second platform that actually has a working governance function for its governance tokens.
We hope to see more governance tokens start to fulfill its purpose and move Tezos DeFi more towards decentralized governance and actual decentralization.
Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at [email protected]. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.
CEERTIF, a mobile application for installers, agents, and insurers in France, has introduced a groundbreaking platform that leverages the TEZOS blockchain to secure and geolocate media in real time.
Decentralized exchange, Plenty, is poised to enhance the decentralized finance (DeFi) experience on Tezos with the imminent launch of its advanced “Plenty V3” exchange. The announcement made via the platform’s Twitter account confirmed the launch date to be today, September 20th.
An initial 100,000 NFT stamps were for sale, at this point over 18,200 have been sold, including 13,050 NFTs sold in less than 4 hours, equating to over €145,000 in sales since launch yesterday.
