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DeFi Platform Youves Will Add Liquidity Baking LP Tokens As Collateral Option For uUSD

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).

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Quick Intro To The Youves Platform

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.  

Proposal #3 • YIP-003

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.

YIP-002

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.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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