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Top 5 DeFi Index Tracker uDEFI Is Now live on Youves

uDEFI is a synthetic token on DeFi platform Youves, that tracks the value of the top 5 DeFi tokens. It currently tracks AAVE, CAKE, LINK, LUNA, and UNI. The tracker token is now live on the Tezos-based Youves DeFi platform.

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uDEFI Now Live On Youves

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.

uUSD As Collateral

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.

YOU Governance 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.

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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