10 August 2023

Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx

The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...

Youves DeFi Platform: The First Amendment Vote For YOU Holders, And YOU Listing On BitForex Exchange

YOU holders get to vote on the first-ever amendment that is introduced on the Youves platform and there are five different topics that are decided on in one vote. Additionally, on October the 18th, Bitforex will list YOU tokens on their exchange.

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.

Quick Intro On 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.

Read more about youves in our introduction article here

 The Youves platform has been live for about 3 months, and currently 525 users have locked 5.2 million XTZ as collateral and minted 8.3 million uUSD.  

Youves is introducing a new asset that can be minted by the end of October: uDEFI. uDEFI is a Synthetic Token That Tracks The Top 5 DeFi Tokens. Read more about uDEFI in our previous article here

Just like when users want to mint uUSD, they will need to supply XTZ as collateral before they can mint uDEFI tokens. At this moment, an amendment has been proposed to change the required collateral from XTZ to uUSD.

If that proposal is adopted, users will be able to use uUSD as collateral. If rejected, uDEFI will go live without any changes to the current setup on October 31, 2021.

YOU Tokens

You tokens are the governance tokens of the Youves platform. Although the Youves governance is not yet fully decentralized at this point (the governance mechanism is initially set-up as a multi-sig with trusted Tezos ecosystem members), it is up to the YOU holders to cast their vote on which changes are being implemented. 

And now, for the first time, YOU holders get to vote on the first ever amendment that is introduced on the Youves platform

There are five different topics that are decided on in one vote. So it’s either yes to all, or no to all. 

A – uDEFI collateral

You have voted for a new template on youves to create a synthetic asset that tracks prominent uDEFI protocols. The implementation of uDEFI is far progressed, the required changes to the platform (multi-assets) and to the oracles (generic oracles) are currently being tested on Granadanet.

In order to introduce new use cases for uUSD and following our roadmap to introduce multi-asset vaults, we suggest changing the required collateral for uDEFI from tez to uUSD.

We propose to change the required collateral from tez to uUSD and suggest testing the changes to the synthetic asset on Granadanet prior to launching on mainnet.

B – YOU distribution

As of today, more than 500’000 YOU were successfully allocated to minters and to ubinetic, who kickstarted the platform. We believe that YOU are an important incentive instrument to ensure sustainable growth.

To incentivise users that foster liquidity of youves assets, we propose the creation of a dedicated liquidity category receiving YOU.

We propose to split the YOU distribution into three categories, the new allocation would result in the following weekly YOU distribution during year one (that started on July 22, 2021).

Subsequently, the amounts would decrease in line with the YOU distribution halving: 

30’000 YOU shall be allocated to minters (67%)

10’000 YOU shall be allocated to foster liquidity (22%)

5’000 YOU allocated to Ubinetic (11%)

C – Savings lock-up period

Balancing a novel product requires careful settings of incentives. The performance of the stable token template on youves exceeded many expectations.

However, the advantages of being a saver of uUSD have proven to be too dominant compared to providing uUSD liquidity on a DEX.

Introducing a lock-up period for saving assets of six weeks in combination with the YOU incentive for uUSD liquidity providers (see above) would incentivise uUSD holders to shift funds from uUSD savings accounts to liquidity initiatives.

We propose to introduce a lock-up period of six weeks for savers after locking the uUSD.

D – Interest rate response

The impression is that the response function of uUSD is both too small in size with respect to the deviations from the target price and too infrequent with the updates.

Currently, on uUSD the updates are weekly and the maximum response requires 25% deviation from the target price.

We propose changing the interest rate response function for uDEFI. The function is linear and has the maximum response of +/-0.4% annualised already at a deviation of 10% from the target price.

It will update every 12 hours. The maximum annualised change per week would remain at a similar level as before at +/-5.6%.

E – Minter conversion

There are two conversion types that can be used to manage the risks of minters and savers. Whilst the conversion right for the saver is currently mandatory for the minter, the minter conversion is only affecting those that lock their uUSD in the savings pool.

We believe that both parties should have the possibility to opt-out. Because the effects of such a change require testing, we suggest applying the amendment to uDEFI only for the time being.

We propose an additional parameter for uDEFI minters to accept conversion. Those minters that accept the conversion will receive YOU tokens, whereas those that do not accept conversion will not receive any YOU tokens.

In each vault this decision can only be made once at inception. This new suggestion would allow minters to short a reference asset without conversion risk and allow others that accept conversion to receive a higher amount of YOU.

Voting is open until October 19, 2021, EOD UTC.

Bitforex listing of YOU tokens

On October the 18th, Bitforex will list YOU tokens on their exchange.  Bitforex is a centralized exchange with a reported 24h volume of $750,508,944. 

Listing Time:

YOU deposit will open on 2021/10/18 12:00 (GMT+8)

YOU/USDT trading will open on 2021/10/18 17:00 (GMT+8)

YOU withdrawal will open on 2021/10/18 17:00 (GMT+8)

uUSD deposit will open on 2021/10/18 12:00 (GMT+8)

uUSD/USDT trading will open on 2021/10/18 16:00 (GMT+8)

uUSD withdrawal will open on 2021/10/18 16:00 (GMT+8)

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.

Upload Article

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.

Hidden
Hidden
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Banner Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: jpg, jpeg, png, Max. file size: 128 MB.
Image
Accepted file types: pdf, doc, docx, Max. file size: 128 MB.
Submit Article: Suitable Formats = PDF, WORD
By Uploading an article, you are accepting all to all copyright and information that is to the best of your knowledge true and accurate.
Agree(Required)

Other News

View More

Unveiling SpicySwap: Tezos’ Next-Gen DEX

Developed by Genius Contracts, SpicySwap offers users a seamless and efficient trading experience while introducing novel features to the Tezos ecosystem.

Read More

Updated Tezos Wallet App for Ledger Devices Introduces Enhanced Features

The Tezos wallet app for Ledger devices has been updated to version 3.0.3, introducing several significant enhancements that streamline the user experience and increase transaction security. This latest update offers important improvements designed to facilitate safer and more efficient interactions with the Tezos blockchain.

Read More

Magic to Accelerate Integration of the Tezos Blockchain with Support from the Tezos Foundation

The Tezos Foundation and Magic, the Wallet-as-a-Service provider, have announced a groundbreaking collaboration aimed at revolutionizing the accessibility and usability of Web3 technologies. This strategic partnership will utilize the pioneering decentralized Tezos blockchain and marks a significant milestone in the journey towards a more inclusive and user-friendly decentralized web experience.

Read More