As previously announced, we partnered with VyFinance, a decentralized protocol built on Cardano. More than just a DEX, VyFinance or VyFi for short are also operating a redistributive mechanism (BAR), a governance system as well as lottery and token/NFT Vaults. As part of this partnership VyFi planned to integrate DJED into it’s DEX’s liquidity pools once it had been released.
Now, VyFi has 3 separate liquidity pools that utilize DJED with yield farming opportunities available on all three. These include trading pairs of ADA/DJED, DJED/iUSD and DJED/VYFI.
We asked Deann Zois, CMO of VyFi several questions about the implementation, and this is what he had to say:
Q: What is VyFi?
A: VyFi is a Cardano Native Token (CNT), designed for decentralized finance (DeFi) applications. We are constructing a DeFi platform designed for new and experienced users alike, bringing a new approach to the user interface, and a distributive mechanism being managed by our Auto-Harvester.
Q: What distinguishes VyFi from other projects?
A: VyFi plans to bring Auto-Harvesting to Cardano, which will be made as efficient as possible thanks to our Neural Net. The Neural Net will be used to measure risk across yield-farms, using impermanent loss, and a self-improving algorithm, to find the best Yield Farm’s to Auto-Harvest! The Vy Ecosystem consists of 3 components, all linked through smart contracts. The Auto-Harvester (AH), the Decentralized Exchange (DEX), and the Bar.
The Auto-Harvester is a smart contract that will manage yield farming/liquidity pool investing across multiple platforms. Users will deposit their Cardano into our AH, and will be given access to our dashboard. This will contain all the information regarding their deposit, current portfolio value, and pending harvest. The auto-harvester distributes rewards once weekly, and 15% of all earnings are shared to the VyFi Bar.
Our DEX will allow users to swap between tokens across the Cardano ecosystem. We will also be hosting pools where users can stake VYFI to earn other CNT’s. Our principal method for releasing our token (85% of supply) will be through the process of yield-farming, where we reward those that provide assets to our liquidity pool for exchange.
Q: What does the implementation of DJED allow?
A: The stability of any crypto currency system relies on the capacity of users to be able to convert their crypto in a stable form. As a DEX, we see the ability of users to quickly access stable currencies as a necessity. DJED allows us to expand our stable offerings and provide a direct off-ramp for $VYFI through the (DJED/VYFI) pool.
Q: What impact do you expect DJED and SHEN will have on the platform?
A: As referred to above, having an option for users to be able to swap between $VYFI and $DJED will allow for quick access between CNT and stable-coins. $SHEN has a farm on the platform, allowing users to provide liquidity to the pool to garner rewards in the form of $VYFI.
This implementation, among others, will help grow the adoption of Djed throughout the entire Cardano ecosystem. Stay tuned for more updates.
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