How to set up youves with AirGap
Youves is the newest DeFi platform in the tezos space and AirGap is the right wallet to get started with. This short article is a step-by-step setup guide.
On the 22nd, July, Youves, a new DeFi (Decentralized Finance) platform that allows you to mint and manages synthetic assets built on the Tezos blockchain, went live on the mainnet for the public. Tezos-based Youves is developed by Ubinetic, a startup that also developed the trustless Ubinetic oracles, which can supply trustless data to smart contracts running on Tezos.
In less than twenty-four hours after launch, more than 1.5 Million Tez was locked in vaults. It seems like the newest and hottest DeFi project on the tezos protocol.
Why AirGap is the right wallet to use together with youves.
It is important to note that the AirGap two-device strategy has been carefully designed to keep your funds safe. Furthermore, no personal information about you is ever gathered or retained, so you can be assured that your identity is protected. We are open source, and we have long been the go-to wallet in the tezos ecosystem.
How to set up youves with AirGap
You can use youves on your desktop computer in combination with your smartphone or directly with your phone. We show you in a few easy steps how you can get started on either setup. We recommend that you use youves with the Chrome browser / Brave Browse. Other browsers may work too but this quick start guide is describing the procedures using Chrome.
Apps need to be able to use youves:
- Chrome browser/Brave Browser
- AirGap Wallet / AirGap Vault
Youves on a desktop
Connect AirGap to youves
Go to https://app.youves.com/, click the “Connect Wallet” button at the topmost right.
- Select AirGap wallet
- Scan the QR code with AirGap wallet
- Grant permission request by clicking the connect button.
Youves on your phone
Apps need to be able to use youves:
- Chrome browser/Brave Browser
- AirGap Wallet / AirGap Vault
Connect AirGap to youves
- Go to https://app.youves.com/, click on the three lines at the topmost right and select the “Connect Wallet” button
- Select the blue Connect Wallet
- Grant permission request by clicking the green connect button. And that’s it!
Get tez
Once you have connected your wallet you may need tez, the currency of Tezos blockchain. There are different ways to get tez, you may use exchange services such as Coinbase or Kraken. Youves nor AirGap does offer a crypto on-ramp.
By now, you should have your wallet connected to youves and adequate XTZ funding.
You are ready to start your journey on youves! First, you need to do a transaction.
To start using youves you need to become a minter. To do so, follow these steps:
● Click on Start Minting in the dark box
● In the Minting section, under 2, add an amount of tez as collateral, let’s say 0.01 tez
The 0.01 tez that will be locked in a smart contract still belongs to you, so you can select a baker for your tez. For those of you that are not familiar with Tezos, a baker is an infrastructure provider (or validator) of Tezos. You will earn up to 5.5% baking rewards on your tez. Select the AirGap baker for example.
- Select AirGap as your baker or a baker of your choosing
- Click Mint Now and confirm your transaction
- Since the AirGap Wallet is connected with the youves platform AirGap Wallet will immediately ask you how you would like to interact with the AirGap Vault (since you are planning to do a transaction). Choose depending on your setup. (Image 1)
- Check and then sign the transaction in the AirGap Vault (Image 2)
Check the transaction on AirGap Wallet (Image 3) and then confirm it by pressing the green button (Image 4). That’s it!
Give youves a moment and your tez is locked. Now you can go wild on the youves platform.
To understand what else is possible on the youves platform, we have simplified it for you:
- Minting: You want to keep your tez but you want to leverage them with youves. Therefore, you will mint synthetic assets in uUSD. This is comparable to a Lombard loan. Your tez is locked as collateral but they still belong to you and you earn the related baking rewards. The synthetic asset, in this case, a stable token pegged to the USD, behaves like a loan. You will have to pay interest (lending fee), but you can use the uUSD to get additional tez. As a minter, you will further earn YOU, the governance token of youves. You will also learn about the minter conversion right.
- Saving: You want to diversify your assets on Tezos with new, return generating assets. You will sell your tez for uUSD and you will stake the uUSD to earn interest. You will also learn about the holder conversion right.
- Staking: You want to be part of the youves journey, want to be part of its governance, and support its security. You will get YOU on a marketplace or claim YOU that you have earned as a minter. These YOU can be staked and, by locking those YOU for a bail-out fund of youves, they will also earn staking rewards on youves in uUSD. Staking rewards are your share of the platform’s profits.
For further information about youves we recommend you to give these sources a read:
- youves Medium Blog: Ashort introduction — Minting, Saving & Staking
- youves Medium Blog about uUSD
- XTZnews; Minting Assets, Savings With Interest And YOU Tokens
- youves documentation
Download
AirGap Wallet
💻 macOS
💻 Windows
💻 Linux
📱 iOS — App Store
📱 Android — Google Play (GitHub APK)
AirGap Vault
📱 iOS — App Store
📱 Android — Google Play (GitHub APK)
