Yuzu Swap — The First DEX built on Oasis EVM
DeFi is coming to Oasis Network.
YuzuSwap is a decentralized exchange on the Oasis Emerald paratime that includes incentives like liquidity & and trade mining. YuzuSwap follows a non-custodial, peer-to-peer, automated-market-maker model, and aims to provide a safe, swift, low-cost tool to discover and swap tokens within the Oasis ecosystem. The YuzuSwap platform itself is fully open to developers and members of the Yuzu DAO.
Taking advantage of the low gas fees, high throughput, and instant finality of Emerald, it includes all the features of a DEX that the DeFi community have come to expect:
- Swapping between ETH-based and Oasis-based tokens
- Liquidity pools and pairs
- Earning YUZU for providing liquidity to pools
- A voting system for governance of the funds collected with 20% of the transactions fees
There was no pre-mine. All tokens are mined block by block from the genesis . This includes team/foundation/investors tokens! Additionally, the amount of tokens mined in each block will halve every year.
Trade Once, Mine Forever
YuzuSwap’s trade mining mechanism is designed based on a TPST (trading pool share token). Once users trade in incentivized trading pairs, they will get a balance in TPST, similar to LPT (liquidity provider token) as their evidence of trading. They will receive the trade mining token in each block according to the share of TPST. If the user does not claim the trade mining rewards, TPST balance will always be there and mine in each block until user chooses to claim the trade mining rewards, after which the TPST balance will reset to zero.
Of the 0.3% transaction fee, 80% will go to the buyback smart contract. This contract will trigger buying YUZU token action if the price of it drops below the 72 hour average. So the more transaction fee accumulated, the healthier YUZU token price will be.
The other 20% of the transaction fees will go to the DAO vault. The usage of the DAO vault will be voted by YUZU token holders. Possible uses include to incentivize developers to develop tools for YuzuSwap, co-invest in other projects on Oasis, and purchase insurance for YuzuSwap, and so forth.
YuzuSwap is able to be integrated into any projects on Oasis. For instance: users could collateralize their LPT (liquidity provider token) on the upcoming lending protocol on Oasis and regain their liquidity. Alternatively, they can also borrow LPT from the lending protocol to mine YUZU token without the concern of potential impermanent loss. The DAO vault may opt to purchasing insurance for pools on YuzuSwap, so even if unexpected incidents happen, those pools will be covered by insurance. Promising new projects on Oasis could apply for IDO/IFO on YuzuSwap, and it will be a great way to raise fund for projects from the community. Users with YUZU tokens will vote for which project may go live on the IDO/IFO launchpad, whether or not to allocate mining pool to the new token, and what percentage of the mining pool will be allocate to the new token, etc.
YUZU & the Yuzu DAO
YUZU is the DEX governance token. YUZU holders earn the right to participate in the Yuzu DAO. The Yuzu DAO votes on the parameters of the exchange, how the proceeds collected by the Yuzu Vault are spent, and the other things the DAO should be voting on.
YuzuSwap Runs on Emerald
Emerald is the new EVM-compatible ParaTime launched on the Oasis Network, the leading privacy-enabled, layer-1 blockchain network. The Emerald paratime is ideal for DeFi due to its instant finality, 99%+ lower gas fees versus Ethereum, with high throughput.
Learn more about Oasis Network in our article, Oasis Network — A Privacy-enabled Blockchain Platform for Open Finance and a Responsible Data Economy
YUZU token’s total supply is capped at 500 milion. Of those, 70% will be mined block by block from liquidity mining & trade mining pools, 10% will go to the team, 10% will go to the foundation, 10% will go to early stage investors.
No details yet.