Yamfore Testnet V2 Launch
5/16/2024
Yamfore is aiming to redefine decentralized lending on Cardano, marking a significant advancement in the blockchain’s decentralized finance space. This article provides insights into the Yamfore protocol, its Testnet V2 launch, and more. Crafted in Aiken V2, the most efficient smart contract language on Cardano, Yamfore promises to reshape the landscape of decentralized finance with its innovative lending solutions. Dive into the evolving Cardano DeFi space with Yamfore as it readies for the imminent Testnet V2 launch, charting the course for its mainnet debut.
Testnet Launch
Originally the Yamfore team anticipated to launch the testnet around late November of 2023, however, this was delayed due to unforeseen circumstances, which is the norm in software development. The team wanted to ensure Yamfores smart contracts are functioning properly and securely before moving forward. Now that the protocol is ready, the team is announced the launch of Testnet V2 on May 15th, 2024. Following the launch of Yamfore’s Testnet V2, the protocol will undergo a high level security audit by Txpipe to ensure all smart contracts are secure before proceeding to the FTO ( fair token offering) and mainnet launch.
How to Participate in the Yamfore Testnet V2
To check out the Yamfore Testnet V2, head to the following link: https://test.yamfore.com/
You’ll want to make sure your wallet is set to Pre-Pod network, and request testnet ada at the following link: https://docs.cardano.org/cardano-testnet/tools/faucet/. You’re now ready to start testing out the Yamfore Protocol. Any bugs you encounter please join the discord at the following link: and open a support ticket.
CBLP Token
CBLP is the utility and governance token of the Yamfore DAO. The total supply is 1 Billion tokens. Currently, 185 million tokens are in circulation, equivalent to 18.5% of the total supply. At 0.0244 ADA per CBLP, this gives the token a marketcap of $2,145,995 and a diluted market cap of $11,599,973, placing it at #30 in the Top 50 on TapTools. CBLP has 1,589 holders, up 12.94% over the last 30 days, and a median holder balance of 688.05 CBLP equivalent to 16.61 ADA.
There have been 18,484 CBLP trades on Cardano DEX totaling 27.74 Million ADA, equivalent to 942.14M CBLP. There has been 13.93 million ADA in buy volume, and 13.81 million ADA in sell volume. Most of these trades have taken place on the Minswap DEX.
Token Utility
We’ll now explore the various utility the CBLP token has to offer.
Loans
The CBLP token holders have the ability to take out loans on the Yamfore protocol by paying a one-time fee in CBLP.
Governance
Holders of the CBLP token have the ability to engage in progressive governance to determine the future of the Yamfore Protocol. This includes voting on critical decisions including parameter changes such as setting loan-to-value (LTV) ratios, interest rates, and more.
You can view the CBLP chart here.
More About Yamfore
Yamfore is the first decentralized lending protocol on Cardano that has crypto-backed loans with no margin calls, interest repays, and indefinite loan terms. Yamfore is the first community backed lending protocol (CBLP) providing stress-free “set & forget” crypto-backed loans. Yamfore operates by collecting a range of fees from all loans generated on the platform. These fees include a CBLP flat fee, accrued interest repayments, and ADA staking rewards. When a borrower closes their loan position, they must pay back the principal amount and any accrued interest. The borrower then receives their deposited ADA collateral back.
You can visit the Yamfore website at the following link: https://www.yamfore.com/
Conclusion
Yamfore is looking to revolutionize decentralized finance on Cardano with its upcoming Testnet V2 launch, introducing a pioneering lending and borrowing protocol to the blockchain. As the first of its kind on Cardano, Yamfore’s unique design offers crypto-backed loans without margin calls, interest repays, and indefinite loan terms. This Testnet V2 release marks a crucial step forward, showcasing Yamfore’s commitment to providing a distinct and innovative approach to decentralized lending on the Cardano blockchain
