YuzuSwap, the premiere DEX on Oasis’ Emerald ParaTime, has had an ecstatic start to 2022. We are humbled for the tremendous support received from both Oasis and the wider crypto community. This has not only led to YuzuSwap having a successful and fair launch, but has also allowed us to hit some serious milestones in just under 2 months since inception!
The team is working relentlessly to add new features and functionalities (some of which have already been hinted to our community 👀), as well as fix existing issues to offer Yuzers the best DeFi experience on Oasis Emerald.
February 2022 has been a particularly busy month for YuzuSwap and we want to take this opportunity to highlight the major developments and milestones we’ve achieved over the past month, as well as lay out our plans for the upcoming few weeks.
Yuzu Buybacks
During the month of February; we conducted a total of 4 YUZU buybacks. These tokens were bought back and sent to our blackhole wallet, effectively burning and removing them from circulation.
3rd Buyback: 778,529 YUZU 🔥 (6.74% of circulating supply) — 31st January
4th Buyback: 493,259 YUZU 🔥 (2.6% of circulating supply) — 10th February
5th Buyback: 655,090 YUZU 🔥 (2.9% of circulating supply) — 18th February
6th Buyback: 994,586 YUZU 🔥 (3.8% of circulating supply) — 26th February
Total buyback for February amounts to: 2,921,464 YUZU 🍊
The community is welcome to inspect the blackhole wallet: 0x00b9dCA177aa3DB6F344A455d9E0511a6Aa7ad8D
$1B Trading Volume
YuzuSwap was pleased to announce on the 7th of February that it had surpassed $1B in total trading volume on its DEX. This achievement was unlocked in less than 1 month since the DEX went live and positions YuzuSwap as Oasis’ preferred and most trusted DeFi platform!
Dual Yield Liquidity Mining on Yuzuswap!
The month of February also saw YuzuSwap forge some exciting partnerships with cBridge and Terra. We integrated their native tokens (CELR & LUNA) on our DEX and deployed new lucrative Dual Yield pools that allowed liquidity providers to earn rewards in 2 different tokens. This feature is a first on Oasis Emerald and will help both Oasis and YuzuSwap explore further synergies in the future 💪. The 3 pools launched in February that enjoy Dual Yield are:
- ROSE-ceUSDC: rewards in both YUZU and CELR
(⚠ Dual Yield Countdown: 0) - ROSE-UST: rewards in both YUZU and LUNA
- YUZU-UST: rewards in both YUZU and LUNA
This is only the beginning of more incentivized pools that will be coming to Yuzuswap! Keep an eye on our Social Media Channels to receive the latest updates.
Discord Invite Contest
Last month YuzuSwap also made a big push to grow our recently created Discord server. We did this by creating an Invite Contest that encouraged everyone in our community to spread the word and get as many Yuzers to join and get involved on Discord. The campaign was a resounding success and received a lot of community interest. The contest also coincided with our Discord server crossing the 2,000-member mark!
Improved Community Support
Oasis Emerald is the perfect EVM runtime for new users to initiate themselves with a DeFi platform like YuzuSwap that is accessible to the masses for its low fees, in a fast and safe environment for everyone. We have witnessed a new wave of members and are doing out best to onboard and provide them with the best user experience. We have recently implemented the following initiatives to help improve our communication with the community:
- Discord Ticketing System: Many users face difficulties understanding certain concepts and/or are unable to troubleshoot the issues they have when interacting on YuzuSwap. These members often share screenshots containing sensitive information on our public community channels, thereby inviting scammers. In an attempt to safeguard the interests of our community; we decided to implement a ticketing system that would enable a personal and private environment for members to seek assistance directly from the YuzuSwap team.
- ZAP Function Refunds: With the launch of the first Dual Yield pools; a number of Yuzers were adversely affected by providing liquidity to the newly created pools, which unfortunately lacked liquidity depth — via the ZAP function. Shortly after taking stock of the situation, we proceeded to assess each case individually and partly reimburse some of the losses. It was a learning experience for both the community and the YuzuSwap team. Going forward; we are taking additional steps to educate our members about the ZAP function and have also added disclaimers for its use in the future. We were pleased to process all refund claims within 2 weeks from the incident 🙂
- Improved FAQs and Docs: We are constantly revisiting our project documentation and FAQs to provide users thorough and up-to-date information about YuzuSwap. You can check our latest project Docs here.
Yuzuswap LP Vaults on Autofarm
February also saw Autofarm deploy on Oasis Emerald as the network’s first yield aggregator. Autofarm is a multi-chain yield aggregator and currently supports 15 different network protocols. Autofarm commenced their DeFi journey on Oasis by adding 4 YuzuSwap vaults:
- WROSE-YUZU LP
- WROSE-USDT LP
- USDT-YUZU LP
- WROSE-WETH LP
You can access Autofarm’s Oasis Emerald vaults here. Additional details about vault fee structure can be found here.
Fountain Protocol Partnership
YuzuSwap was proud to welcome Fountain Protocol as a native lending protocol on Oasis Emerald. Backed by the Oasis Foundation; Fountain Protocol will enhance Oasis Emerald’s DeFi capabilities and the composability with other native Dapps like YuzuSwap. We were pleased to list FTP, Fountain Protocol’s native token, on launch day and will be strengthening our partnership in the near future.
CoinMarketCap — Learn about Oasis and Earn $ROSE
CoinMarketCap, one of the world’s most referenced price-tracking websites for cryptocurrencies, recently launched a campaign to introduce the Oasis Network and how it unlocks new use cases for DeFi. The short video series also gives an insight to YuzuSwap and how DeFi opportunities can be leveraged to earn rewards with high APYs. The campaign is currently ongoing and we welcome everyone in the community to take part: CoinMarketCap — Learn about Oasis and Earn $ROSE
Next steps…
In the next few weeks we will be releasing the highly anticipated YUZU staking functionality as well as make notable improvements to our UX/UI. These features have been repeatedly demanded by our community and will be unveiled very soon. We would have loved to spill the beans. We highly encourage everyone to follow us on our various Social Media Channels for upcoming teasers of what is to come for YuzuSwap — the first infinitely extensible DEX built on Oasis! 🍊
About YuzuSwap
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.
