youves, the recently launched DeFi platform, introduces a new tracker token uDEFI on the Tezos Granada Testnet. The uDEFI tracks the performance of the DEFI index – a price index tracking the performance of the tokens of the five large and successful DeFi projects.
youves uDEFI
youves is a decentralized, non-custodial, and self-governed DeFi platform on the Tezos ecosystem. Users can build, buy, sell, and stake synthetic assets in a cost-efficient and transparent manner. Since its launch only 8 weeks ago, youves has experienced rapid growth to a Total Value Locked (TVL) of already over $20 million.
The uDEFI follows the template of the youves tracker tokens, which was so far used for the uUSD with one difference. The template introduces the option for the minter to decide if its collateral should be open for conversions. The uUSD does not offer the minter this option and all collateral is automatically open for holder conversions. If a minter agrees to the conversion option, it is entitled to receive YOU. If it decides against the option, it will not get any YOUs.
The uDEFI tracks the performance of the DEFI index. The introduction of uDEFI also means that youves is multi-asset enabled. Going forward, adding new reference values such as other indices, fx or commodities will be much more straightforward and predominantly a question of getting adequate price feeds.
DEFI Index
The DEFI index is a price index tracking the performance of the tokens of the five large and successful DeFi projects, currently LUNA, LINK, UNI, CAKE, and AAVE.
youves says that the index is capitalization weighted, in line with the market cap as initially observed on CoinMarketCap, a crypto price tracing site, on 21 September 2021 at 08:00 UTC.
The initial index value on the initial observation time and date is defined to be worth 1 tez. At the time 1 tez was worth USD 5.4620. The index will be rebalanced to the then prevailing market capitalization semi-annually.
youves recently partnered with Plenty DeFi to reward users within the Tezos DeFi ecosystem.
Tezos – One Of The Fastest Growing Blockchain Ecosystems
Tezos is one of the first level 1 Proof-of-Stake blockchain networks. The Tezos ecosystem offers a lot of advantages to developers and projects, including low gas fees, cross-chain utility, yield farming protocols, efficient DEXs, animated NFT platforms, and more.
Tezos today represents one of the fastest growing blockchain ecosystems. Tezos is recording massive growth in smart contracts-related transactions driven by fast growing ecosystem in 2021. According to data on Better Call Dev (BCD), Tezos crossed 5 million contract calls milestone this month.
Image Credit: youves