- What is the project aboutCJPY represents a collateral debt position issued on Yamato Protocol,a decentralized and noncustodial platform on Ethereum developed by DeFiGeek Community Japan. - CJPY serves as an ETH overcollateralized stablecoin designed to maintain a peg to the Japanese Yen. - In the future,the Yamato protocol will expand to encompass various tokens as collateral,and a diverse range of fiat stablecoins will be introduced,initially including USD and EUR pegs.What makes your project uniqueYamato Protocol distinguishes itself through 5 attributes as a decentralized and noncustodial crypto overcollateralized stablecoin:1. - High Collateral Factor: The protocol permits a minimum health rate of 130%,ensuring efficient use of collateral.2. - Absence of Accrued Interest: Users are subject solely to a onetime issuance fee upon generating CJPY.3. - NonForced Liquidation: No penalty for liquidation. - Debt positions with health rates below 130% can be redeemed by any users via CJPY acquired from the market.4. - Redemption by protocol: Accrued CJPY fees on protocol can be used to redeem debt position under threshold.5. - Subrogation Mechanism: The protocol employs the accumulated CJPY fees to subrogate debt positions falling below the 100% health rate threshold.History of your project.January 2021: The DeFiGeek Community Japan embarked on the development of Yamato Protocol,a decentralized and noncustodial crypto overcollateralized stablecoin #pegged to JPY. - The community has functioned with an inclusive approach,welcoming all developers and contributors who are eager to take part in the enhancement of #DeFi applications and tools that drive the advancement of #Web3 technology.Milestones of Yamato Protocol:November 2021: The alpha testing phase commenced on the Rinkeby testnet.January 2022: The beta testing phase debuted on the Rinkeby testnet.May 2022: The second beta testing phase transpired on the Rinkeby testnet.June 2023: Successful completion of the initial audit.July 2023: Launch of version 1 on the Ethereum mainnet.What’s next for your projectAt present,Yamato Protocol stands at version 1.0 without a utility token. - Anticipated milestones include:Version 1.5 2023: Introduction of the #DAO utility token and the implementation of vevoteescrowed governance.Version 2.0 Late 2023: Enabling issuance of additional stablecoins like CEUR convertible EUR and CUSD convertible USD.What can your token be used forCJPY represents a decentralized JPYpegged token on the Ethereum blockchain,offering versatility to users and other protocols. - Its anticipated adoption spans various DeFi Dapps,encompassing #DEX and #lending protocols. - Given its decentralized and noncustodial nature,CJPY holds the potential for widespread adoption as a payment medium within the Japanese crypto business ecosystem..
Summary of the coin Convertible JPY Token
market value (Market Capital) Ranked 2739
circulated (Circulated): 168,008,673.26 coin
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Study the exchange market information. Convertible JPY Token
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