VyFinance August Update

4 min readSep 8, 2022

Intro & Summary

Hello and welcome back to the VyFinance monthly update! Let’s get started with a summary of what has been happening during the month of August:

· New Vaults and IFOs

· Aada to list VyFi

· New Governance proposal

· Our Dev team has been hard at work!

· Catalyst moves into the voting stage

This Month in VyFi

Last month we had the satisfaction of hosting a range of new vaults and IFOs, they are as follows:

· Ada Gotchi, Learn more here: https://adagotchi.io/

Ada Gotchi is primarily focused (at the moment) on unlocked NFT staking in which the user stakes their NFT in conjunction with Gotchi tokens. When staked, the Gotchi token will tick down and the resource the user has staked for (wood for example) will tick up. These resources will be used to craft all sorts of goods in game.

· AdaDemon, Learn more here: https://adademon.com/

“ADA Demon is the first in-depth play-to-earn immersive metaverse-based ecosystem on the Cardano Blockchain themed on the Greek Underworld. This Virtual-Underworld takes on a premise never before attempted in the history of blockchain. Players on ADA Demon start off as estranged spirits and must venture out of the fields of Asphodel to battle monsters, beseech gods and escape this Greek version of Hell. In an effort to integrate blockchain into popular gaming, ADA Demon offers the benefits of genuine ownership, digital scarcity, monetization, and interoperability to both crypto and non-crypto game lovers.”

· Cardalonia, Learn more here: https://cardalonia.io/

“Cardalonia is a decentralized, fully customizable virtual world on Cardano where players can build and own their experiences on the Cardano Blockchain. Utilizing the Cardano ecosystem known for its security to develop a 3D decentralized gaming metaverse that would unlock creativity in Cardalonia as you can Earn, create, socialize, play, trade and so much more, all in a virtual world.”

We also had the incredible pleasure in August of taking part in AADA first round of proposals for tokens to be listed on their protocol. We could not be happier with the outcome and are proud to announce that we were voted in a will be available for users to borrow.

For those who are unaware of Aada and what they’re doing:

“Aada V.1 app is a peer-to-peer lending and borrowing protocol on the Cardano blockchain. It allows users to submit loan requests and lend assets in an order book style. Borrowers can place inquiries by setting custom parameters like asset type, amount, collateral, term, and interest. In turn, lenders can choose whether to fill orders and liquidate them. The initial Aada protocol is a prequel to the V.2 version, which will include a pooled lending mechanism.”

Learn more here: https://aada.finance/

VyFinance also hosted a new governance vote! We are always thinking of new proposals and ways in which we can put the community first and give our users the voice they deserve. The latest proposal was in regards to a token swap with the incredible team at Minswap.

“We have been given the opportunity to offer VYFI as a bonus to our ADA-VYFI MINswap farm. This would allow users to farm VYFI along with the current MIN rewards by staking the ADA/VYFI LP into the farm at: https://app.minswap.org/farm In return, MINswap have offered us an equivalent value MIN for our users to earn through a token vault. Should we exchange VYFI tokens for the MIN? If yes, how many? To fund this trade, we will be using tokens from the Treasury Supply. Be aware this will not impact any emissions including pools, farms, vaults, etc.”

We are pleased to announce that our community voted unanimously for a 60k VYFI swap. To view the results and our other governance proposals

Learn more here: https://app.vyfi.io/governance

Catalyst has moved into the governance stage! It has been a long journey but voting has now opened in Fund9 of Catalyst. We believe in our mission and appreciate everybody who has taken the time to read through our proposal. A link to our proposal and our guide on how to vote can be found below.

VyFinance proposal: https://cardano.ideascale.com/c/idea/421973

How to vote: https://vyfinance.medium.com/catalyst-how-to-vote-af8f9faed719

VyFi Development

Now for the bit I’m sure most people are waiting for. August was a huge month for VyFinance development:

· Updated our transaction builder to fix misc. 400 light wallet errors

· Built out our lottery UI, backend servers & APIs

· Begin testing for Vasil with updated Cardano-nodes, Cardano-wallets and PAB on new testnets

· Various updates to the site completed

· V2 Vaults in the final stages of testing with Vasil updates

Our Devs also participated in the Buenos Aires, Cardano — Plutus and Haskell Hackathon. Developers from the VyFinance staff roster were in both Haskellbois and Planktoneta, teams which respectively came 1st and 3rd. Hackathons provide an opportunity for developers to test and discuss code, smart contracts and other factors relating to the development of Cardano protocols. We are so proud of our team and appriciate the opportunity to participate in such an important event.

As always, thank you so much for joining us in another monthly update. If you have any questions or just want to stay up to date, a link to our various social media channels can be found below.

Twitter: https://twitter.com/VyFiOfficial

Telegram: http://t.me/vyfinance

Discord: https://discord.gg/r3TY4Y5PDw

Facebook: https://www.facebook.com/VyFinance