VyFinance January Update

3 min readFeb 5, 2022

Intro & Summary

We here at VyFinance hope everyone had an amazing new year and start to 2022! January has been huge for us; we have expanded our platform to include features such as token staking and CCVault integration. We too have increased our socials and added multiple language channels to our discord to better serve our growing community across the globe. We have had the opportunity to have some great conversations with amazing influencers, and the long awaited VyFi/ADAX NFTs also launched and sold out in an astonishing 9 minutes. These special NFTs will allow holders to stake and earn both VyFi and ADAX in what is the first dual token NFT staking vault on Cardano. Additionally, we have been able to bring onboard Well Typed as our internal auditors.

This Month in VyFi

Token staking was launched towards the start of January and allows users to stake their VYFI in order to earn multiple different tokens on our platform, as of the end of the month users can stake VYFI to earn PAVIA, FLICK, CARDAX and VYFI. By bringing utility to our token via the token staking vaults we hope to provide a method for users to make the most of their VYFI token and be rewarded for supporting us in our journey. Our token staking was a huge success with users across the ecosystem flooding in to stake their tokens and earn some rewards, at its height we reached a massive 17 million in total value locked! Along with Token Staking we have integrated CCVault as a wallet that can be used on our platform, as well as expanding accessibility for users this too helps with the congestion experienced in the ecosystem at the moment.

Our socials have grown like never before and now users from a range of languages can interact with our new channels on discord designed to encourage conversation no matter the origin of our community. Along with expanding our discord we have been hosted by some incredible influencers in the Cardano world, these include Rice TV, Cardano Conversations, Learn Cardano, The Cardano Convo Podcast, Paul Baron and IVY crypto.

Our NFT space has expanded once again with the release of the VYFI/ADAX collaboration NFT. This limited NFT had a total supply of 750 and sold out in a shocking 9 minutes. Holders of this NFT will be able to stake it in a special vault for the period of 1 year, within this they will be able to earn both VYFI and ADAX.

Furthermore, VyFinance have recently secured an agreement with Well-Typed as our internal auditors in preparation for our external audit. They will be instrumental in helping us achieve our goal of constructing the VyFinance ecosystem we have worked so hard to create. The star-studded team at Well-Typed is steeped in knowledge and consists of the most experienced and knowledgeable professionals in the Haskell community. Each member of team holds an awe-inspiring wealth of credentials with PHDs littered throughout the company. Duncan Coutts, partner, and Haskell consultant for Well-Type happens also to be the Head of engineering for the Cardano project, a feat that speaks volumes for the variety of specialists involved in the organization. With Well-Typed onboard VyFinance is more equipped than ever to take the Cardano ecosystem by storm and provide the next generation of decentralized finance to our community.

VyFi Development

On the development side of things our dev team has been working around the clock to provide ground breaking progress to our platform. They have been effortlessly bug testing every aspect of code to ensure when we go live features run smoothly and efficiently for our users. We are only days away from launching the Bar and token pools on our private testnet with the PAB fully implemented! These steps bring us closer and closer to delivering some of the key components laid out in our roadmap and whitepaper

Overall January has been incredible and a testament to what VyFinance can achieve in a short space of time, much of what we have accomplished could not have been possible without the support of our community and partners, for this we are forever grateful and look forward to the next few months of more milestones and achievements to come.