VyFinance March Update
Intro & Summary
Welcome back to another monthly review for VyFinance. March feels like a whirlwind as it passed so fast with so much packed in. Last month we were exhilarated to add two companies to our ever-growing list of partners and collaborators. Minswap went live and along side so did the VyFinance farms. Major features were also added to our platform, including our first IFO and long awaited on chain governance! Furthermore, we attended the World Block Chain Summit in Dubai and had the opportunity to meet members of our wonderful community.
This Month in VyFi
March was an amazing month for expanding our consortium with VyFinance welcoming COTI and Metadams to our list of collaborators. To reiterate our write up earlier this month our partnership with COTI drives home the importance of a stablecoin when dealing with DeFi. It allows users an on/off ramp for their crypto, in a safe and effective manner. With the increasing demand that we expect on the Cardano blockchain, a stablecoin will allow users to safely manage their funds, and ensure that there is a quick option to move from Crypto to Stable natively on the Cardano Blockchain. In addition, Metadams is exciting and unique in its application as a partnership. They are a sensational metaverse/play-to-earn project launching on Cardano. VyFinance have been extremely lucky to secure a plot of land in their main market place to build a VyFinance branded building where members of the Cardano ecosystem can come engage with, and learn about our project.
Huge news broke last month with the incredible launch of Minswap’s DEX. We would like to take this opportunity to give a shout out to one of our first partners on what was a huge achievement and massive success. With the release of the Minswap DEX VyFinance was able to secure a place as one of the first farmable tokens on the site. We were extraordinarily grateful to everyone that has taken the time to provide liquidity to our pair and already started engaging and farming Min using our token. Once again, a huge congratulations to Minswap in creating what has become and industry standard for DEXs on Cardano.
Onwards to our platform. We have added some game changing features to the VyFinance ecosystem with the inclusion of the first Cardano Governance system! Users who hold VYFI in their wallet, or stake on our platform are now able to take part in ongoing votes regarding decisions made to our ecosystem. So far, we have held two votes on details surrounding our emissions rate and the release of our VyFi-White-NFT. We would also like to take a moment to thank all the wonderful members of our community who volunteered in beta testing our governance, this would have been a far more difficult task without you, and we could not be more grateful for your time and support. More details about our governance can be found here: https://docs.vyfi.io/vy-backend/governance. We have also included GeroWallet as a compatible wallet on our platform, allowing users to engage with the VyFinance app in the way they feel most comfortable. Lastly, we launched our first ever Initial Farm Offering (IFO). We worked with the incredible team at Cardano Village to release their token (LOG) for the first time to the Cardano community. This was an immense success surpassing even our own expectations. Over $2 million in total value locked was plunged into the LOG vault hitting our max pay out in a record 16 days. This is absolute testament to both our community and the team at Cardano Village for the amazing work they have done. We have some more IFOs coming soon and look forward to launching more great tokens for our community.
As a team we attended the phenomenal World Blockchain Summit in beautiful Dubai. Here we were able to meet some of the top movers and shakers across the world of blockchain technology. There were amazing booths and displays filled to the brim with remarkable entrepreneurs and pioneers. VyFinance also had a booth which seemly had a crowd of people constantly hungry to learn and dive into our ecosystem. Our CEO Steven Ward also had the opportunity to speak on stage about the power of AI and blockchain. We feel eternally grateful for the ability to attend this event and rub shoulders with some of the best and brightest in blockchain.
Lastly as always, our magnificent team of developers and engineers have been working around the clock building the VyFinance ecosystem we all cant wait to see. During the month of March our team developed the aforementioned first-time Cardano governance system which is already in full swing. They have also accomplished integrating the official IOHK PAB with Plutus smart contracts and light wallets. We are now incorporating this workflow with our existing contracts and running a full end to end assessment on the test net. Along side these checks and tests we are reviewing security issues across the board to make sure everything is as safe and secure as possible.
March has overall been another fantastic month for us! Full of amazing developments both in development and business growth. A huge thanks to our community and all the people/companies that have made our job so rewarding and successful.