VyFinance May Update

Intro & Summary

Hello and welcome back to another monthly update on VyFinance. During the month of May, we:

· Opened some new vaults for our users to earn new and exciting tokens released on Cardano

· Formed Partnerships with some of the heavy hitters in the ecosystem

· Completed our first and second governance vote

· Hosted our first Twitter Space

· Finalized our Rare Bloom and CNFT Con commitments

· Continued to build our platform

This Month in VyFi

Users of VyFinance last month would be aware that a host of new and exciting IFO/Token Vaults have been added to our platform. As aforementioned in our previous monthly update, these vaults (in particular IFOs) give us the opportunity to expand the reach of some smaller, generally CNFT based projects to a wider audience. We as a team have followed lots of these projects from the start and it is an honor to work with great people doing exciting things! Politikoz, for example, was the first CNFT I ever purchased, to be now working with the team in an effort to both support and amplify the project has been an incredible experience and one we are very proud of.

During May, our other vaults were as follows:

· We closed the ZiberBugs after a 13-day run. This is a testament to ZiberBugs tenacity and hard work, well done team! See more here: ZiberBugs.io

· We also opened a BlockchainGames Vault, a team who are, as they mentioned, “breathing life into your CNFTs”! These guys are the team behind some great projects such as ADAMON, and definitely worth keeping an eye on. See more here: blockchaingames.company

· A Charlz token Vault was also launched. They are a self-confessed and fun meme token who have styled their project in a homage to Papa Charles and his love for the majestic bison. See more here: charlz.io

· We opened a CLAP vault! Cardashift is one of the most recent additions to our catalogue of partners and something we are very excited about. We will speak further on this partnership later in the update. See more here: launchpad.Cardashift

· We also had the honor of releasing a Cardano4Speed vault. C4S is a CNFT project working on a blockchain based racing game in which users can implement their NFT and race other users. We were lucky enough to host some members of their team on our recent Twitter space, so please go have a look if you’re interested in learning more. See more here: cardano4speed

· A Cardano Village $LOG NFT vault has been revived for a second round! The project was so nice, we had to do it twice. These guys were our first IFO and paved the way for what a successful IFO should look like, we love working with them and encourage every user to check them out. See more here: life-log.io

· Last but not least we have IBLECOIN, an intriguing project that aims to put decentralization to the test. See more here: ibilecoin.com

Our Governance continued to make waves with our first two votes concluding during the month of May. Here our community decided to increase the VYFI emission rate, in effect this will result in less VYFI being released into the ecosystem on an annual basis. While our second vote on a MINt token swap resulted in a “No Swap” resolution. To view our current and past votes visit our governance tab on our App: vyfi.io/governance

VyFinance also gained three new partners this month with the addition of Cardashift, ADAO and Genius Yield. These teams are made up of some the greats in Cardano and the opportunity to add them to our growing list of partners is a phenomenal achievement. Each of these projects have pledged to commit to the goal of developing a closer relationship as well as introducing liquidity to each other respective platforms.

Dr. Sothy Kol-Men, the Managing Partner and co-founder of Genius Yield: “This partnership is important for Cardano and its thriving ecosystem. Genius Yield is actively building solutions to bring impactful crypto-based solutions to ordinary users and works in tandem with what VyFinance offers. We shall pull our resources together in the spirit of blockchain’s openness and collaboration leveraging Cardano’s composability to create value for all users and fast-track the expansion of the sphere.

Vincent Katchavenda, co-founder of Cardashift: “VyFi is a pioneer in DeFi on Cardano and we are excited to begin a partnership with them. There is a wide field of possibilities in the future for our impact projects, and we are looking forward to moving ahead with them. We will work hand in hand, to support and promote our accelerated projects for example.”

To learn more about some of these partnerships read more here:

· Genius Yield

· Cardashift

In the community last month VyFinance hosted the first of what will become regular Twitter Spaces. As we continue to perfect the formula, we intend on inviting members from different projects to join us in presenting the latest news and updates to the community. As well as Spaces, our community can join us in what will also be regular Discord AMAs, again we intend on having guests and making these as engaging and fun as possible. A big thank you to Cardano4Speed for being our first guest on Twitter! Things are heating up around the conference space also. VyFinance can happily announce we are confirmed to be attending Rare Bloom and CNFT Con. We cannot wait to rub shoulders with the Cardano community and meet all the wonderful and charismatic characters that make this space so enjoyable to work in. Both Rare Bloom and CNFT Con tickets are on sale right now! Make sure to be there and meet the endless list of prime Cardano projects in attendance.

· Rare Bloom

· CNFT CON

When buying Rare Bloom tickets be sure to use the code VYFI10 for a 10% discount!

VyFi Development

In development we have been steadily moving forward and making some key progress.

· Moving forward on Smart Contracts

· Cleaning up the user’s interface and updating the front end

· Updating Script size (running 21% lighter)

· Updates, code review, internal audits and optimisation running continuously

· Optimised the way in which we query the blockchain and receive information for our vaults

· Started work on lottery contract (small side project that is not taking away from anything else)

· Contracts and development going well

· Testing/optimizing IOHK PAB integration

· Working on a new, and more accurate fee estimator to drop our transactions fee as low as possible

· Writing more end-to-end traces to remove all doubt and possible vulnerabilities

The VyFinance ecosystem is making fantastic progress thanks to the hard work of our engineering team who continue to persevere no matter how hard the challenge.

All in all, May has been another rollercoaster of a month in the world of VyFinance. As the crypto market as a whole continues to suffer, we are determined to put our heads down and work harder than ever before to create the product we have always envisioned, and that our community greatly deserves. To those out there who have lost a great deal, remember there are people who love you and who are there to listen. Nothing in this world is more precious than life itself so please reach out if you’re in need. Goodbye and see you next month!

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VyFinance

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Hello! This is the social/news feed for Vy Finance, the Cardano DeFi protocol.

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