Intro & Summary
This is the first instalment of which will be monthly updates on VyFinance. Here we will include everything that has been happening with the team and project. We hope to give our community a deeper insight into what’s been going on behind the scenes and shed some light on the progress we’ve been making toward completing our initial stages of development.
In this update we’ll be diving into our current partnerships, VyFinance NFTs/staking, the current stage of our development as well as other updates across the VyFinance community.
Keep in mind while this is said as a November Update — it is also our first update and thus will have information stemming back to PreSale.
Growing VyFi
First and foremost, we would like to show off our ever-growing list of partnerships and collaborations. As seen on VyFi.io our catalogue of partnerships has grown expediently! We now boast a list of 12 partners ranging from oracles and DEXs to custom address platforms and charities. Let’s start with the DEXs. VyFinance has secured partnerships with ADAswap, ADAX, Cardax and Minswap. These unique projects allow our community to interact with select pools and farms on VyFinance and earn different rewards in tokens belonging to these projects. Not only does this further expand the utility of our platform but helps build an environment of collaboration across the Cardano ecosystem. Next up we have the incredible teams over at ADAhandle and B58 Finance. These two teams are working towards different approaches in new wallet initiatives on the Cardano ecosystem. B58 is a next-generation, mobile and browser-based wallet with an integrated DeFi platform, along with that they share our focus of helping onboard new users and making the process as smooth as possible for those without the knowledge of seasoned traders. ADA handle on the other hand is revolutionizing the way users interact with Cardano wallets by implementing custom addresses so users can choose and apply their own unique address connected to their existing wallets. Finally, we’d love to mention DROP4DROP who aims to address the water and sanitation crisis by providing support and building wells in rural communities that have traditionally travelled vast distances to access clean water. Working alongside this awe-inspiring foundation has been a great honour and truly plays into one of the core pillars of Cardano in helping develop the un banked and developing world. Alongside these amazing projects are also Charli3, Cornucopias, Crypto Art, Hedges Stake Pool and Little Haiti Coin all of which are amazing and special projects that we will go more in depth with in a later update.
This Month in VyFi
Moving on we have one of the biggest milestones not only for VyFinance, but for Cardano as a whole. VyFinance has launched Cardanos first DeFi utility with the implementation of NFT staking. After our sold out ICO, the team at VyFinance decided to reward our community by giving out a free VyFi ICO NFT to everyone that took part. After careful consideration the team then decided we could go one step further and give these NFTs utility and provide them with the ability to be staked in order to earn VyFi. Since launching our NFT vaults we’ve had a total of 1070 NFTs staked and the community is at last earning some hard worked tokens. We too have recently released Cardax Vaults within our NFT staking so users can stake their VyFi NFTs to earn Cardax! The first of many exciting things to happen with our many collaborations. Not only does this allow our users to interact with our platform but it too gives us the satisfaction of seeing our community receive a reward for the endless support they have provided.
VyFinance was also present the latest Crypto Conference in Miami. There we were able to rub shoulders with some great minds in the Crypto world and build lasting relationships with lots of great projects and people. Steven Ward and Jack Kochen also had the opportunity to speak on two separate occasions. These presentations were a huge success and gave us the opportunity to further spread our vision to a new audience.
Another massive achievement happened this month with the launch of VyFinances official merchandise store! Finally, our community have been able to buy a selection of T-Shirts, hoodies and sweat pants beautifully decorated with the VyFi emblem proudly displayed front and centre. Our merchandise is only just starting with more designs and styles on the way.
VyFi Development
Finally, we’d like to touch on the development of our platform and what’s going on behind the scenes. Cardanos Plutus Application Backend (PAB) has caused another minor delay for our full release; however, our team has been hard at work. We have continued to enhance our NFT vaults as mentioned prior and continue to expand our data page to give users a more complete view of the ecosystem. We too have started further work on the Bar page in which users will be able to interact with on launch. The engineers have updated our contracts with the latest version of Plutus and started pushing them to the Test-Net to experiment how much load they can handle, and how we can optimize them. Along with Staying up to date with IOHK and working alongside them as they release the PAB and wallet integration, we have written another layer of test for all our smart contacts to ensure our platform is up to date and operating in prime condition.
Overall November has been a busy month with all hands-on deck. We look forward December which will no doubt be just as busy but even more exciting. We’d love to thank our community for being energetic and engaged with us at every step and ensure them this is only the start of big things at VyFinance.
In the future, this may follow a more patch-note-esque format when deemed necessary.
