There were two inspirations for building Yugen Finance :
We, at Cryption Network, always wanted to build products that make DeFi and crypto more accessible, easier for retail users. Yugen finance is our attempt at simplifying DeFi yield farming and making it simple to participate into various farms and projects. And Yugen lierally delivers on this vision. You can simply deposit your assets and foret about them. Yugen will keep on earning solid, stable and long term yield for you.
We wanted to build a product with tokenomics in such a way that protocol directly is responsible for price appreciation of its token. And again, Yugen is literally doing this. You just need to buy and hold YGN tokens and thats it. Protocol will take care of daily buybacks of Yugen pushing the price upwards. So if everyone just holds, protocol automatically will push the price up even when there are no buyers.
What it does
What is Yugen Finance?
In a nutshell, Yugen Finance is automated yield manager and optimiser.
What it does is really simple: Puts your yield on autopilot.
Just deposit respective assets in yugen and thats it, your assets will continue generating stable, solid and long term income for you.
Often, while participating in DeFi, you get project tokens as rewards. Yugen finance also takes away this risk associated with holding / managing individual project tokens. You get your yield in YGN token which automatically goes up in price.
How it works?
Lets understand with an example:
You deposit USDC in Yugen's farm / pool, on Yugen App
After scanning through all the defi projects, Yugen crafts a strategy which leverages other protocols.
This strategy deposits all in USDC farm to other protocols and receives reward tokens as income.
Now strategy "sells" these project tokens on DEX to buyback YGN token. This builds upward price pressure constantly.
You get "fYGN" token as a reward from USDC farms created on Yugen App according the APR displayed.
At any point of time, you can go to fYGN burner, burn your fYGN and get back YGN tokens ( which is a very sold asset to hold, as already established. :) )
Now you can further stake your YGN token and you are eligible to get a share of the revenue generated by the entire protocol.
Challenges you ran into
We ran into several challenges tbh, listing few here:
Creating a tokenomics which promises a base price was one hell of a challenge. Lot of brainstorming and whiteboard sessions allowed us to craft tokenomics in this way. ( But that's what we wanted to do, so can't really complain )
Create a technical architecture and smart contracts in such way that, they are future proof, can be extened to support protocol.
One challenge we are actively facing is: increasing the liquidity for YGN token in the market. Of course, it will require some resources for marketing to reach out to wider audience. But we are trying to make it work regardless by partnering with projects like Dystopia and Penrose.
Anything else?
This video on how YGN works might help in understanding the protocol better:
Team Name
Cryption Network
Project Name
Yugen Finance
Contact Details
Email: ashwin@cryption.network Twitter: @yardi_ashwin
Project Track
DeFi
Sponsor Bounties
No response
Link to project GitHub public repo
https://github.com/yugen-dev
Link to project website
https://yugen.finance/
Link to demo video
https://youtu.be/7v0DM7b2UZs
Contract address
Ethereum
Polygon
Mainnet Deployed Strategies
Inspiration
There were two inspirations for building Yugen Finance :
We, at Cryption Network, always wanted to build products that make DeFi and crypto more accessible, easier for retail users. Yugen finance is our attempt at simplifying DeFi yield farming and making it simple to participate into various farms and projects. And Yugen lierally delivers on this vision. You can simply deposit your assets and foret about them. Yugen will keep on earning solid, stable and long term yield for you.
We wanted to build a product with tokenomics in such a way that protocol directly is responsible for price appreciation of its token. And again, Yugen is literally doing this. You just need to buy and hold YGN tokens and thats it. Protocol will take care of daily buybacks of Yugen pushing the price upwards. So if everyone just holds, protocol automatically will push the price up even when there are no buyers.
What it does
What is Yugen Finance?
How it works?
Lets understand with an example:
Challenges you ran into
We ran into several challenges tbh, listing few here:
Anything else?
This video on how YGN works might help in understanding the protocol better:
https://www.youtube.com/watch?v=sjFcjrEU1K8