Convertible JPY Token

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Description

CJPY is a collateral debt position (CDP) issued on the decentralized, non-custodial Yamato Protocol developed by DeFiGeek Community Japan. Overcollateralized by ETH, it aims to maintain a peg to the Japanese Yen. Unique features include a high collateral factor (minimum health rate of 130%), absence of accrued interest (one-time issuance fee only), non-forced liquidation (redemption of debt positions by users), and a subrogation mechanism (accumulated fees manage debt below 100%). The protocol plans to expand and include additional stablecoins, starting with CUSD and CEUR. Launched on Ethereum mainnet in July 2023, CJPY offers significant utility across DeFi applications, including DEXs and lending protocols, and potential widespread adoption as a payment medium in Japan.

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FAQ

What is the purpose of Convertible JPY Token (CJPY)?

Convertible JPY Token (CJPY) serves as a decentralized, overcollateralized stablecoin pegged to the Japanese Yen on the Yamato Protocol. It is designed to maintain stability using Ethereum as collateral, offering a reliable medium of exchange within the Ethereum ecosystem and beyond, particularly in the Japanese crypto business market.

How does CJPY maintain its peg to the Japanese Yen?

CJPY maintains its peg to the Japanese Yen through overcollateralization with Ethereum on the Yamato Protocol. This involves users depositing ETH as collateral to mint CJPY, ensuring stability. The protocol's unique features like high collateral factors and the lack of accrued interest further support this stability, allowing effective debt management and peg maintenance.

What makes Yamato Protocol's stablecoin unique compared to others?

Yamato Protocol's stablecoin, CJPY, stands out due to its high collateral factor, no accrued interest, absence of forced liquidation, and a subrogation mechanism using accrued fees. These features provide users with flexibility, reduced risk of collateral loss, and efficient debt management, distinguishing it from other stablecoin platforms that may impose penalties and interests.

What are the benefits of using CJPY in DeFi applications?

CJPY offers significant utility in decentralized finance (DeFi) applications. It can be used in DEXs and lending protocols, providing users with a stable and reliable currency option for trading and investment. Its decentralized nature enhances security and trust, while the Japanese Yen peg offers a familiar reference point for users transacting in the Japanese crypto business ecosystem.

What developments are anticipated for Yamato Protocol?

Future developments for Yamato Protocol include the introduction of a DAO utility token and a vote-escrowed governance structure with version 1.5 in 2023. By late 2023, version 2.0 will expand the protocol's stablecoin offerings to include CEUR and CUSD, enhancing the protocol's utility and market reach.

How can users troubleshoot issues with debt positions on Yamato Protocol?

Users experiencing issues with debt positions on Yamato Protocol can utilize its unique subrogation mechanism. This involves the protocol employing accumulated CJPY fees to subrogate debt positions that fall below the 100% health rate threshold, ensuring that liquidation risks are minimized and users can manage their positions effectively without penalties.

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