Contents
I. Introduction | II. Non-fungible Bond Offering Mechanism | III. Conclusion
I. Introduction
Yamfore is a decentralised lending protocol building on Cardano. Yamfore will be the first community backed lending protocol offering crypto-backed loans with no margins calls, liquidation events and indefinite loan terms. Yamfore is being built with the intention of putting the borrowers first, allowing users to safely secure their crypto exposure regardless of market volatility. Yamfore is able to accomplish all of this due to the protocol owning the liquidity it lends out and relying on the innovative ouroboros consensus mechanism of Cardano, that enables liquid staking of ADA. This allows the protocol to simply utilise the consistent staking rewards earned by the borrowers deposited ADA collateral as payment for their loan positions with no other / further payment obligations. The Yamfore protocol fundamentally carries the volatility risk on behalf of the borrower ensuring their loan positions are secured at all times without fear of liquidations.
Yamfore has been in steadfast development since the beginning of 2022 and still remains on schedule for public testnet in Q4 of 2022. The Yamfore team consists of x3 freelance programmers extremely passionate about the Cardano community and hoping to make a real difference in the DeFi lending space. The team has been hard at work with our heads down throughout most of the year building as fast as we can whilst still taking a methodical approach and ensuring we don’t fall into a “Move fast and break things” attitude that’s exhibited in so many other blockchains.
The development of Yamfore thus far has been bootstrapped by the teams personal funds, but we’ve reached a critical point in development that requires external funding to account for official smart contract audits, essential feature add ons and potential team expansion. Yamfore from day 1 has been dedicated to a fair token distribution launch with a focus on community allocation. We’ve therefore decided to have no insider allocation of our native governance and utility token, $CBLP, given to venture capitalists, private investment firms or angel investors etc.
Yamfore has instead chosen to utilise a fairer approach of raising capital in the form of Non-fungible bond offerings. The non-fungible bond offering is a novel method of raising funds for the protocols development whilst heavily rewarding the earliest supporters and staying true to a fair launch policy.
II. Non-fungible Bond Offering Mechanism
Non-fungible Bond Offerings are a step forward in a fairer, more equitable token distribution / fund raising method for protocols seeking to raise capital. NFBOs are essentially non-fungible tokens which represent a share of the reserved 5% of the total circulating supply of $CBLP tokens (50 million $CBLP)
When launched, NFBOs will only be available for the community to mint for 31 days until the Policy ID is locked and the minting period is officially over. The reserved 50 million $CBLP tokens ( 5% of the total circulating supply of $CBLP ) will then be evenly distributed amongst all minted NFBOs. As an example, If only 5 NFBOs were minted within the allocated 31 day minting period. The entire 50million $CBLP tokens will be evenly distributed amongst the 5 minted NFBOs, meaning each NFBO receives 10million $CBLP tokens. The fair market price of $CBLP is also determined at the end of the minting period by dividing the total sales amount $ by the allocated 50 million $CBLP tokens.
Each NFBO will cost $50USD with a total of 5,000 NFBOs available to be minted. The minting period begins from 08/14/22 at 9:30PM UTC and closes on 09/14/22 at 00:00 AM UTC with the Policy ID locked and no further minting possible. The minting portal will be made available through the official Yamfore website utilising NMKR minting services. NFBO holders will simply receive their discovered $CBLP token allocation via an airdrop in their wallets. A policy snapshot will be taken on 09/14/22 at 00:00 AM UTC, with the subsequent token distribution performed within the same day (<24hrs)
NFBO Policy ID: f4f69b3be7f076722ebda6431b14f558c471ac36663836fc21563a3b
Official Collection Link:
https://www.jpg.store/collection/YamforeNFBO
Cardanoscan Token Overview:
https://cardanoscan.io/token/f4f69b3be7f076722ebda6431b14f558c471ac36663836fc21563a3b4e46424f?address=addr1q80j6epe9kn4mzxvg87urs4j3rg73epa7py07ndxswyqley277wm57r84urvrgg54r4u24hlcqg99tztnvjzr8nqumwq33clvv&tab=topholders
illustration of the minting process:
III. Conclusion
Non-fungible bond offerings represent an exciting and fairer distribution method for community members to lend their monetary support towards a protocols development whilst also directly benefiting from early token distribution, and fairer token allocation discovered through free market principles.
Follow Yamfore:
🌎 Website: https://yamfore.com/
📚 Gitbook: https://yamfore.gitbook.io/yamfore/
🐦 Twitter: https://twitter.com/yamfore
🔊 Discord: https://discord.gg/FK5qtrmRE7
🖥️ GitHub: https://github.com/Yamfore
🤖 Reddit: https://www.reddit.com/user/yamfore/
📧 Email: contact@yamfore.com
