I. Introduction | II. Guide | III. Conclusion
Welcome to the Yamfore public testnet!
This launch marks a significant milestone in the development of Yamfore, paving the way for the eventual mainnet release. The team has come a long way, from the early conceptualisation of the protocol’s mechanisms to the multiple design iterations and MVPs, to reach this current point.
The Yamfore team is a small group of passionate individuals who are committed to bringing change to the DeFi lending space. We have been bootstrapping ourselves from day one, without the aid of venture capitalists or external funding. We started building in the bear market, and it is through our rigor, passion, and practicality that we have been able to come this far.
Please note that the public test will be subject to bugs, errors, and a less than ideal user experience. All feedback gathered from the testing period will be used to improve the mainnet launch. This will not be indicative of the final product for Yamfore. There will be notable delays in forming transactions and using the protocol due to the expected high volume of users. We ask users to be patient and to repeatedly reattempt their transactions until they are successful.
The team has chosen to forgo any kind of off-chain batching solution for transaction processing. This was done for a number of reasons, primarily simplicity and decentralization. The Yamfore protocol targets a niche audience within the crypto lending / borrowing space, and thus can only service a handful of participants at a time. This eliminates the need for any extensive batching system and keeps the off-chain aspect of the Dapp significantly more straightforward and resilient.
Due to this design choice, occasional transaction clashes may occur, also known as contention. If multiple users attempt to spend from the same treasury UTXO, contention will occur, prompting the user of the failed transaction to sign and resubmit their transaction. We believe this is a minor inconvenience in the grand scheme of things, and the benefits significantly outweigh the drawbacks. This issue will only be notable during specific times of high usage, and should not affect the day-to-day operation of the Dapp in general. The team is also open to adding optional batching solutions for a better user experience, depending on the level of daily network usage.
For the initial testnet launch of the protocol, only the core borrowing and repayment mechanisms will be available. The team plans to continuously iterate, adding features and refining existing lending mechanisms until the protocol is ready for an official audit and eventual mainnet launch.
Users will also notice that the price feed is a static 1 ADA = 1 CBLP = 1 USD for the initial launch. This will be until integration of price feeds with decentralized oracle providers such as Orcfax occurs. The team is also diligently waiting for our pull requests to the Cardano token registration to be accepted to indicate the right decimal place orders when dealing with tCBLP and tyUSD. Users will have to temporarily account for a 6 decimal place shift when dealing with these assets. This issue should be eventually resolved in a matter of 24–48 hours.
Finally, please note that the protocol design has gone through significant changes, and this version of Yamfore represents an older variant. As stated, the testnet will be continuously updated to reflect the latest iteration of Yamfores lending mechanisms and be identical to the protocol when launched on mainnet.
This guide outlines the step-by-step borrowing and repayment process of the Yamfore public testnet. We encourage all participants of the testnet to follow each step closely and pay close attention to the requirements of each procedure.
Set your wallet network to the PREVIEW network and receive tADA from the Cardano testnet faucet:
Acquire between 500 and 5,000 $tCBLP from the SundaeSwap v2 testnet. It is also recommended to acquire at least 100 $tyUSD for any interest accrued during your loan term:
Alternatively, users can join the Yamfore Discord server and post their Preview address in the ‘Testnet-airdrop-request’ channel to receive the required assets.
Once you have completed these steps, you can use Yamfore by visiting the link below:
Borrowing Against Your Collateral
1 / Once your wallet is connected to the Yamfore app, you can start borrowing against your assets. To do this, simply enter the amount of ADA you want to borrow. Keep in mind that you need to deposit an equivalent amount of CBLP alongside your ADA collateral. The maximum amount of ADA that can be borrowed per individual loan position is 5,000 ADA.
Note: Transactions may occasionally fail. If this happens, simply try again.
2 / Once a loan has been initiated, a transaction window will appear from your chosen wallet provider. This window will show the assets that are being deposited and received.
3 / After receiving a valid transaction signature, the transaction will be submitted for verification. You will be given a Cardanoscan link. This link will initially appear as invalid until your transaction is included in the memepool. This can take up to 3–5 minutes due to the speed of the preview network.
4 / Once your transaction is officially accepted and included in a block, you will see the various assets in your wallet. The loan position will appear in the “Loan” section.
Repaying Your Debt, and Redeeming Your Collateral
1 / Once you are ready to repay your loan position and redeem your assets, the steps are straightforward. Simply go to the “Loan” section and select the individual loan position you want to close.
Note: Transactions may occasionally fail. If this happens, simply try again. It is also recommended to acquire at least 10 $tyUSD for any interest accrued during your loan position.
2 / Select the “Close Loan” button and confirm the summary details of the loan that appear.
3 / A transaction window will appear from your chosen wallet provider. This window will show the assets that are being deposited and received.
4 / After receiving a valid transaction signature, the transaction will be submitted for verification. You will be given a Cardanoscan link. This link will initially appear as invalid until your transaction is included in the memepool. This can take up to 3–5 minutes due to the speed of the preview network.
5 / Once your transaction is officially accepted and included in a block, you will see your originally deposited collateral assets back in your wallet.
In conclusion, we would like to sincerely thank everyone for their support in getting us this far. The team cannot express our gratitude enough for the immense support from the Cardano community. It is with pleasure and sometimes pain, mostly pain, that we have the pleasure of building on Cardano and providing real value to the DeFi ecosystem. We ask for your patience as we continually iterate on the design of the protocol and testnet experience until the inevitable mainnet launch. On a personal note, I’m also glad that I’ll never have to read “wen testnet” ever again, but it will most likely be replaced with “wen mainnet” 😅
🌎 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: email@example.com