Yamfore Public Testnet V2 🍠

Yamfore
8 min readMay 15, 2024

Contents

I. Introduction | II. Guide | III. Conclusion

I. Introduction

Welcome to the Yamfore public testnet V2!
The Big Blymp team is excited to announce the launch of Yamfore Public Testnet V2!

This marks a significant milestone in Yamfore’s development journey, building on the learnings from V1 and paving the way for a successful mainnet launch. Big Blymp is dedicated to fostering innovation in the DeFi lending space. Yamfore, our first project, exemplifies this commitment by offering robust, decentralized protocols and tools.

As a public testnet, users may encounter initial bugs and a potentially imperfect user experience. While Testnet V2 closely resembles the planned mainnet experience, your feedback is instrumental in further optimization. Due to the anticipated high user volume and the pre-production network’s limitations, occasional transaction delays may occur. We kindly ask for your patience and to resubmit transactions if necessary. Transactions may take time to finalize, so waiting after submission is recommended.

To prioritize simplicity and decentralization, Yamfore currently avoids off-chain batching solutions. This approach caters to our specialized audience within the crypto lending/borrowing space and ensures a streamlined off-chain component for the DApp. However, it’s important to acknowledge a potential trade-off: occasional transaction clashes (contention) might occur, requiring users to resubmit transactions. We believe the benefits of decentralization outweigh this minor inconvenience, especially during peak usage.

Similar to V1, the initial launch utilizes a static price feed. We plan to transition to centralized feeds temporarily before seamlessly integrating with decentralized oracle providers like Orcfax. Regarding token representation, the Cardano token registration process is underway to ensure proper decimal place representation for testnet assets (tCBLP and tUSD). Users will temporarily need to account for a 6-decimal place shift. This is expected to be resolved within the next 24–48 hours.

II. Guide

This guide outlines the step-by-step process of using the Yamfofe testnet V2, going through all core features. We encourage all participants to follow each step carefully, and pay close attention to the requirements.

Before You Begin:

1 / Switch your wallet network to the “PREPROD” network and acquire some testnet ADA (tADA) from the Cardano testnet faucet: https://docs.cardano.org/cardano-testnets/tools/faucet/

2 / Join the Yamfore Discord server and post your Preprod address in the “🧪・testnet-request” channel to receive the necessary testnet tokens ($tCBLP & $tUSD): https://discord.gg/FK5qtrmRE7

3 / Once you’ve completed these steps, you’re ready to use Yamfore!
Visit the following link to begin:
https://testnetv2.yamfore.com/

Quick UI Overview

Yamfore prioritizes user experience by offering an intuitive interface. Core functionalities are segregated into dedicated sections, each providing clear information and optimized for efficient navigation. This streamlined approach minimizes visual clutter, empowering users to effortlessly execute their desired actions.

Stats Section

Gain a quick understanding of Yamfore’s health through key metrics like lending rates, total value locked (TVL), and user adoption statistics. This comprehensive overview allows you to assess the protocol’s key performance metrics.

Stats Section

Borrow Section

Initiates loan positions with just a few clicks. This section provides transparent borrowing rates and allows anyone going through the borrowing process to keep informed on all the key metrics relevant to them.

Borrow Section

Position Section

This section allows users to manage their loans positions effectively. Monitor key metrics like outstanding principal, accrued interest, and PNL (Profit and Loss) to make informed decisions about their strategy.

Position Section

Market Section

This section caters to arbitrageurs and profit-seekers. Exchange key assets on the protocol’s behalf at a slight discount compared to their market value, presenting arbitrage opportunities (e.g: exchanging USD for ADA or CBLP at a fixed market discount)

Market Section

FTO Section

At the moment users are simply redirected to a blog post discussing the strategy of the upcoming FTO and the impact it has on the $CBLP tokenomics. The upcoming FTO event is scheduled to coincide with the protocols mainnet launch.

Upcoming Fair Token Offering

Borrowing Against Your Collateral

1 / Access the “Borrow” section within Yamfore’s interface. Enter the desired USD amount you want to borrow and ensure you have sufficient collateral (including $tCBLP) to cover the loan. The platform will display the corresponding collateral requirements based on your chosen loan amount.

2 / Once you confirm the loan details, a secure transaction window will appear from your chosen wallet provider. This window displays the assets being deposited (collateral) and received (borrowed USD). Carefully review these details before signing the transaction using your wallet’s designated method.

3 / After signing, the transaction is submitted for verification on the Cardano network. You’ll receive a CardanoScan link to track its progress. While initially appearing invalid, the link will update once your transaction is included in a block (may take a few minutes).

4 / Upon successful completion, your borrowed USD will be reflected in your wallet. Additionally, the “Position” section will become accessible, allowing you to view and manage your active loan details, including outstanding principal, accrued interest, and potential early repayment options.

Repaying Your Debt, and Redeeming Your Collateral

1 / Navigate to the “Position” section within Yamfore’s interface. Locate the specific loan you wish to repay and select the “Repay” option. This will guide you through the repayment process.

2 / Carefully review the repayment summary displayed on the screen. This will typically include details like the total amount to be repaid (including principal and interest), and the collateral you will receive back upon successful completion.

3 / Once you confirm the repayment details, a secure transaction window will appear from your chosen wallet provider. This window displays the assets involved: the USD being used for repayment and the collateral assets you’ll be getting back. Review these details thoroughly before authorizing the transaction using your wallet’s designated method.

4 / After signing the transaction, it will be submitted for verification on the Cardano network. You’ll receive a CardanoScan link to track its progress. While initially appearing invalid, the link will update once your transaction is included in a block (may take a few minutes).

5 / Upon successful completion, your originally deposited collateral assets will be reflected back in your wallet. Additionally, you can utilize the provided CardanoScan link to view the details of the completed repayment transaction on the block explorer.

Market Section Arbitrage ( Exchanging USD for discount $ADA or $CBLP )

1/ Within the Yamfore interface, navigate to the dedicated “Market” section. This section is designed specifically for facilitating asset exchange opportunities. Choose the asset pair you wish to exchange, for instance, you might choose “USD for ADA” if you want to exchange US Dollars for Cardano’s native token, ADA, or “USD for CBLP” if you’re interested in acquiring Yamfore’s own token (CBLP) at a discount using USD.

2/ Enter the desired amount of USD you intend to exchange. The protocol will dynamically calculate and display the corresponding amount of the target asset (ADA or CBLP) you’ll receive in return. Additionally, you’ll be able to see the exact discount percentage applied by Yamfore, providing you with a clear picture of the potential profit from the exchange.

3/ Once you’re satisfied with the exchange details, including the amount of USD to exchange, the received asset amount, and the discount percentage, confirm the transaction. This will trigger a secure transaction window from your chosen wallet provider. This window will clearly display the details of the exchange. Carefully review these details before proceeding. You’ll then be prompted to sign the transaction with your wallet to authorize the exchange.

4/ Upon signing the transaction, the protocol will submit it for verification on the Cardano blockchain network. You’ll receive a CardanoScan link, which initially will appear as invalid, but this is due to the transaction needing to be included in a block before it’s officially reflected. The waiting time can vary depending on network congestion, but it typically takes a few minutes. Once your transaction is successfully included in a block, the CardanoScan link will update and display the confirmed transaction details.

5/ After successful exchange completion, the newly acquired assets (ADA or CBLP) will be reflected in your connected wallet.
*Assuming these were real assets on mainnet. You can either hold the acquired assets for long-term investment or capitalize on the arbitrage opportunity by immediately selling them at their current market price.

III. Conclusion

The Big Blymp team extends its deepest gratitude to the Cardano community for their invaluable support. Your engagement has been instrumental in our progress, and we are incredibly thankful. The launch of Yamfore Public Testnet V2 signifies a crucial achievement, representing the final stage before our mainnet debut. We will operate V2 for a brief period to gather essential user feedback and optimize the user experience.

Following this phase, a comprehensive audit of our contracts is scheduled for the end of this month with the esteemed team at TX Pipes. Upon successful completion and a positive audit outcome, Yamfore will be prepared for its mainnet launch, coinciding with our highly anticipated First Token Offering (FTO) event. This launch marks the culmination of our efforts: introducing Yamfore, the world’s first no-liquidation risk lending protocol, meticulously designed to capitalize on the advantages of Cardano’s EUTXO model, to the broader Cardano and cryptocurrency ecosystems.

We are thrilled to unveil Yamfore to the world. We remain deeply appreciative of your continued support, and we encourage you to actively participate in the testing process. Happy testing everyone! 🍠

Follow us:
🌎 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

--

--