DeFi is coming to Oasis — Introducing YuzuSwap, the 1st Decentralized Exchange on Oasis, & the 50K…
This post was originally published on oasis
Community Translations: Indonesian | Filipino | German
Introducing YuzuSwap: A fair, fast and scalable DEX
YuzuSwap is the first Decentralized Exchange (DEX) built on Emerald, Oasis’ EVM Compatible ParaTime. Taking advantage of the low gas fees, high throughput, and instant finality of Emerald, it includes all the features of a DEX that the DeFi community have come to expect:
- Swapping between ETH-based and Oasis-based tokens
- Liquidity pools and pairs
- Earning YUZU for providing liquidity to pools
- A voting system for governance of the funds collected with 20% of the transactions fees
But that’s not all. YuzuSwap has some new features that we believe the Oasis community will love.
Trade Once, Mine Forever
Within YuzuSwap, a pool of released tokens in each block is reserved solely for “Trade Mining”.
These tokens will accumulate for every user making trades in incentivized pairs. YuzuSwap is calling them Trading Pool Share Tokens (TPST).
The biggest benefit of this system is that every trade you make in an incentivized pair will CONTINUE accruing rewards with every block (every 6 seconds) until you withdraw the TPST balance. Once you make a withdrawal, the TPST balance will reset to zero until you make another trade. It will then begin accruing rewards again.
YUZU Auto-Buyback Price Support System
YuzuSwap works to actively support price health by taking a 0.3% transaction fee on all transactions. 80% of this fee will go to a Smart Contract, which will support and buffer large price fluctuations by buying YUZU if the price falls below the 72-hour average. This helps maintain a healthy and stable token price that benefits traders, investors, and liquidity providers.
The final 20% of transaction fees will go to a DAO governance vault governed by YUZU token holders. Decisions around what the vault is used for will be made through an on-chain voting system and could include things like incentivization of developers, new community programs, or co-investing in other Oasis Network projects.
The Oasis Network is very excited to support the YuzuSwap Launch and finally, bring DeFi features to the community.
By working in close collaboration with lending protocols and providing a place for new projects to crowdfund and pre-launch their tokens, YuzuSwap will become a cornerstone of the DeFi ecosystem on the Oasis Network.
Announcing the 50K YuzuSwap ($YUZU) Airdrop
50,000 $YUZU is up for grabs! To celebrate the upcoming launch of YuzuSwap, the First Decentralized Exchange (DEX) built on Oasis’s Emerald, the EVM Compatible ParaTime, we are running the first-ever DEX-token Airdrop.
YUZU’s total token supply is capped at 500M and there is 50K YUZU up for grabs in that Airdrop. The Airdrop is designed to help users get to grips with the features of the DEX and to reward the Oasis Community for their continued support.
How to Take Part in the 50K $YUZU Airdrop
If you want to take part in the YUZU Airdrop, the rules are simple.
To qualify, users must complete all missions, as described below. The Airdrop tokens will be unlocked one week after Genesis.
Airdrop Missions (Instructions to Qualify)：
- Fill out the Airtable form here — with your Twitter and Telegram handles and your Oasis wallet address to claim testnet rose.*
- Open an Oasis Wallet and fund with ROSE tokens **
- Follow @Yuzu_Swap on Twitter
- Like & Quote Tweet YuzuSwap’s Pinned Tweet + tag (@) 3 of your friends!
- Join the YuzuSwap Telegram group
- Follow @OasisProtocol on Twitter and Telegram
- Like & Quote Tweet @OasisProtocol’s Pinned Tweet describing what excites you most about YuzuSwap
- Swap YUZU with ROSE on YuzuSwap testnet
- Provide liquidity to the ROSE-YUZU pool
- Stake the LPT and start liquidity mining
- Claim your trade and liquidity mining rewards
- Unstake your LPT and remove liquidity from the pool
*ROSE Test Tokens will be sent in batches once a day at 12pm UTC starting the 30th November
** A snapshot of ALL Oasis Accounts will be taken on 7 December 2021 at 12am UTC. All accounts that have a balance of ROSE (>1 ROSE) at this time will complete mission #2 automatically.
NB: Holding ROSE on a crypto exchange will not qualify you to participate. You must hold full custody of your ROSE in your own wallet (use the Oasis Official wallets)
Get started here.