Add Myield token to Aada Finance as an asset for lending/borrowing
We would like to add the Myield token in Aada V1 as an asset for lending/borrowing.
MuesliSwap is a decentralized, first native, scalable decentralized exchange on Cardano. MuesliSwap DEX has it as its goal to make trading of any token on Cardano as easy and cost-efficient as possible.
Who is posting the proposal? (Decaf - community member)
Project and token overview
MuesliSwap is a decentralized exchange (DEX) on the Cardano blockchain that enables you to trade Cardano native tokens.
Backed by a newly developed token swapping protocol, MuesliSwap aims to become the go-to DEX on Cardano. MuesliSwap uses a hybrid trading model with an on-chain order book connected to liquidity pools, providing crypto traders with features like limit orders. In this model, there is no central order matching authority. Instead, order matching is incentivized and can be performed by anyone, subject to rules fixed in a smart contract.
$Myield is the token that powers the MuesliSwap ecosystem. $Myield is the native token of the MuesliSwap platform. The overall purpose of the token is to incentivize participation and drive the growth and development of the MuesliSwap ecosystem.
MuesliSwap is adding Liquidity Pools to both Milkomeda and Cardano mainnet step by step. To incentivize liquidity provision within the MuesliSwap protocol, we introduce the Muesli Yield Token.
The main utility of Muesli Yield is that it can be staked to earn MILK buy options.
By staking the Muesli Yield Token, you can transform it into MILK call options (1 call option = 1 MILK token) with an exercise price of 1 ADA, and without any expiry date. That means for 100 Myield you stake you get the option to buy a MILK token for 1 ADA.
You stake 100 MYIELD for 30 days to get 1 MILK buy option. After 30 days, the staked MYIELD will be burned.
Please note: MYIELD will be burnt after earning the MILK call option. Initially, we have announced different tokenomics for Milkomeda and extra MILK options will be distributed through a snapshot on Milkomeda to make up for this change (more information soon).
Total Supply (MuesliSwap): 100,000,000 Myield
Diluted Market Cap (Taptools): 976,674 ₳ (26.03.2023)
TVL (MuesliSwap TVL – Defillama): $7,955,290 (26.03.2023)
Holders: 1007 (Taptools) (26.03.2023)
Volume 24h (MuesliSwap): 581 ₳ (26.03.2023)
Adding $Myield to the AADA Finance protocol will expose and increase the liquidity of the asset which will help Cardano DeFi to grow including the AADA protocol.