Proposal: Add $YUMMI token as a borrowable asset to Aada V1 (Approved)

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Proposal: Add $YUMMI token as a borrowable asset to Aada V1

Proposal Description

I would like to add the $YUMMI token as a borrowable asset in Aada V1.

Short Summary

Yummi Universe is an NFT project aiming to become a full-scale ecosystem on the Cardano blockchain. Its main focus is building a Play-2-Earn game based on the characters from its popular NFT collections. As such, the project’s native $YUMMI token plays a crucial part and thus is a valuable addition to Aada Finance.

Motivation

  1. Project and token overview

Yummi Universe’s concept revolves around the cute blue creatures that resemble Pokémon characters. Since its inception in April 2021, the project has been building toward creating a full-blown decentralized ecosystem with Play-2-Earn as the center.

By far, Yummi Universe is the 14th largest NFT collection on Cardano, with a trading volume of ~7.8M ₳ from the main collection and ~2M ₳ volume from the secondary editions. The token boasts $YUMMI over 10200 holders, making it one of Cardano’s largest communities. With more on-chain and off-chain features coming to the Universe, $YUMMI will certainly find more use cases as a utility token.

  1. Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?

While $YUMMI has a relatively low volume on Cardano DEXs, it shows all signs of a potential blue-chip token. Its impressive number of token holders proves a large following behind the project with a loyal community. This is greatly beneficial for Aada Finance as a project looking to onboard NFT fans to Cardano DeFi.

Adding $YUMMI to the Aada Finance protocol will bring more users to the V1 app and expand the scope of trading strategies for advanced users. For example, Yummi Universe distributes extra $YUMMI rewards to the Minswap pool. This allows everyone to borrow $YUMMI and farm in the ADA/YUMMI pool on Minswap (31.11% APR). Alternatively, Yummi Universe will add staking and P2E mechanics as a utility for the native token.

  1. What’s the asset’s utility?

  • $YUMMI is the primary utility token for the Yummi Universe;
  • $YUMMI tokens can be used for voting in the DAO governance;
  • Users can triple yield farm on Minswap and earn $MIN, $ADA, and $YUMMI rewards;
  • Additional staking to be introduced with the launch of The Village Webapp.

Additionally, the token will be used for the following in-game activities:

  • Purchasing and opening Yummi Universe card packs;
  • Participating in tournaments;
  • Playing in PvP or adventure mode;
  • Making your monsters stronger;
  • And more.

  1. Token data

Team 1,100,000,000 11%
Advisors 100,000,000 1%
Ecosystem Fund 8,000,000,000 80%
Airdrops and seed 300,000,000 3%
Partnership and marketing Fund 500,000,000 5%

**Max Supply:**10,000,000,000 $YUMMI

Circulating Supply: ~556,007,836 $YUMMI (5.6% of max supply)

Diluted Market Cap (Taptools): 2.14M ₳ (08.12.2022)

TVL (Minswap): 562.66K ₳ (08.12.2022)

Holders: 10201 (08.12.2022)

Volume 24h (Minswap): 6.15K ₳ (08.12.2022)

Volume 7d (Minswap): 85.93K ₳

Disclaimer: The token distribution will take 16+ years to reach 100%.

Conclusion

Adding the $YUMMI token to the Aada Finance platform will give the protocol users yet another possibility to enter the world of P2E. As expected, adding a popular project’s token to the app will attract more NFT fans. Ultimately, everyone will be able to become part of the Yummi universe without the need to stake NFTs from the official collections to earn $YUMMI.

References

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