Convertible JPY Token $CJPY

The Convertible JPY Token (CJPY) is an innovative crypto project that represents a fresh approach to collateralized stablecoin technology developed by the DeFiGeek Community Japan on the Ethereum blockchain. As an ETH overcollateralized stablecoin, CJPY aims to maintain a peg to the Japanese Yen while keeping the potential for wider adoption and integration with various DeFi applications.

About the Project

The CJPY is issued through the Yamato Protocol, a cutting-edge, decentralized, and non-custodial platform. The goal of the platform is to expand, in time, to incorporate various tokens as collateral that would introduce a diverse range of fiat stablecoins, including initial pegs to USD and EUR.

Unique Attributes of the Yamato Protocol

Yamato Protocol stands out from other crypto overcollateralized stablecoins with its five distinct attributes. Firstly, it maintains a high collateral factor with a minimum health rate of 130%, ensuring efficient use of collateral. Secondly, users are subject to just a one-time issuance fee when generating CJPY, with no accrued interest. Moreover, the protocol allows non-forced liquidation, with no penalty for liquidation. Debt positions with health rates below 130% can be redeemed by any users with CJPY acquired from the market. Also, accrued CJPY fees on protocol can be used to redeem debt positions under the threshold. Lastly, a subrogation mechanism is in place that uses the accumulated CJPY fees to subrogate debt positions falling below the 100% health rate threshold.

Project Milestones and History

The DeFiGeek Community Japan began developing the Yamato Protocol in January 2021. The protocol successfully moved from alpha to beta testing, with the second beta testing phase completed in May 2022. By July 2023, the protocol had successfully completed its initial audit and launched version 1 on the Ethereum mainnet.

The Future of the Yamato Protocol

As it stands, Yamato Protocol is at version 1.0 without a utility token. Future plans include the introduction of the DAO utility token and the implementation of ve (vote-escrowed) governance in version 1.5, projected for 2023. Late 2023 will see the release of version