Convertible JPY Token

CJPY Price

What is Convertible JPY Token about?

CJPY represents a collateral debt position issued on Yamato Protocol, a decentralized and non-custodial platform on Ethereum developed by DeFiGeek Community Japan. CJPY serves as an ETH overcollateralized stablecoin designed to maintain a peg to the Japanese Yen. In the future, the Yamato protocol will expand to encompass various tokens as collateral, and a diverse range of fiat stablecoins will be introduced, initially including USD and EUR pegs.

What makes Convertible JPY Token unique?

Yamato Protocol distinguishes itself through 5 attributes as a decentralized and non-custodial crypto overcollateralized stablecoin:
1. High Collateral Factor: The protocol permits a minimum health rate of 130%, ensuring efficient use of collateral.
2. Absence of Accrued Interest: Users are subject solely to a one-time issuance fee upon generating CJPY.
3. Non-Forced Liquidation: No penalty for liquidation. Debt positions with health rates below 130% can be redeemed by any users via CJPY acquired from the market.
4. Redemption by protocol: Accrued CJPY fees on protocol can be used to redeem debt position under threshold.
5. Subrogation Mechanism: The protocol employs the accumulated CJPY fees to subrogate debt positions falling below the 100% health rate threshold.

What's the history of Convertible JPY Token?

January 2021: The DeFiGeek Community Japan embarked on the development of Yamato Protocol, a decentralized and non-custodial crypto overcollateralized stablecoin pegged to JPY. The community has functioned with an inclusive approach, welcoming all developers and contributors who are eager to take part in the enhancement of DeFi applications and tools that drive the advancement of Web3 technology.

Milestones of Yamato Protocol:
November 2021: The alpha testing phase commenced on the Rinkeby testnet.
January 2022: The beta testing phase debuted on the Rinkeby testnet.
May 2022: The second beta testing phase transpired on the Rinkeby testnet.
June 2023: Successful completion of the initial audit.
July 2023: Launch of version 1 on the Ethereum mainnet.

What's next for Convertible JPY Token?

At present, Yamato Protocol stands at version 1.0 without a utility token. Anticipated milestones include:
Version 1.5 (2023): Introduction of the DAO utility token and the implementation of ve(vote-escrowed) governance.
Version 2.0 (Late 2023): Enabling issuance of additional stablecoins like CEUR (convertible EUR) and CUSD (convertible USD).

What can Convertible JPY Token be used for?

CJPY represents a decentralized JPY-pegged token on the Ethereum blockchain, offering versatility to users and other protocols. Its anticipated adoption spans various DeFi Dapps, encompassing DEX and lending protocols. Given its decentralized and non-custodial nature, CJPY holds the potential for widespread adoption as a payment medium within the Japanese crypto business ecosystem.

Where can you buy Convertible JPY Token?

CJPY tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Convertible JPY Token is Curve (Ethereum), where the most active trading pair CRVUSD/CJPY has a trading volume of $2,129.49 in the last 24 hours.

What is the daily trading volume of Convertible JPY Token (CJPY)?

The trading volume of Convertible JPY Token (CJPY) is $4,262.15 in the last 24 hours, representing a 12.90% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Convertible JPY Token (CJPY)?

Convertible JPY Token (CJPY) reached an all-time high of $0.007364 and an all-time low of $0.0007597. It’s now trading -29.80% below that peak and 580.90% above its lowest price.

What is the market cap of Convertible JPY Token (CJPY)?

Market capitalization of Convertible JPY Token (CJPY) is $1,099,760 and is ranked #2948 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of CJPY tokens (210 Million tokens are tradable on the market today).

What is the fully diluted valuation of Convertible JPY Token (CJPY)?

The fully diluted valuation (FDV) of Convertible JPY Token (CJPY) is $486,644,042,111,462,200,000,000. This is a statistical representation of the maximum market cap, assuming total number of 210 Million ETH tokens are in circulation today.

How does the price performance of Convertible JPY Token compare against its peers?

With a price increase of 0.10% in the last 7 days, Convertible JPY Token (CJPY) is outperforming the global cryptocurrency market which is down -2.50%, while underperforming when compared to similar Stablecoins cryptocurrencies which are up 0.10%.

How to add Convertible JPY Token (CJPY) to MetaMask?

Adding Convertible JPY Token (CJPY) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import CJPY as a token. You can copy CJPY’s contract address (0x1cfa5641c01406ab8ac350ded7d735ec41298372) and import it manually, or if you've installed MetaMask's chrome extension, add CJPY to MetaMask with one click on CoinGecko.

Add CJPY to MetaMask.