Cours de Convertible JPY Token

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. 

Yamato Protocol distinguishes itself through 5 attributes as a decentralized and non-custodial crypto overcollateralized stablecoin: 

• High Collateral Factor: The protocol permits a minimum health rate of 130%, ensuring efficient use of collateral. 
• Absence of Accrued Interest: Users are subject solely to a one-time issuance fee upon generating CJPY. 
• 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. 
• Redemption by protocol: Accrued CJPY fees on protocol can be used to redeem debt position under threshold. 
• Subrogation Mechanism: The protocol employs the accumulated CJPY fees to subrogate debt positions falling below the 100% health rate threshold.

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). 

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.