Proposal to add the crvUSD/CJPY & ETH/CJPY pool to the Gauge Controller (2 in total)


Proposal to add crvUSD/CJPY & ETH/CJPY pool on Ethereum to the Gauge Controller

crvUSD/CJPY Pool: 0xca546ae6c3b2bb9fba2b6e5eeb0881097cece5b0
crvUSD/CJPY Gauge: 0xa5Dc66685bD13A0924505807c29F8C65dDa0d207

ETH/CJPY Pool: 0x592878b920101946Fb5915aB97961bC546f211CC
ETH/CJPY Gauge: 0xc798130644b8962a357dfbe8bb30b19b681aa7d4

References/Useful links:

• Website: Yamato Protocol Interface
• Documentation: Yamato Protocol - Yamato Protocol
• Github Page: GitHub - DeFiGeek-Community/yamato: A keeperless autonomous money maker.
• X:
• Discord: DeFiGeek Community JAPAN
• Blog: Blog
• DeFiLlama:
• Immunefi: Yamato Protocol Bug Bounties | Immunefi
• CJPY contract:

Protocol Description:

Yamato Protocol is a decentralized and non-custodial CDP platform for the issuance of crypto-asset overcollateralized stable coins. V1 allows the issuance of CJPY (“Convertible JPY”, a Japanese Yen equivalent coin) using ETH as collateral.

The minimum collateral ratio at the time of issuance is 130%, meaning that 1CJPY can always be expected to be backed by collateral equal to or greater than 1 JPY & 1CJPY can always be redeemed against collateral equal to 1 JPY.

Other unique CDP features are as following:

  1. Users are only charged a one-time issuance fee when generating CJPY.
  2. No liquidation penalty. Debt positions with health rates below 130% can be partially redeemed by any users using CJPY purchased from the market to make the position over 130%.
  3. Accrued CJPY fees on Protocol can be used to redeem debt positions below the health rate threshold.
  4. The protocol will use the accumulated CJPY fees to subrogate debt positions falling below the 100% health rate threshold.


To increase DEX liquidity in addition to the existing Uniswap V3 liquidity as it is critical to support sufficient liquidity to scale CJPY issuances. Once the gauge is approved, Yamato will use bribe markets(initially Votium) to incentivise the gauge. (This will also result in an additional return opportunity for CJPY holders through LP farming)


  1. Governance: 4/8 multisig address for Treasury: 0x153d9DD730083e53615610A0d2f6F95Ab5A0Bc01. 2/4 multisig address for dev(It has the power to upgrade the contracts & modules.) 0x0b0A167a0b6800207c89544D2eBdC98DCdD33bec

  2. Oracles: uses Chainlink price feed for ETH/USD and USD/JPY.

  3. Audits: Done by BlockApex. and

  4. Centralization vectors: Yamato Protocol is a centralization minimized protocol. Currently it is fully manged by DeFiGeek Community Japan DAO, a developer DAO which developed Yamato Protocol.

  5. Market History: The CJPY is soft pegged by game theory to be equivalent to 1 JPY and the price has been in the range of single digit % deviation from its launch in Aug 2023 until the protocol owned liquidity UniV3 was in the range (POL was CJPY/ETH concentrated liquidity and currently out of range due to ETH price spike). We are in the process of migrating POL to this newly created Curve pool thanks to the help of the Curve team.

1 Like

Curve DAO Vote:
Convex Snapshot: Snapshot

Curve DAO Vote:
Convex Snapshot: Snapshot

1 Like

The first attempt to vote for these gauges last week failed to reach quorum on Convex and Curve. We have recreated votes and kindly help in voting for our newly created gauge proposals.

Curve DAO vote for the crvUSD/CJPY gauge:
Curve DAO vote for the ETH/CJPY gauge:

Convex snapshot for the crvUSD/CJPY gauge: Snapshot
Convex snapshot for the ETH/CJPY gauge: Snapshot

1 Like