DeFi Ecosystem Mavryk Launches Its Testnet On Tezos

Mavryk Finance Launch Testnet On Tezos

Mavryk is a non-custodial DeFi platform with a wide variety of decentralized services. Lending, borrowing, yield farming, and staking, are all governed through a DAO from the moment the platform goes live on mainnet.

“A DAO from day one, Mavryk is built on a fully decentralized, transparent, and cooperative governance structure.” 

Lending – borrowing

Through lending, users can earn yield by depositing their Tezos-based assets into lending pools which facilitate decentralized and over-collateralized loans.

Lenders receive mTokens for as long as their assets are deposited in lending pools. mTokens can be staked to earn rewards.

On the other side of this service, users can take out loans by depositing collateral in vaults.

Collateral can be in XTZ, but Mavryk also offers the option to use multi-asset-backed vaults. This way the collateral can be deposited in XTZ or in other enabled Tezos-based tokens.

As long as the value of the collateral remains above the required collateral ratio, any asset that is enabled on the Mavryk platform can be used as collateral.

Yield farming and staking

Mavryk will offer yield farming for selected purposes. LP tokens from liquidity providers to selected Tezos-based DEXes can be staked in yield farms to earn MVK tokens in return.

MVK tokens are the governance tokens of the Mavryk platform. Mavryk’s decentralized oracles (called Satellites) that provide data for the Mavryk platform are required to stake MVK to participate in governance.

MVK tokens can be traded and staked and delegated to Satellites for voting.

DAO and on-chain treasury

Mavryk’s governance is completely controlled by the community through an on-chain DAO.

Through the DAO, topics like upgrades on-chain, the disbursement of funds from the Treasury, adding & remove supported lending assets and collateral assets, update/change any business decisions, and more will be decided on.

The on-chain treasury system consists of a main treasury and sub-treasuries.

“The sub-Treasuries will hold funds dedicated for; R&D, Investment, Marketing, MVK buyback for oracles & farms, and a DAO Validator Fund. Additional Treasuries are added by core governance.”

Testnet

Mavryk launched its testnet, which you can check out here.  

Of course, a testnet is not a mainnet application, so make sure you connect with a testnet wallet and use testnet tokens.

For more info connect with Mavryk on Twitter, or Discord.  

Litepaper

For extensive info about Mavryk, check out the Litepaper here.