Y2K

Overview

Y2K is a risk hedging protocol built on Ethereum that allows users to protect their assets against extreme market volatility. The protocol enables users to purchase protection against severe price movements in stablecoins and other crypto assets.

Purpose and Utility

The Y2K token serves as a governance token for the protocol, allowing holders to participate in decision-making regarding protocol parameters and treasury management. Token holders can also stake Y2K tokens to earn protocol fees.

Technical Implementation

The protocol operates through smart contracts that create 'epochs' - time-based insurance periods where users can deposit assets to either receive or provide protection against volatility events. When a triggering event occurs (such as a stablecoin depegging), the protected parties receive compensation from the coverage providers.

Current Usage and Adoption

The protocol has seen active usage for risk protection, particularly during periods of market uncertainty. The platform has processed multiple insurance claims and maintained consistent activity in terms of coverage provision and purchases.

Token Distribution and Governance

The Y2K token distribution includes allocations for the team, treasury, and public sale participants, with vesting schedules in place for team tokens. The protocol operations are gradually being decentralized through DAO governance.