Convertible JPY Token
CJPY
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
CJPY (Convertible JPY Token), issued via Yamato Protocol by DeFiGeek Community Japan, demonstrates severe weaknesses across all evaluated dimensions. Active development has been largely stalled since mid-2023, with promised roadmap deliverables such as version 1.5 (DAO utility and ve-governance) and version 2.0 remaining unfulfilled. Community engagement is virtually nonexistent, with a stagnant holder base of ~235 accounts and negligible social presence. Structurally, the tokenomics suffer from major supply reporting discrepancies and a persistent 18-25% depeg from its nominal 1 JPY target (trading around ¥0.7519 / $0.0045). Liquidity is critically low with daily volumes often below a few thousand dollars across limited DEX venues. Furthermore, governance is absent, the team remains anonymous, and third-party audit verifiability is limited. No data gaps were present in the analysis.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Convertible JPY Token (CJPY)
Convertible JPY Token (CJPY) is an Ethereum-based, decentralized stablecoin designed to maintain a 1:1 peg with the Japanese Yen (JPY). Developed by DeFiGeek Community Japan and issued through the Yamato Protocol, the token operates as a collateralized debt position (CDP) model backed by overcollateralized Ether (ETH). The protocol launched on Ethereum mainnet in July 2023 following alpha and beta phases, aiming to serve as a decentralized alternative to centralized fiat-pegged stablecoins.
Following its initial release, protocol development and ecosystem growth have significantly stalled. Promised roadmap milestones, including a version 1.5 update intended to introduce DAO utility and vote-escrowed (ve) governance, alongside a version 2.0 update planned for additional currency pairs, have not been delivered. Governance remains absent, the development team operates as an anonymous collective, and the project retains a small holder base of roughly 230 to 235 addresses with minimal on-chain activity and negligible trading volume across decentralized exchanges such as Uniswap and Curve.
CJPY experiences significant operational and structural risks, most notably a persistent failure to maintain its intended peg. The token trades at an extended discount of approximately 18% to 30% below 1 JPY (around ¥0.7519 or $0.0045 USD). Additionally, the project faces severe liquidity constraints, wide discrepancies in reported circulating supply across market data aggregators, and a lack of verifiable third-party smart contract audit documentation.