Yusan has submitted an updated proposal to launch as an SNS DAO on the Internet Computer, with revised token allocations, a larger swap cap and longer lock-up periods for early backers.
The project is positioning itself as the first cross-chain money market built on ICP, allowing users to borrow against assets held across Bitcoin, Ethereum, Base, Arbitrum and the Internet Computer.
Under the updated proposal, 33.7 per cent of tokens would go to the treasury, 30 per cent to early contributors and 3 per cent to the SNS swap. The swap cap has been lifted to 250,000 ICP, while the swap window would remain open for seven days.
The revised structure also introduces a smoother vesting process through seven neurons spread over 12 weeks. Pre-seed investors would face a longer lock-up period of two years.
Yusan said the changes were designed to create a more stable structure for the DAO while giving the treasury greater flexibility over future protocol development.
The lending protocol is already live in alpha. Users can deposit USDC, USDT, ICP and BTC from several networks through forwarding addresses, removing the need for separate wallets on each chain.
The team plans to add support for assets including DOGE, SOL, nICP, VCHF and GLDT.
Yusan is also planning to launch a decentralised exchange inside the same canister as its lending platform. The goal is to let users move between assets, provide liquidity and earn yield without leaving the application.
According to the proposal, users would be able to deposit Bitcoin, swap it into USDC and begin earning through lending or liquidity provision in a single workflow.
The project is also promoting features such as flash loans, WaterNeuron-linked liquidity pools and an automated liquidation model.
Liquidations are one of the more competitive parts of decentralised lending markets, with bots often competing to capture liquidation bonuses when positions become unsafe.
Yusan argues its liquidation pool model would distribute those bonuses across pool participants rather than to external liquidators. The protocol would automatically check unhealthy positions and process liquidations within the same block when price updates occur.
Supporters say this could make the process more predictable and reduce the role of MEV bots. Critics may point out that automated liquidation systems still depend heavily on accurate pricing, liquidity conditions and market demand during periods of volatility.
The project uses a pool-based lending model similar to systems used by Compound and Aave, where users deposit assets to earn yield and use those assets as collateral for borrowing.
Interest rates would be determined by pool utilisation. Higher utilisation would push borrowing costs higher, while lower demand would reduce rates.
Revenue generated by the platform would initially go into protocol reserves. Once reserves reach a level considered sufficient by the DAO, revenue would be distributed to token holders based on voting power.
Yusan expects to generate revenue through a 10 per cent fee on accrued interest and a 10 per cent fee on liquidation bonuses.
The proposal also highlights the team’s background, which includes former DFINITY engineers, contributors to WaterNeuron and developers active in the Motoko ecosystem.
WaterNeuron is frequently used as a reference point throughout the proposal. Yusan notes that WaterNeuron has around $2.5 million in total value locked, generated about $140,000 in annual holder revenue and has become one of the most active DAOs on ICP by proposal count.
If approved, Yusan plans to hand control of its canisters to the SNS and establish a DAO structure similar to WaterNeuron. Early proposals would include the creation of a Yusan DAO Series LLC and the appointment of a director.
The token supply would be capped at 21 million YUSAN. Treasury holdings would receive the largest allocation, followed by early contributors, pre-seed investors, ICVC seed investors and swap participants.
Swap participants would receive tokens across two neurons. One could begin dissolving immediately, while the second would carry a two-week dissolve delay.
The updated proposal also raises the maximum amount that could be contributed during the SNS swap. Previous documents referred to a maximum of 150,000 ICP, while the latest revision points to a cap of 250,000 ICP.
That higher target may give the protocol more room to fund liquidity, treasury reserves and operational costs. At the same time, a larger raise may prompt some community members to ask whether the initial valuation is too high for a project that is still in alpha.
Yusan said half of the raised ICP would remain in treasury, while the other half would be converted into USDC through external exchanges such as Uniswap or Aerodrome.
The converted USDC would then be divided between lending pool liquidity, liquidation pools and ckUSDC unwrapping support.
The proposal arrives at a time when lending and borrowing products are becoming a larger focus for the ICP ecosystem.
Cross-chain access, passkey login and centralised exchange integration could help Yusan appeal to users who want exposure to DeFi without managing multiple wallets.
Whether the project can build enough liquidity and trust to compete with larger lending platforms across other ecosystems remains an open question.
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