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Yearn Finance Announces Third Major Integration

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It has been a busy week for the decentralized Finance [DeFi] protocol, Yearn Finance as it continued its merging spree. In less than a week, after two high profile integration, comes yet another development of a similar agreement, this time with Cover Protocol.

In an official blog post, Yearn Founder Andre Cronje announced that the DeFi protocol has joined forces with market coverage provider, Cover Protocol. It further revealed that the developers of the two platforms have been working together for a long time, since Cover’s inception to be precise, hence the collaboration was “natural” for both the parties.

The two teams would be working together as one in a bid to optimize, enhance, and amplify the work that is already in progress. Yearn will be focussing on its vaults, while Cover’s role entails as the backstop coverage provider for the Yearn product suite, as well as for DeFi as a whole.

While outlining a series of promising possible synergies, Cronje went on to include an enhanced utility for the Cover’s CLAIM token, which will act as collateral and become a borrowable asset for Yearn, as well as enhanced security for Yearn vaults via Cover’s market coverage. In addition, Cover products such as perpetual coverage will also get an expanded addressable market.

TWJ had previously reported how Yearn Finance has plunged in with the opportunity after Pickle Finance’s hack and announced the collaboration with the platform to create new vaults and strategies. Two days later, Yearn tapped Cream Finance. It is important to note that both the platforms were onboard for the purpose of enhancing the core competencies of Yearn while also pushing the protocol into new markets simultaneously.

Yearn Finance [YFI] Returns From A Bearish Hiatus

yearnfinance charts

Yearn Finance’s native token [YFI] has positively responded to the developments as it took a surprising turn after laying low for more than a month. It recently neared $30K, a level that was last seen in September.

At the time of writing, YFI settled at a price of $23,372 after a minor surge of 1.72% over the last 24-hours. Another crucial factor of the rise of the token was the Bitcoin’s rally. While at press time, the selling pressure seems to have overpowered both Bitcoin and Ethereum, on the other hand, YFI’s technicals remained strong.

Yearn Finance Is On a Merging Spree; Here’s What This Analyst Have To Say

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The way Yearn Finance and Pickle Finance look today versus in 6 months will likely be worlds apart. These words were noted by Delphi Digital Analyst, Ashwath Balakrishnan that the DeFi protocols’ “ferment co-operation dill” is just beginning, and the final form of this partnership is yet to be set in stone.

The analyst referred to the first-ever merger and acquisition [of sorts] agreement in the decentralized finance [DeFi] world. The developers of both protocols had reportedly devised a structure to enable the projects to work together in symbiosis in order to reduce duplicate work, increase specialization, and to leverage shared expertise.

Yearn Finance-Pickle Finance Partnership

As Yearn Finance came to Pickle’s aid, lots of opinions and misconceptions started floating around the recent agreement between the two DeFi protocols. Noting the same, Balakrishnan tried to clear the air.

The Pickle’s jars, which were previously the yield farming vaults, will rebrand to yVaults, and Pickle would be entitled to half of the performance fee from vaults they created the strategy for. Moreover, all strategy creators will be rewarded with half of the performance fees in yEarn v2.

In addition, PICKLE investors, who vote lock their tokens for the new vote locking token called, DILL will have a claim on strategy fees from what were previous pJars, a 20% performance fee on yVault tokens in the gauge, as well as 0.5% withdrawal fee.

Hence, the analyst claimed that this result is better value capture for the PICKLE token since rather than charging fees on a few pJar strategies, the investors of the token who vote lock into DILL will be able to pull value from Yearn Finance’s native vaults as well.

The first step of this “co-operation” would be to merge Pickle Jars and Yearn’s v2 Vaults and merge both protocol’s total value locked, or TVLT. Hence, the benefits are obvious for Yearn Finance. To this, Balakrishnan stated,

“With Pickle rewards, TVL instantaneously rises resulting in more fees and thus more value captured by $YFI. With 0 $YFI inflation, yEarn can now boost vault returns through yield farming rewards in $PICKLE.”

He went on to assert that for Yearn Finance’s native token, YFI, this is a short and long-term benefit with certain improvements to value capture but with respect to PICKLE, the short term is much, much better than it was as a standalone product. Considering the long term aspect, it is a bit more uncertain in terms of value capture and the token’s long term role in Yearn Finance.

Yearn & Cream V2 Merger

In yet another development, Yearn Founder Andre Cronje revealed that the developers of both Yearn and Cream have teamed up to launch Cream v2 which will aim at core lending and leverage products. Cream v2 essentially allows earning yield with leverage and is a launchpad for future collaborative lending products of the two DeFi platforms.

Has Yearn Finance [YFI] topped out?

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Over the last week, a recent relief rally managed to catapult 35.82% of the gains for the decentralized finance [DeFi] project, the YFI token of Yearn Finance. But the much-needed bullish sentiment might be cut short. According to the latest developments, YFI’s fourth-largest transaction since late August.

 

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This was revealed by the crypto analytic platform, Santiment which noted that 2,546.23 YFI tokens were transferred as a centralized exchange deposit, worth a total of $13.8 million from a whale address to new exchange address. As depicted in Santiment’s chart attached above, the YFI holdings were reduced by 50% following this transfer.

Coinciding With Yearn Finance [YFI] Token’s Price Action

It is important to note that the transfer came right after Yearn Finance [YFI] token attempted to regain some of the lost value along with a considerable uptick by several other top DeFi tokens on the same day. YFI turned down from a crucial area of resistance at $15,083 as sell-off intensified following the surge as buyers have been unable to flip this significant level.

At the time of writing, YFI was being traded at $14,833.

Many in the community have urged that Eminence’s debacle and Yearn Finance’s Creator Andre Cronje involvement in it has been damaging for the YFI. One economist also opined that Cronje and his team working in the shadows has

“YFI’s performance has been disastrous. It has “capitulated” so many times in the last few weeks. It is YFI specific, going beyond alts. It is the worst performing coin of the top 100 in the last week, by a 10% margin. It has done 2x worse than the 10th worst performing asset.”

He further added,

“Cronje is a major variable. He wants Yearn to be decentralized and walk on its own, driven by the team. Nobody knows the team, they are in the shadows. What Cronje did with $YFI is similar to leaving a toddler to walk alone in a city. Dropping yields is the second variable.”

Much-needed Push

On a brighter note, a bullish momentum may start snowballing if YFI manages to climb above the $15K-level. On the other hand, a failure to steer clear of this barrier could potentially materialize an extended downside correction with the initial support levels of $14,000-$13,600, and $12,700 respectively.

Andre Cronje’s New DeFi Project Token KP3R Notes Surge Over 1000% In 24-Hours

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Andre Cronje, who happens to be the lead developer of the DeFi project Yearn Finance launched its third decentralized project dubbed ‘Keep3r network’ whose native token has surged by more than 1135% in less than a day. The latest price surge comes right after Cronje launched the Keep3r Network on the 28th of October. According to the data compiled by CoinGecko, the protocol’s KP3R token was being traded at  $342.

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According to the latest update by the developer, the government audit was finalized, and that the project was ready to use. Having said that, Cronje went on to caution the community to “use with care” since it was still an experimental software.

The token began trading on the world’s largest decentralized exchange [DEX] Uniswap, a week back. It was then, that KP3R surged from a little below $10 to above $200 in a very short period of time. Notably, Cronje had published his third protocol to GitHub in the third week of October rather quietly. There was no formal announcement and the launch was kept low profile which could be attributed to the controversies surrounding the Eminence Finance debacle earlier this month.

Blast from the past: A hacker was reportedly able to steal a massive $15 million user funds from Eminence’s platform while Cronje was asleep as traders rushed to invest in the protocol. Subsequently, he woke up to death threats from users who had invested in it despite his previous warnings and the fact that he had clearly mentioned that the platform was incomplete. This not only drove off Cronje from Twitter but also led to a crash in YFI’s price as well as TVL figures for Yearn.Finance from nearly $1 billion to below $400 million.

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History Repeats Itself

While this episode was a reminder and a wake-up call to many investors to not rush into an unaudited platform, there were few who repeated this with Cronje’s newest experiment as well.  A few traders and their bots quickly injected money into the Keep3r protocol and began trading the token on Uniswap. This led to a sharp price rise from just $1 to $2,000 shortly after which the token was dumped as it fell below $100.

Keep3r in Brief:

According to the official GitHub page, Keep3r  was defined as a decentralized keeper network for projects that need external DevOps and for external teams to find keeper jobs. Here, a ‘Keeper’ is the term used to refer to an external person and/or team that executes a job while a ‘Job’ is the term used to refer to a smart contract that wishes an external entity to perform an action.

Yearn.Finance’s YFI Posts a Big Turn Around After Losing Steam

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This year, Yearn.finance has launched its own governance token, YFI, which has grown at an astonishing rate to its $43K peak. Its success has spawned multiple forks, such as DFI.money and YFValue.The token has dominated headlines in the past couple of months. However, since these recent ATHs, both the project’s TVL [total value locked] and the native token’s value has plummeted. The TVL currently stood at $594 million, a little less than half of the figures slashed since its peak.

This was primarily due to the significant capitulation which drove the coin to new lows as most DeFi coins suffered significant corrections in recent weeks. The mishap with Yearn.Finance, Founder, Andre Cronje’s secret Eminence [EMN] project further added to the woes.

However, this trend was showing reversal patterns. Over the past three days, YFI was up by more than 42%. The latest uptrend resumed after Ethereum’s value surged on Friday which propelled not only several altcoins to post gains but also catapulted DeFi tokens to climb closer to their respective targets.

YearnFinance e1602412884699

YFI rebounded from its local lows of $12,000 to its press time of $17,108 as it headed to breach yet another crucial resistance. Additionally, YFI was also deep in the oversold territory as depicted by the RSI indicator in the daily chart. On the brighter note, RSI created an oversold reading followed by a higher low that matched correspondingly lower lows in the price. This was indicative of rising bullish momentum, and a break above oversold territory could be used to trigger a new long position in the coming days.

skew huobi futures swaps aggregated daily volumes

According to the latest Skew charts, the DeFi darling had a “pretty big turn around” session. In terms of aggregated daily volume on Huobi, YFI had started to resume an uptrend after weeks of dull and stagnant price action.

Meanwhile, Yearn was under active development which is slated to incorporate new vaults and strategies. Significant progress on this front is likely to bolster the price action of its governance token.

DeFi Hackers Drains $15 million From Unaudited Project Related to Yearn.Finance

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The DeFi community woke up to the news of a hacker draining $15 million from untested and unaudited codes of Andre Cronje’s latest project. Cronje, who happens to be the Founder of Yearn.Finance, was working on a new economy for a gaming multiverse, called Eminence, and wasn’t planning on releasing the project for at least another three weeks.

Following which he revealed deploying staging contracts on ETH to continue developing on it. The unaudited version was launched on the decentralized platform, Uniswap. Cronje tweeted the project’s logo last night.

However, he woke up in the middle of the night to find that almost $15 million was deposited into the contracts as speculators driven by FOMO rushed in to purchase the platform’s native EMN tokens.

A hacker discovered a rogue function that allowing the minting of unlimited EMN tokens, burn an equal amount of EMN tokens against another crypto-asset, and sell that to those rushing in to buy the token. The hacker went ahead and exploited the flaw in the contracts leading to a loss of $15 million. In a rather bizarre event, Cronje revealed that the hacker returned over $8 million of the stolen funds to his own deployer contracts.

The returned funds will be directed to all those who rushed into buying the EMN token. Despite this, he continued to receive threats. Revealing the same, Cronje tweeted,

“As I am receiving a fair amount of threats, I have asked yearn treasury to assist with refunding the 8m the hacker sent. The multisig is safer and as such I feel more comfortable with them having the funds. Funds will be returned to holders pre-hack snapshot.”

Following this episode, the developer urged the community to wait for official announcements and further added,

“Given some of the responses, let me be clear, do not use random contracts I deploy unless I reference it in a medium article. The contracts I deployed yesterday were purely for myself to engage with, both GIL and EMN are staging and will not be used.”

Yearn.Finance’s YFI Rushes Towards ATH After Founder Hints at Major Update

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Yearn.Finance has taken the world of DeFi by storm. Officially introduced in July 2020, the DeFi protocol has $813.25 million in total value locked. Over the past four-days, its native token, YFI underwent a significant of nearly 70% despite a price stagnation in the overall cryptocurrency market. At the time of writing, YFI was priced at $29,016.

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The decentralized finance space had a rather slow week. As depicted by the above chart, YFI had hit an all-time high on the 12th of September. However, it was one of the worst-hit DeFi tokens, along with Uniswap’s UNI token, during the recent sell-off that hit Ethereum and the rest of the altcoin that ultimately drove YFI’s price to decline by nearly 50%.

But the latest uptrend could be directed towards its previous high could be directed to a major update that involves the incorporation of other popular DeFi protocols such as Synthetix, Aave, Chainlink, and running on layer 1 and 2 solutions of the Ethereum network. This was hinted by Yearn.Finance’s Developer and Founder Andre Cronje who tweeted,

Yearn.Finance happens to be the first-ever project on the Ethereum network whose governance is entirely in the hands of token holders. The latest development is likely to provide users with solutions that allow them to reduce transaction fees. This coupled with an active community as well as governance forums has fostered further gains for the native token YFI.

Cronje had earlier held an online poll in which he proposed a measure to the community seeking to cap the total supply of YFI tokens at its current 30,000. This essentially meant that if the minting function is removed, no member in the Yearn.Finance ecosystem or any of its multi-sig holders will be able to print more tokens in the future which in turn could further curb the rise of potential inflation due to increased token supply at the same time preventing a possible manipulation in the protocol’s governance system.

More recently, Lou Kerner, Partner at CryptoOracle had recently published a blog post in which he lauded the project and revealed,

“Yearn is so impressive because it takes the massive opportunity and remarkable complexity of DeFi, makes it simple to use, while deeply integrating with leading DeFi protocols [e.g. Uniswap & Curve], and leveraging community as a powerful moat.”

DeFi Project Yearn.Finance’s Founder Wants to be Uniswap Protocol’s Delegate

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Uniswap has been making quite a buzz in the DeFi space. The popular lending protocol recently announced the launch of its highly anticipated UNI governance token on Ethereum mainnet, which has already had a massive impact with the token’s price skyrocketing followed by several centralized cryptocurrency exchanges such as Binance and Coinbase Pro opening trades for it.

This Ethereum-based protocol’s popularity has caused even its contemporaries to jump into the UNI bandwagon. Uniswap had earlier noted that it wants a “diverse and high-quality set of protocol delegates”, for the purpose of discussions and communications around potential governance proposals. In this regard, another decentralized platform, Yearn Finance’s Founder Andre Cronje expressed his intention of becoming a delegate on Uniswap with hopes of influencing its governance.

In a recent tweet, Cronje stated,

“At this point, I do not think it should be a rush to incentivize liquidity pools (this can be abused). I believe we have an opportunity to re-evaluate the tokenomics and distribution. We can help DAI or sUSD reach peg. We can provide support for further development.”

When asked if he would want to push for the YFI-ETH pool to be included for the protocol’s LP reward, the developer revealed,

“At this time, no, it would attract YFI holders to provide liquidity instead of using it for its intended purpose (such as governance). I believe there is better value add that can be done for the overall ecosystem by utilizing UNI incentives in other proposals.”

According to the protocol governance structure, Uniswap team members will not participate directly in governance for the foreseeable future, but the members could, in fact, delegate votes to protocol delegates. Additioanlly, all UNI holders will have ownership of the entire governance process.

Besides, Cronje’s tweet for delegation comes days after the developer questioned whether the “unexpected” launch of UNI on the ETH mainnet was in response to the Sushiswap clash and criticized the network for letting the latter influence its announcement date.

Binance Futures Launches YFI/USDT Perpetual Contract as DeFi Demand Surges

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DeFi (Decentralized finance) is currently one of the hottest corners of the crypto industry this year and, as a result of the boom, many project tokens have shown incredible price surges. One of the prominent tokens is Yearn. Finance ‘s native YFI, which has gained significant traction over the last few weeks.

DeFi, the big hype

In a bid to cash in on the mania, several centralized platforms have now jumped on the DeFi bandwagon.

In the latest development, one of the world’s largest centralized cryptocurrency exchange, Binance announced the launch of the YFI/USDT perpetual contract on its Futures platform wherein the users will be able to choose between 1-50x leverage.

The YFI/USDT perpetual contract is a USDT-margined futures contract that uses USDT as collateral. According to the official blog post, the contract will be made available to users from 31st August 7:00 AM [UTC].

This news follows Binance‘s announcement of offering ‘DeFi Index Perpetual Contracts’ to cater to the huge customer demand to get exposure to a broad base of DeFi products.

yearnfinance charts

YFI’s meteoric rise

Meanwhile, in a little over a month, YFI has soared by a staggering 4008% since it was created $764.42 in July to the press time price at $31,682. Following the path of Bitcoin, the creators of the project have limited the supply of the governance token to 30,000 YFI coins. This could be an important contributing factor to the rapid surge in its price.

This new rally was also speculated to be triggered after, one of the largest DeFi protocol, Aave announced the listing the token. This was a significant development for the YFI ecosystem primarily because Aave has successfully outpaced the likes of Maker, Curve Protocol in the race for the first place in terms of TVL.

As previously reported, yet another catalyst for the token’s upward momentum was directed towards a  potential collaboration between the crypto derivative platform FTX and Yearn.Finance.

Besides, the protocol also recently announced the launch of ‘yinsure.finance’ which is essentially a prototype for a new tokenized insurance, the first of its kind in the DeFi ecosystem.

What is Yearn.Finance Token and Why is it Worth Over $30,000 Right Now?

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Step aside Bitcoin, there is a higher valued crypto-asset in town at the moment! 

Yearn.Finance, a governance token that was created to power the decentralized finance protocol yEarn is worth over $30,000 at press time. Clocking in at $32,300 at the moment, the asset’s valuation has risen by 139% over the past week, and close to 67% over the past day.

The sheer growth of DeFi has been there for everyone to see that the YFI token is taking its value to the next level. There is no doubt that YFI is a speculative asset, but its utilization has been central to the “yield farming” method, where various DeFi lending protocols distribute governance tokens as incentives for using them.

In simple terms, yEarn is a yield aggregating platform on Ethereum where users can decide and compare yields between different DeFi lending protocols and earn incentives by placing their crypto in “vaults”.

Now, since YFI is the governance token of this platform, users want to hold more of it so that they can cast their votes on policies and proposals that dictate the future of the yEarn network.

How is it Yearn.Finance surviving and growing so fast?

Now, one of the main reasons why YFI’s value has undergone a price explosion is due to its limited supply of only 30,000. Close to 29,680 are already in circulation, making it a very scarce asset in the ecosystem. Each vault allows users to deposit a particular token and the protocol yields farms with it.

However, it is important to note that Andre Cronje, founder of Yearn.Finance emphasized that YFI is to be provided to liquidity providers who supply other ytokens and be used for voting.

Cronje stressed multiple times that YFI token is valueless but after being listed on Binance and Uniswap, and presently on AAVE, the token has been bought by at a frightening rate on exchanges.

Partnerships with AAVE has certainly helped as after being listed on 28th August, the price has been up by 75%, and right now, the momentum does not look like to slow down anytime soon.

However, people and potential investors should vary from YFI tokens because the sole purpose of the token is to manage the platform and not hodl. Once Yield Farming runs its course, YFI tokens may undergo an unceremonious price dump and there will be no-one to recoup the lost value. Andre Cronje mentioned it from day one, that YFI is “valueless” and people should keep that in mind.