DeFi proved to be one of the most popular wings of the crypto-verse this year. With the DeFi space locking more than $11 billion, several platforms commenced venturing into the same. Yield Protocol is one among the many platforms that saw the light of the day this year. Announcing the launch of this platform, the founder penned down a blog post.
Yield Protocol To Soon Move Out Of Beta Version
In a recent blog post, Allan Niemerg, the founder of Yield revealed that the latest Ethereum-based platform was live on the Ethereum mainnet. The platform intends to present the community with another decentralized lending and borrowing, however, this one is a fixed-rate protocol. The latest release is the beta launch of the Yield Protocol and the platform intends to traverse out of this version by early November.
The Yield Protocol released its whitepaper back in April 2020, just before DeFi skyrocketed. The platform seems to be luring in people with the “fixed-rate” jargon as the other prominent DeFi platforms provide lending and borrowing services at a floating rate.
Elaborating on the working of the platform, Niemerg wrote,
“You can get started by pooling Dai in the automated liquidity provider to support liquidity in the system and earn trading fees and interest. Users can use Yield to borrow Dai at fixed rates with ETH collateral, or lend Dai at fixed rates, in quarterly maturities through December 2021.”
Since the platform is still in its beta version, the maturity will expire in two weeks precisely by the end of this month.
Furthermore, the platform alerted the community about pouring in funds into Yield as it still lacks the administrative key as well as the capability to alter the smart contract. However, the smart contracts have reportedly been audited and tested for the beta version. With the Yield App, the Yield Protocol Discord, Audit, Documentation, Maturities, Prefix change, Liquidator for undercollateralized positions, Bug Bounty, and Open Source Code were released by the developers of the platform.
Additionally, the founder also revealed that the Yield Protocol was hiring individuals for solidity engineering as well as front-end development.