YEARN.FINANCE (YFI) EXPLOIT!! IS DEFI OVER?
Yearn Finance tries to reclaim lost liquidity with new vault
New Vault Yearn.Finance will lock coins for four years
Yearn Finance liquidity plummets 63% over several months
High Reward Hopes Can Restore Liquidity
Popular DeFi Protocol Launches Another Liquidity Farming Pool to Raise Motivation for the Farming Community.
Total Locked Funds in the DeFi Ecosystem Decentralized Finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to open, effective and … More has updated its all-time record at $ 12.65 billion, but not all protocols are enjoying the influx of new money.
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Yearn Finance, for example, lost 63% of crypto collateral. DeFi Pulse reports that the amount of funds invested in the protocol has dropped from $ 967 million in early September to $ 362 million at the time of writing..
TVL Yearn.Finance – DeFi Pulse Data
Popular vaults such as yETH proved to be volatile, with their profitability dropping from 90% to less than 1%, leading to an outflow of liquidity. Today this vault is closed for deposits and only yields a meager 1.3%.
Considering the cost of gas and the fee for withdrawing funds in the amount of 0.3%, not everyone will be able to withdraw their money from there without loss. The DeFi protocol has changed the structure of some of its storage. The latest novelty – storage yveCRV “backscratcher”.
Great insights on the new https://t.co/hhLPp2Jwb5 yveCRV vault. This is a new kind of meta vault, this kind of vault symbiosis has been the ultimate goal of yearn, so finally seeing one come online is really exciting
– yveCRV earn higher fees than base veCRV https://t.co/IYxy20CkiY
– Andre Cronje (@AndreCronjeTech) November 9, 2020
Yearn Finance Introduces Backscratcher Vault
A cryptocurrency analyst known on Twitter as Ceteris Paribus (@ ceterispar1bus) has studied the features of the new vault. He claims that it uses a more constructive approach compared to other counterparts that parasitize on each other..
Profitable farming will go mainstream in 2021 – find out why in our article.
The idea is to create a repository with a lock or withdrawal limit – in this case, four years. Investors will receive income from four year veCRV investments, as well as a small percentage of income across all Curve vaults for stablecoins and bitcoins.
The protocol explained why it was necessary to use Curve and extend the lock period to provide higher returns;
“Optimal use of Curve remains a key farming strategy across multiple pools. Investments in bitcoins and stablecoins in various vaults continue to grow, therefore, in order to provide high returns, Yearn needs a large-scale and growing pool with blocked veCRVs.
veCRV is an abbreviation of CRV for voting escrow CRV. It’s a token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More, which are used to vote on pool parameter changes and other administrative decisions within the Curve Finance DAO. To get veCRV, users need to lock their CRVs in the protocol, and now Yearn Finance offers a pool with retention bonuses.
Profitability in three other CRV pools will also grow due to the “backscratcher” – the name implies mutual assistance and can be roughly translated as “hand washes a hand”.
Four years is not too much?
The DeFi industry is growing at a cosmic pace this year. Liquidity pools, control tokens and protocols appear and disappear in a matter of months. In this context, four years of blocking may seem like an eternity, especially for those who are not sitting on bags of money..
Some stats on Yearn boosties and Backscratcher pic.twitter.com/tkBor2Afm8
– banteg (@bantg) November 9, 2020
However, over the past two days, the balance of veCRV tokens has grown by almost 2 million, so users should have positive motivation in this regard..
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