YFI

Andre Cronje
Jul 17, 2020 · 2 min read

Under yearn.finance we have released;

  • yearn.finance

Current AUM $8m having earned in aggregate 10.58% APY for liquidity providers since launch. yearn.finance does profit switching for lending providers, moving your funds between dydx, Aave, and Compound autonomously.

  • ytrade.finance

Yet to be launched publicly, ytrade allows you to trade at leverage capped at 1000x with initiation fee pre-paid or 250x without initation fee. ytrade allows trades between $DAI, $USDC, $USDT, $TUSD, and $sUSD.

  • yliquidate.finance

Automated liquidation engine for Aave protocol. Allows 0 capital liquidations on a first come first serve basis.

  • yleverage.finance

Creates 5x leveraged DAI vaults with USDC. Over $9m in short positions created with an average of 16% profit.

  • ypool.finance

The first y.curve.fi <> sUSD curve.fi meta pool. Decommissioned currently in favor of a native asset pool. Before decommission had over $10m in assets.

  • yswap.exchange

The latest release, announcing a stable automated market maker, allowing single sided liquidity provision while being yield aware and distribution rewards aware. Current AUM $75k as of launch yesterday.

  • *.finance

Yet to be launched publicly, credit delegation protocol for smart contract to smart contract credit delegation lending.

-

Each of these systems have control mechanisms, configurable fees, maintenance controls, and rules that can be modified. Thus far, these have been managed by us.

In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.

Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts (we will provide an interface for this), and you will earn a (governance controlled) amount per day.

Otherwise, standard voting rules apply, minimum quorum required (>33%) to propose a change, usual veto rights (>25%), and usual agreement thresholds (>50%) required to pass a vote and update a change. All these are configurable, governance can feel free to change as required.

So if you are an LP to one of the systems (or all of the systems above), the control is in your hands. Good luck.

And just because we feel we didn’t stress it enough, 0 value. Don’t buy it. Earn it.

YFI ERC20 address: 0x0bc529c00C6401aEF6D220BE8C6Ea1667F6Ad93e

yearn.finance

yearn.finance defi made simple

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store