Tag: Yearn Finance

YFI Skyrockets 30% as Yearn Finance Announces Aggressive Buy-Back Program

by CryptoPotato

Yearn Finance – the veteran decentralized finance protocol – announced that they would be buying back their native token YFI aggressively. In return, the price has already skyrocketed.

  • In a tweet from yesterday, Yearn Finance revealed that they’d purchased $7,526,343 worth of YFI from the open market at an average price of $26,651.

Yearn has purchased $7,526,343 worth of YFI from the open market. We got 282.4 YFI (0.77% of total supply) at an average price of $26,651. More YFI has been bought back in the past month than in the prior year.

  • They also revealed that Yearn’s treasury has “more than $45 million saved up and with earnings stronger than ever, expect much more aggressive buybacks.”

  • In a separate Twitter thread, analyst Adam Cochran detailed the move and also outlined other initiatives that Yearn is working on, including a revised tokenomics “to do a fee distribution to holders, currently looking at veCRV model xSushi models.”

  • All this seems to have had a considerable impact on the price of its native token – YFI.

  • At the time of this writing, YFI trades at around $27,000. Just a couple of days ago, the token dipped to around $19,000.

  • This gives an increase of about 41% in the past three days, 30% of which came in the past 24 hours alone.

img1_yfi
Chart by TradingView

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Altcoin Project Built on Ethereum Jumps After Earning Support From Crypto Exchange Binance

by Dailyhodl

A decentralized finance (DeFi) protocol built on Ethereum is getting a boost from the world’s largest crypto exchange by trading volume.

In a new announcement, Binance reveals it is introducing Alchemix (ALCX) for trading on the popular platform.

“Fellow Binancians,

Binance will list Alchemix (ALCX) and will open trading for ALCX/BTC, ALCX/BUSD, and ALCX/USDT trading pairs at 2021-11-30 06:00 (UTC).”

ALCX token is the native governance and staking token of the Alchemix protocol. Alchemix is an automated yield farming, lending, borrowing, and staking protocol that uses tokenized yield funds to repay debts. Users can open collateral-backed loans that are paid off automatically using the yield generated by the collateral.

The Alchemix protocol runs on the Ethereum blockchain and currently utilizes SushiSwap (SUSHI), Curve Finance (CRV), and Yearn.Finance (YFI). ALCX can be staked and earned in liquidity pools. ALCX also gives holders a vote in Alchemix decentralized autonomous organization (DAO) governance.

Alchemix Finance shared news of the Binance listing on Twitter with its 52,000 followers.

The Binance announcement sent ALCX soaring to a 24-hour high of $444.08 after starting the day near $376, an approximately 18% increase. ALCX has since corrected and is currently trading at $387.66, a 3.27% increase over the last day.

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Are Altcoins Ready To Bounce? Crypto Insights Firm Santiment Looks at 5 Coins Including Shiba Inu and Chainlink

by Dailyhodl

Digital asset analytics firm Santiment is looking at a handful of altcoins to gauge crypto’s strength after the global market cap tanked by 8% in less than a day.

In a new Santiment Insights report, the crypto intelligence company analyzes what it calls “blue chips” in the ERC-20 market segment: Shiba Inu (SHIB), Uniswap (UNI), Yearn.Finance (YFI), Aave (AAVE) and Chainlink (LINK).

While assessing crypto inflow into exchanges, Santiment highlights meme coin SHIB as a positive metric.

“People seem to be very confident in their holdings. SHIB for example.

A declining trend of SHIB being deposited to exchanges is indicating that traders are not afraid of Shiba going down. They are not going to send tokens to exchanges to sell.”

Source: Santiment

On the topic of exchanges and exchange inflow, Santiment also looks at decentralized exchange (DEX) Uniswap.

“Three increasing spikes might indicate people were looking to take profits just before the dump.

But nothing similar after the dump itself.”

Source: Santiment

In terms of active deposits, the firm sees only one negative indicator from crypto yield optimizer YFI.

“No worries or minimal worries visible. Except for YFI.”

Source: Santiment

Moving on to network profit and loss, Santiment says that four of the five altcoins avoided panic sell-offs.

“Interesting that the picture here is completely the same again: almost no panic sells except in YFI.”

Source: Santiment

The fourth indicator involves the amount of time since a crypto asset was last moved, known as the age consumed. Santiment says it’s a good sign that long-term holders don’t appear to be moving their tokens onto exchanges.

“All five tokens do not have any significant outliers here. Likely no huge old bags moved or sold. It’s looking like this on charts.”

Source: Santiment

Finally, the firm looks at what whales holding between $500,000 and $50 million worth of crypto are doing with their bags. Only decentralized price feed service Chainlink shows a downtrend.

“Is it standing still (nothing special) or going down (whales offloading the bags)?

Here we can say that only one token from five is showing a downtrend in whales’ balances [over the] last day. It’s LINK.”

Source: Santiment

Santiment concludes its analysis by saying,

“We do not see many signs of panic or sell-offs within selected ERC-20 tokens.

People don’t seem to worry about the dump.”

You can read the entire report here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Curve Breaks Yearly High As Token Supply Dwindles

by Cryptobriefing

Key Takeaways

  • Curve has broken past its yearly high.

  • Increased demand for the CRV token and low circulating supply are driving up the price.

  • Currently, over 89% of all CRV tokens are locked up in DeFi protocols.




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Curve has broken past its April highs, fueled by increased demand for CRV tokens and a low circulating supply. 

Curve Breaks Out 

CRV tokens are in high demand. 

The DeFi DAO token is climbing higher, breaking past its yearly high of $4.66 achieved in April. The CRV token is currently trading at $4.91, up 75% over the past week. 


USD/CRV chart. Source: CoinGecko

Curve Finance, the issuer of CRV tokens, is a DeFi protocol specializing in like-asset swaps such as stablecoins and wrapped assets. Users can provide liquidity to Curve’s swap pools to earn CRV tokens rewards, which can then be deposited into other DeFi protocols to generate additional yield.

This year a whole sub-DeFi ecosystem has formed around yield optimization for CRV tokens. Both Yearn Finance and Convex Finance offer attractive yields to users willing to lock up their CRV tokens in vaults for up to four years. 

The competition between these two protocols, sometimes called “The Curve Wars,” has rapidly consumed a large portion of the total CRV token supply. Additionally, a new “DeFi 2.0” protocol, abracadabra.money, allows users to borrow its MIM stablecoin using Curve Liquidity Provider tokens as collateral, further reducing the CRV supply. 

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Over 89% of all CRV tokens are currently locked up in various DeFi protocols, with an average vesting time of 3.68 years. With the supply shrinking and demand staying constant, the CRV token is rapidly increasing in value. Recently, the supply of CRV tokens has become disinflationary, meaning that more tokens are being locked up than new ones distributed.  

CRV and vested CRV chart. Source: @banteg via Dune Analytics

Since May’s market crash, DeFi protocol tokens have underperformed compared to the market average. While Layer 1s such as Solana and Avalanche have enjoyed significant gains, Aave and Yearn finance’s tokens have remained stagnant. Whether Curve’s current price action is the start of a DeFi revival in the market remains to be seen. 

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

This news was brought to you by ANKR, our preferred DeFi Partner.


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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Yearn Finance, Fantom Rally on Multi-Chain Expansion

by Cryptobriefing

Key Takeaways

  • Yearn Finance has expanded its vaults to the Fantom network.

  • The YFI and FTM tokens have both reacted positively to the news, putting in double-digit gains.

  • Plans for Yearn to expand to other chains such as Arbitrum and Polygon are already in the works.




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Yearn Finance, one of the earliest DeFi protocols, is expanding to the Fantom network.

Yearn Finance Goes Multi-Chain

Yearn Finance is breathing new life into the DeFi space, announcing that the protocol will go multi-chain.


In a Twitter thread announcing the move Thursday night, the Yearn team explained that it had chosen Fantom for the protocol’s first expansion because it is “fast, simple to use, and easy to bridge to.” Additionally, the Fantom network supports Yearn’s development tools and the protocol’s Iron Bank partner Cream Finance. 


The team added that Yearn Founder Andre Cronje was also a big fan of Fantom. Cronje started building a text-based RPG called Rarity on Fantom last month. It’s racked up over 230,000 players since its launch. 

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Following the announcement, Yearn’s YFI governance token rose over 17% before cooling off. However, the real winner from Yearn’s multi-chain move appears to be Fantom. Following a run of bullish news, including the launch of DeFi protocol Geist Finance, the FTM token has shot up 91% over the past seven days. 

FTM/USD Chart. Source: CoinGecko

Yearn Finance lets users deposit crypto assets into vaults and scours DeFi protocols looking for the best yields available on each asset. With Yearn’s launch on Fantom, users can initially deposit funds into vaults for wrapped Fantom and the stablecoins DAI, USDC, and MIM. So far, users have deposited over $49 million to vaults on the Fantom network.

Yearn Finance was one of the first DeFi protocols to launch at the start of last year’s “DeFi summer,” quickly becoming one of the most popular yield aggregation platforms on Ethereum. Since then, it has maintained its status as a DeFi blue chip and is currently the ninth biggest DeFi protocol with over $5.3 billion in total value locked according to DeFi Llama. 

Unlike other DeFi protocols, Yearn has previously taken a more conservative approach to development, opting to build out its existing products with a laser-like focus. The announcement that Yearn is expanding to other chains marks a significant development for the protocol going forward. Interestingly, the Yearn team also hinted that it may launch on Arbitrum, Optimism, Polygon, and Avalanche in the future. “There’s more multi-chain fun coming soon,” the announcement read. 

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

This news was brought to you by ANKR, our preferred DeFi Partner.


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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Three Altcoins Spark Huge Rallies After Earning Surprise Support From Coinbase

by Dailyhodl

Three low-cap altcoins surged after a surprise announcement from Coinbase.

Radicle (RAD), an open-source network for software collaboration, jumped nearly 15% on Tuesday after the exchange announced it would launch for trading on Coinbase Pro.

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RAD is trading at $15.87 at time of writing, according to CoinGecko. The asset is set to have order books with the U.S. dollar, the euro, the British pound sterling, Bitcoin (BTC), and Tether (USDT).

Coinbase also announced support for the native asset of DerivaDEX (DDX), which is a community-governed derivatives exchange. DDX surged a whopping 73.8% on the day as word began to spread. DDX is trading at $12.37 at time of writing.

Coinbase says DDX will also have order books with the U.S. dollar, the euro, and Tether.

Last but not least, DFI.money is a decentralized finance (DeFi) farming aggregator that is a fork of yield generator Yearn.finance. DFI.money’s governance token YFII jumped by about 20% after being listed on Coinbase Pro, and it is trading at $6,136.80 at time of writing.

YFII is slated to have order books with the U.S. dollar and Tether.

None of the three crypto-assets are available yet on Coinbase.com or the exchange’s mobile apps.

Coinbase has been on a spree of listing new assets this summer, recently adding support for COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Wrapped Luna (WLUNA), Harvest Finance (FARM), Fetch.ai (FET), Paxos Standard (PAX), Polymath Network (POLY), Clover Finance (CLV), Mask Network (MASK), Rally (RLY), BarnBridge (BOND), Livepeer (LPT), Quant (QNT), Chiliz (CHZ) Keep Network (KEEP), Polkadot (DOT), Solana (SOL), Gitcoin (GTC), Enzyme Token (MLN), Amp (AMP), and Dogecoin (DOGE).

The exchange generated a record net revenue of $2 billion from transactions, subscriptions, and services in the second quarter of 2021 as the platform’s monthly transacting users (MTUs) increased by 8.8 million – up 44% from Q1.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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3 reasons why Enzyme Finance (MLN) is up 92% in a week

by Cointelegraph

Decentralized finance (DeFi) has emerged as one of the most promising real-world applications of blockchain technology, capable of reshaping the face of the global financial markets and transforming the way the average person manages their money. 

One DeFi focused project that has been gaining attention over the past week as the mainstream world slowly opens itself to the possibilities of DeFi is Enzyme Finance (MLN), a protocol focused on on-chain asset management that allows users to “build and scale vaults based on the investment strategies of their choice,” according to the projects website.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $65 on June 30, the price of MLN has surged 92% to an intraday high at $125 on June 5.

MLN/USDT 4-hour chart. Source: TradingView

Three reasons the price of MLN has surged in July include several new exchange listings that helped increase token liquidity and trader access, a new partnership with Yearn.finance, and a rise in the amount of value locked on the protocol.

Trading volume spikes after new exchange listings

Exchange listings have long been a source of sudden jumps in price and trading volume, especially during sideways trading markets like the cryptocurrency ecosystem is currently experiencing.

This trend held true for Enzyme on July 5 as the announcement that the MLN token would begin trading on Binance, the most active crypto exchange in terms of volume, led to a 55% spike in the price of MLN to a high of $125. The 24-hour trading volume also surged by more than 2,000% to $148 million.

Enzyme’s listing on Binance was further bolstered by the token’s addition to the cryptocurrency exchange Gate.io, with both listings coming roughly one month after the project began trading on Coinbase, the largest cryptocurrency exchange in the United States.

DeFi partnership attracts attention

A second source for the spike in momentum seen for Enzyme was the July 5 announcement of a collaboration between Enzyme and Yearn.finance.

Through this partnership, Yearn vaults are now available on the Enzyme protocol, which allows portfolio managers on the Enzyme app to utilize yield farming strategies available on Yearn as part of their overall investment strategy.

Yearn.finance is quickly becoming one of the most expansive and cross-integrated DeFi platforms in the DeFi space and the Enzyme integration is yet another step in this direction.

Value locked in the protocol doubles

The third source of momentum for Enzyme Finance can be found looking at the project’s total value locked (TVL), which more than doubled in June from $40 million to a high of $110 million, according to data from DeFi pulse.

Total value locked in Enzyme Finance. Source: DeFi Pulse

The source of the sudden rise in TVL can be traced back to a collaboration between Enzyme Finance and Unslashed Finance, which invested 4,000 Ether (ETH) into yield strategies on Enzyme in order to “buffer up their capital base for insurance.”

Zooming out meanwhile, the DeFi sector has shown some resiliency during the market-wide downturn of the past few months and has begun showing signs of life as the market heads into July.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.