Tag: Yfiusdt

Yearn Finance Creator To Launch New AMM, What It’s All About?

by NEWSBTC

Famous for his motto “I test in prod”, Andre Cronje, inventor of Yearn Finance and other DeFi protocols, will launch a new platform. Called ve(3,3) it has been designed as an Automated Market Maker (AMM) to operate with a “protocol for protocols” architecture.

Related Reading | Solana DeFi Goes Stratospheric as Hubble Protocol Announces $3.6M Raise

In other words, this new AMM will be easy to integrate with other platforms to incentivize their own liquidity and without tradeoffs. The protocols that decide to add ve(3,3) won’t lose fees, volumes, or liquidity, as the creator of Yearn Finance explained in an official post.

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Cronje believes AMMs utility has undergone a change, from primarily serving as a tool for liquidity providers to serving as an addition to projects. Thus, ve(3,3) seeks to meet the demand of AMM’s new users; other protocols.

His new project, ve(3,3), will remove friction from the process of adding token incentives to a protocol’s liquidity, will make it simpler for projects to accrue fees from incentives, and will operate as a permissionless platform. The Yearn Finance developer said:

With the above in place, any protocol or project can easily incentivize their own liquidity, be it for their token, their stable coin, or even other derivatives, and while doing so, they fully accrue fees.

Cronje’s new protocol will have multiple features, including the capacity to natively support swaps between closely correlated assets, and uncorrelated assets, Uniswap v2 compatibility which will let projects deploy its interface, the possibility to permissionless create pools, gauges, and bribes.

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In addition, the protocol will operate with a 0.01% fee to be paid in base assets. Cronje’s protocol for protocols will let other platforms support delegation, increase “holdings proportional to emission”, and conduct locks with capital efficiency, amongst many other features.

Yearn Finance Inventor To Take AMM Utility To Its Next Phase?

As an additional incentive for projects to implement Cronje’s protocol, the platform will reward them with ve(3,3) tokens. Those projects that occupy the top 20 by total value locked (TVL) will receive these rewards two weeks after the protocol launches.

The launch could take place next week, as Cronje announced via Twitter. By the end of next week, the platform will take a snapshot to determine the projects that will receive a percentage of the 2,000,000 ve(3,3) available for rewards. Cronje added:

It is up to them (the selected projects) to decide what they will incentivize, be it their own token, stable coin, or other liquidity. The timeline for this will thus be 2 weeks post protocol launch until distribution starts.

As of press time, Yearn Finance native token YFI trades at $32,139 with a 2.7% profit in 24-hours.

Related Reading | Yearn Finance Launches New Vault, While YFI Retakes Bullish Momemtum

YFI Yearn Finance YFIUSDT
YFI moving sideways in the 4-hour chart. Source: YFIUSDT Tradingview

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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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Yearn Finance Launches New Vault, While YFI Retakes Bullish Momemtum

by NEWSBTC

Popular DeFi protocol Yearn Finance has launched a new product, a yield generator called yvBOOST. Part of its suite of vaults, this product will complement the “Backscratcher” vault and will allow users to earn and boost rewards in the Curve-based token 3CRV.

“Backscratcher” offers rewards in Curve’s, an Ethereum exchange liquidity pool, native token CRV. The vault simplifies the process of obtaining Curve’s additional rewards by locking a portion of the CRV for the users.

That way, all vault participants can benefit from the option of boosting their APY if they lock additional CRV. In addition, they receive Curve DAO management fees. Their newest product, yvBOOST, offers compound long exposure with Curve’s native token:

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With yvBOOST the 3Crv earned from the yveCRV vault is sold to CRV and deposited back into the vault, increasing yvBOOST’s balance of yveCRV (…). while simultaneously increasing the boost of all Yearn vaults with Curve Finance strategies over time.

Yearn Finance has launched a yvBOOST-ETH pool on decentralized exchange SushiSwap to create liquidity for their new vault, as the team behind the protocol reveals. This pool offers a higher return on SUSHI-based rewards.

As a bonus, the protocol has launched two additional vaults, the crvFRAX, and crvLUSD. These products have a 2% management fee and 20% performance fee, but users can claim their tokens without additional cost.

Yearn Finance The Second Highest Earning In DeFi

According to Yearn Finance’s Q1 earnings report, the protocol’s key primary driver for their earnings before interest, taxes, depreciation, and amortization (EBITDA), a metric used to measure financial performance, is their yVault. The report indicates:

Our YFI vault saw a large increase in revenue for March as we encouraged depositors to migrate to the v2 vault resulting in a higher TVL generating more revenue.

However, treasury assets-based products are becoming an important source of revenue. Yearn Finance’s team expects this trend to continue in the coming quarters. Ryan Watkins, a researcher at Messari, stated the following on Yearn Finance’s Q1 report:

Last month’s revenues annualized puts Yearn at $50mm+ in revenue. $60mm+ if you add treasury farming activities and assume they’re constant from March. All organic. No token incentives. Will also note that this puts Yearn at the second highest earning protocol in DeFi behind MakerDAO adjusted for token incentives.

Yearn Finance YFI YFIUSDT

At the same time, Yearn Finance’s governance token YFI has seen significant gains in the lower and higher timeframes. The 30-day chart records the highest gains with 37.2%, at the time of writing, and the 7-day chart closely following with 35.7%. At the time of writing, YFI trades at $53.983 with a 10.7% in the daily chart.

Yearn Finance YFI USDT

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How DeFi Season Could Send YFI To $270,000 Per Token

by NEWSBTC

When Andre Cronje released Yearn Finance (YFI), the DeFi fever was brewing. Two events converge and launched the sector into full madness: Uniswap’s UNI airdrop and governance token YFI breaking every foreseeable resistance to reach $30,000.

At that moment, Bitcoin was trading at approximately $10,000. Now, after a downtrend, YFI seems ready to reach new highs. YFI is trading at $51.386 with 15.4% profits in the 24-hour chart. Over the week, YFI is up 15.9%.

Yearn Finance YFI

Data from DeFi Pulse point to a highly bullish outlook for DeFi. Picking up the upward momentum from February 2021, the DeFi ecosystem has an all-time high Total Value Locked of $57.9B. Top 3 protocols Compound, Maker, and Aave hold over $20B alone.

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Yearn Finance YFI

Amidst this DeFi Season, trader Sean Nance said YFI could go as high as $270,000 per Token “soon”. According to the trader, YFI’s market at that price would keep it away from the top 10 cryptocurrencies hinting at a further upside movement. Nance said:

I’ve got 270k as a pretty reasonable target on YFI soon. I’m not sure if y’all are prepared for what’s coming to the market.

Yearn Finance aims for improvement

Setting support at $34.170 and $20.335, Nance indicated YFI recommended investors to buy more YFI and YFII. In support of this thesis, investor Daniel Cheung said Yearn Finance’s Total Value Locked reached a new ATH today with YFI price and it stands at $3B.

Cheung revealed to be “massive in YFI” and added Yearn Finance is “undervalued” with a story that is demanding recognition from the sector. At present, Yearn Finance growth could be amongst the highest in DeFi. Therefore, Cheng expects YFI to appreciate further. He added:

The $1.5 billion TVL in V2 alone produces $30 million in management fees. I would not be surprised if with the addition of performance fees across all vaults and yield from Yearn’s treasury farming, run-rate revenue is > $100 million. Markets are starting to appreciate undervalued protocols with outstanding fundamentals (…)

Yearn Finance YFI

Yearn Finance community seems very active via its governance model. Lawyer Gabriel Shapiro has been working on a new operational governance model with user “Tracheopteryx”.

Via his Twitter handle Shapiro explained this proposal attempts to “craft a governance philosophy” rooted on  real-world situations, based on what the lawyer described as “realpolitik”. Shapiro added:

(…) as applied to yearn, we call this philosophy “constrained delegation”: a system in which the primary role of YFI holders is to help decentralize and fine-tune the parameters of legitimate exercises of power within the community.

With an important number of partnerships in place, an active community that could gain more power, and strong fundamentals, YFI could be holding a moon ticket set to depart in the coming months.

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BTC Breaks ATH But Dominance Declines as ETH Eyes $2500 (Market Watch)

by CryptoPotato

Following the latest all-time high just shy of $65,000 and a subsequent $4,000 retracement, bitcoin has calmed down around $63,000. However, its dominance continues to suffer and is below 53%. This comes amid an impressive increase from Ethereum, which neared $2,500 and marked yet another record of its own.

Bitcoin’s ATH and $4K Turbulence

As reported two days ago, the primary cryptocurrency had finally broken above its long-time nemesis at $60,000. Furthermore, the asset continued upwards to new all-time high levels on the same day at about $63,000.

Yesterday seemed even more bullish as BTC added roughly $2,000 of value to its latest ATH record of almost $65,000 (on Bitstamp).

However, the infamous volatility struck again, perhaps led by the anticipation for the public listing of the largest US crypto exchange – Coinbase.

Approximately at the time when it became official, bitcoin dropped by nearly $4,000 from its peak and tested $61,000. Nevertheless, the asset has bounced off and currently stands just above $63,000.




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Despite its bullish week, though, bitcoin’s dominance over the market keeps declining. The metric comparing BTC’s market capitalization with all other cryptocurrencies has fallen beneath 53% for the first time in more than two years.

Just for comparison, bitcoin’s dominance was well above 72% in early January 2021.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Ethereum Aims at $2,500

Most alternative coins followed their leader north in the past few days, which led to new all-time high records for Binance Coin, Cardano, Dogecoin, and Ethereum. Although the first two have declined by roughly 5% since yesterday, the second-largest cryptocurrency by market cap has only enhanced its performance.

ETH spiked once more and exceeded $2,480 for its latest ATH. However, it has failed to overcome $2,500 so far and has retraced slightly to about $2,470.

Uniswap is also well in the green from the top ten coins. A 6.5% surge has taken UNI above $38. Chainlink has surged by nearly 10% and, with a price tag of almost $41, is back in the top ten.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More price pumps come from DigiByte (22%), WazirX (20%), VeChain (18%), Yearn.Finance (15%), Stacks (15%), Ravencoin (13%), Avalanche (10%), and Maker (10%).

Ultimately, the total crypto market cap has remained well above $2.2 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





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Swing Continues: As NASDAQ Futures In Red Bitcoin Slips Below $50K, Cardano Drops Off Top 3

by CryptoPotato

Bitcoin’s struggles around $50,000 continue as the asset has failed to overcome it decisively. The situation within the altcoin market is somewhat similar, with ETH dropping below $1,700. However, the top five digital assets by market cap see some notable rotations, with ADA falling to fifth place.

Bitcoin Indecisive Around $50K

The primary cryptocurrency lost some value at the end of last week when it dipped to $46,000 on a few occasions. With this performance, the asset demonstrated a high correlation with the US stock market, which also declined at the same time.

However, when Wall Street rested during the weekend, BTC initiated an impressive leg up that resulted in jumping above $50,000 and an intraday high of nearly $52,000 yesterday.

This coincided with minor gains visible for the futures markets for the S&P 500, the Nasdaq, and the Dow after the Senate passed another COVID-19 relief bill – this time for $1.9 trillion.

Nevertheless, the situation has reversed since that high, and bitcoin has lost over $2,000, while the Nasdaq futures contracts have headed south again. As a result, the cryptocurrency has dipped below $50,000 again, with expectations for enhanced volatility once Wall Street opens for trading later today.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Top 5 Rotations, ETH Drops Below $1.7K

Most alternative coins followed BTC’s positive weekend, with Ethereum surging past the $1,700 price tag. However, ETH has declined since its peak at $1,760 and is currently down to $1,680.

Other major altcoins are charting slight losses, though nothing so serious, at the time of this writing. Polkadot, Ripple, and Litecoin have remained relatively still on a 24-hour scale. Although Cardano has not lost any substantial chunks of value since yesterday, ADA has lost its top three spot in terms of market cap.

The continuous minting of new USDT (Tether) and BNB’s 2% gains have helped both assets to surpass ADA. Consequently, Tether is back in the top three, while Binance Coin takes fourth place, according to data from CoinMarketCap.

UNI is the most significant gainer from the top ten with an 8% increase to above $33. Uniswap’s governance token is almost 50% up in a week.

coin360_overview
Cryptocurrency Market Heatmap. Source; Coin360

Further fluctuations are evident from Enjin Coin (35%), Decentraland (26%), YFI (15%), Horizen (15%), and REN (11%) going north while ZKSwap (-10%), THORChain (-8%), and NEM (-6%) are heading south.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





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Yearn Finance (YFI) Price Taps $52K On Grayscale Filing News

by CryptoPotato

Yearn Finance, one of DeFi’s landmark projects and also the first coin to truly flip Bitcoin’s price on multiple occasions, managed to surge above $52K earlier today before correcting slightly to where it’s currently trading.

  • Yearn Finance is undoubtedly one of the benchmark projects for the space of decentralized finance (DeFi).

  • YFI, the ecosystem’s native token, was initially supposed to be nothing but a governance token that has absolutely no face value. In fact, Andre Cronje, the creator of Yearn Finance, explicitly said that it wouldn’t be traded on Uniswap and it won’t have any value other than $0.

  • The market had different plans for it, though, as it quickly caught speed and became one of the (if not the) best-performing assets in 2020.

  • As CryptoPotato reported back during last year, the project also set the tone for various others that followed in its footsteps with different value propositions.

  • In any case, today, YFI is making headlines with an impressive increase of around 13%.

yfiusd_chart
YFI/USD, FTX. Source: TradingView

  • As seen in the chart above, the cryptocurrency not only surpassed BTC in terms of USD value but also surged past $52,000 before retracing to where it’s currently trading.

  • One of the reasons for this performance might be the fact that the world’s largest asset manager, Grayscale, incorporated a new YFI entity.

  • It was set up as a STatutory Trust in Delaware two days ago, on February 10th. With it, the company now has 33 registered trusts in the state.

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Yearn Finance’s YFI Hits $50K Before Bitcoin as Grayscale Shows Interest

by NEWSBTC

Yearn Finance’s governance token YFI reached a new milestone on Friday as its price crossed over the $50,000-mark for the first time in history.

The gains appeared as Grayscale Investments, a New York-based cryptocurrency management firm, registered an LLC for a prospective Yearn Finance Trust. That prompted traders to raise their bids for YFI, given Grayscale’s critical role in shooting Bitcoin prices upwards after accumulating almost 3 percent of the flagship cryptocurrency’s active supply for its proprietary Bitcoin Trust.

The YFI Bull, Explained

Grayscale’s core business model offers accredited investors the opportunity to gain exposure in cryptocurrency markets by purchasing shares of its open-ended private trusts that hold the digital assets in concern. For instance, its Grayscale Bitcoin Trust, or GBTC, has 649,130 BTC to date and its per-share cost is around $48 over-the-counter.

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The company accumulates additional crypto-assets based on institutional demand. Therefore, analysts typically consider its buyouts as bullish for the concerned assets. As it shows interest in launching a Yearn Finance trust, bulls believe the move would bring high-profile investments into the decentralized finance sector.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency
Yearn Finance off to close the day at record levels. Source: YFIUSD on TradingView.com

YFI peaked at $50,592 on Friday. Its price is now comparable to Bitcoin, which peaked above $49,000 on the same day.

Traders anticipate the price to grow higher. A pseudonymous analyst on Twitter stated that YFI could push for a $150,000 valuation based on its technical readings against Bitcoin. In retrospect, the YFI/BTC exchange rate showed signs of breaking out of a bullish channel, leaving the analyst with a strong upside bias.

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency
Yearn Finance shows upside strength against Bitcoin, as shown by GalaxyBTC. Source: YFIBTC on TradingView.com

“YFI coin supply on exchanges has been gradually decreasing since November 2020 where it saw the highest Coin supply on exchanges since launch and price bottomed out, suggesting that capitulation has taken place,” said analysts at Santiment.

“This gradual drop in YFI is healthy and positive as there’s less sell pressure on exchanges,” they added.

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Bitcoin Sets ATH at $49K, YFI Surpassed 1 BTC (Market Watch)

by CryptoPotato

After yet another all-time high painted just at the $49,000 price tag, bitcoin retraced slightly. Most altcoins also went up in the past 24 hours, and the total market cap painted a new record as well above $1.460 trillion. Interestingly enough, YFI has managed to surpass BTC in terms of dollar value.

Bitcoin’s Latest ATH At Nearly $49K

BTC is having a compelling week as it exploded by about $7,000 on Monday following news that Tesla had purchased $1.5 billion in January. It went for a new record at the time, but the subsequent rejection drove it back beneath $45,000, where the cryptocurrency struggled for a few days.

Yesterday, though, the situation rapidly changed when the bulls initiated an impressive leg up that resulted in two consecutive all-time highs. Firstly, bitcoin spiked above $48,400 before doing it once more to just shy of $49,000 (on Bitstamp).

Following the latest record, BTC calmed and retraced to about 47,500 where it’s currently situated.

From a technical perspective, bitcoin’s first resistance lines are situated at $48,000 and $48,570. If conquered, the asset could head towards uncharted territory once more and reach the coveted $50,000 price tag.

Alternatively, the support levels at $46,400, $44,415, and $44,000 could assist in case the trend reverses, and BTC heads south again.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

New ATH For The Crypto Market Cap As Alts Go Green

Most of the altcoin market has enjoyed the past several days with impressive performances and new records. In the past 24-hour alone, the larger-cap alts have calmed slightly, but the lower- and mid-cap ones have only intensified their gains.

Ethereum is about 2% up to above $1,770, while Bitcoin Cash has added 3% of value and has neared $530. Ripple is the most significant gainer from the top 10 with an 8% increase to $0.56.

Binance Coin (-1%), Cardano (-1%), Litecoin (-0.5%), Chainlink (-0.5%), and Polkadot (-0.2%) are slightly in the red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

As mentioned above, though, the situation further down the rankings is significantly different.

The Graph is the most substantial gainer with a 100% surge to $2.7. Nano (62%), Basic Attention Token (48%), Ocean Protocol (40%), Enjin Coin (34%), Fantom (30%), Cosmos (30%), and Yearn.Finance (28%) follow. Interestingly, YFI’s price is almost identical to that of bitcoin at above $47,000.

BTC’s new ATH and the alts’ gains pushed the total market cap to a new all-time high above $1.460 trillion. The metric has added over $300 billion since the dip on Sunday when it dropped to $1.120 trillion.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap

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DeFi Explosion: Binance DeFi Index Hits ATH as Total Value Locked Eyes $25 Billion

by CryptoPotato

The decentralized finance sector continues to grow with an impressive all-time high of over $24 billion locked. Additionally, the Binance DeFi Composite Index, measuring the performance of numerous DeFi coins, also marked a new ATH today.

Binance DeFi Index To New Highs

Launched in August 2020, the DeFi Composite Index tracks and measures the performance of “a basket” of DeFi assets in what the company described as a “standardized way.”

“The composite price indices are combinations of different underlying instruments intended to measure the overall market (or subset) performance over time. The indices price is usually calculated as a weighted average price of the components.”

It’s worth noting that the Binance DeFi Composite Index tracks DeFi tokens listed on the leading exchange and is denominated in Tether (USDT).

Some of the coins with the largest shares in the index include LINK (14%), YFI (7.5%), MKR (7%), Uni (6.5%), AAVE (6%), SNX (6%), and COMP (4.8%). Naturally, as the prices of most DeFi tokens have exploded recently, so has the index.

Earlier today, it jumped to an all-time high of $1,261.5. Although it has retraced slightly since then to $1,230, this is still a 70% increase from the bottom last week during the Monday crash.

Binance DeFi Composite Index Price Performance. Source: Binance
Binance DeFi Composite Index Price Performance. Source: Binance

TVL Above $24B For A New Record

The total value locked in various DeFi projects is another indicator of the sector’s growth. As of writing these lines, it has skyrocketed to a new record of $24.57 billion.

This amount represents the dollar equivalent value of all cryptocurrency assets locked in smart contracts on decentralized lending and borrowing platforms.

Total Value Locked In DeFi Projects. Source: DeFiPulse
Total Value Locked In DeFi Projects. Source: DeFiPulse

The DeFi sector exploded in popularity last year. As the graph above illustrates, the TVL dabbled with $1 billion for several months before it finally conquered it in the summer. However, it hasn’t looked back since and has only broken above other milestones.

Interestingly, the lending platform Maker has surpassed the most widely-used decentralized exchange Uniswap and has taken the first spot with nearly $4.2 billion.

Aave takes the third spot with $3.4 billion, followed by Compound ($3 billion), Curve Finance ($2.08 billion), and SushiSwap ($2 billion).

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Bitcoin (BTC) $ 27,145.27 0.44%
Ethereum (ETH) $ 1,683.25 0.01%
Litecoin (LTC) $ 66.88 1.09%
Bitcoin Cash (BCH) $ 235.85 0.27%