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CATEGORY: yearn finance


Feb 04, 2023 05:40

Web3 Dev Andre Cronje Says DeFi is Here to Stay

Andre Cronje believes that DeFi does not need a new narrative or a "shiny new toy" to work

Yearn Finance: What The Final Quarter Of 2022 Has In Store For YFI Price

Author: Christian Encila
United Kingdom
Dec 09, 2022 04:45

Yearn Finance: What The Final Quarter Of 2022 Has In Store For YFI Price

Yearn Finance (YFI) has performed relatively well over the last 30 days, painting its charts in green despite the lingering uncertainty in the crypto market. According to information from Coingecko, at press time, the ERC20 governance token built on the Ethereum blockchain is changing hands at $7,087, going up by 5.7% during the past week and tallying an impressive 15.7% jump on its bi-weekly gauge. Here’s a quick glance of YFI performance: YFI is experiencing a significant decline in its daily trading volume Yearn Finance could fall all the way down to $6K within the next few days The altcoin could start 2023 with a bullish run to reclaim the $8K territory However, the altcoin’s technical indicators, specifically its Relative Strength Index (RSI) and Chaikin Money Flow (CMF), on its 4-hour chart doesn’t give much for traders to desire as they indicate a potential bearish run for the asset. The RSI settled below the 50-neutral zone at 48.97, suggesting that selling pressure increased and a lot of buyers veered away from the asset. Meanwhile, Yearn Finance’s CMF fell into a negative value of -0.07 – an indication of a weakened buying activity. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department Source: TradingView Daily Active Addresses Count And Trading Volume Decline Along with the above-mentioned technical indicators, some developments concerning the cryptocurrency and its network pointed towards a bearish momentum. During the previous week, the number of unique addresses that traded Yearn Finance decreased sharply, going down by 41%. In fact, at the time of this writing, there were only 248 wallets monitored to have participated in YFI transactions. While the cryptocurrency’s spot trading price went up by 3% over the last 24 hours, its trading volume took a hit as it became lower by 25% during the same period. With these, there is a need for a significant uptick in demand for the crypto asset for another increase in value to be triggered as buyers in YFI market appear to be exhausted. However, it would seem that the digital currency could not catch a break as even in that particular department, it is showing signs of struggle. According to latest data, at the moment, only 59 new addresses were present at the network – 48% lower than what was observed within the last eight days. Chart: Santiment Coincodex Forecasts YFI At Over $8K By 2023 Although Yearn Finance’s short-term trajectory looks bleak, it is expected to have a strong start for the year 2023. According to the predictions of online crypto data information aggregator Coincodex, the digital asset is expected to decline significantly within the next five days and will eventually change hands at $$6,094 by December 15. Related Reading: Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL? Chart: Coincodex However, the altcoin is expected to bounce back and reclaim its losses just few days after the expected price dump. By January 9, 2023, YFI is seen to trade at $8,891. YFI total market cap at $258 million on the daily chart | Featured image - Altcoin Buzz, Chart: TradingView.com

Dec 04, 2022 06:30

Yearn.Finance Price Prediction for Today, December 3: YFI/USD Bullish Price Struggling to Survive Pressure Above the $6691 Price Level

Since November 10 in the Yearn.Finance market, when the bull market was rejected at $6691 and fell below the resistance, neither the demand line nor [...]

Sep 03, 2022 01:50

YFI Spikes Above $10,400, Buy TAMA Today

The Yearn.finance price prediction shows YFI could renew the bullish trend after crossing above the moving averages. Yearn.finance Prediction Statistics Data: Yearn.finance price now – [...]

Yearn?.finance advocates for the adoption of ERC-4626 tokenized vault standard

Author: Cointelegraph By Tom Farren
United States
Apr 06, 2022 04:40

Yearn?.finance advocates for the adoption of ERC-4626 tokenized vault standard

The widely-popular DeFi protocol announced its support for the newly-passed ERC on Wednesday, stating that “Yearn V3 + ERC-4626 = inevitable.”

Will Yearn.Finance Make A Bullish Run? Here’s Everything About $YFI!

Author: Owotunse Adebayo
Germany
Mar 14, 2022 07:05

Will Yearn.Finance Make A Bullish Run? Here’s Everything About $YFI!

The decentralized finance (DeFi) industry has changed how people access financial services. Previously, interested parties went through intermediaries, such as banks, to get loans, borrow money and save. Yet, statistics show that many people don't have access to traditional financial systems, making it difficult to benefit from all forms of financial aid. Thankfully, DeFi has helped crypto enthusiasts find a medium that provides essential services without time-wasting intermediaries. This is why founders have created projects like Yearn.Finance for the benefit of the community. In this article, we will be looking into the potential of $YFI in the market after the departure of Andre Cronje.

What Is Decentralized Finance (DeFi)?

Decentralized finance is one of the newest industries in the digital world. This concept envisions a world where everyone can access financial services without intermediaries. Traditionally, banks are the most popular medium for accessing loans or even saving money. Yet, this new technology has changed the status quo. Today, crypto enthusiasts can trade, get loans or save through the numerous protocols available in the space. Banks are notorious for their paperwork and protocols, making it challenging for many people to get needed services. While banks can take several weeks to grant you a loan after a series of interviews and paperwork, DeFi protocols may give you the loan immediately. However, it does not pay in fiat. Instead, it pays loan-takers in cryptocurrencies gotten from the pool available.

What Is Yearn.Finance?

In 2020, Andre Cronje launched Yearn.Finance to provide financial services to users. This protocol helps users optimize their earnings by linking them to the highest yields on their digital assets. While DeFi created an avenue for enthusiasts to gain wealth, experts found many inconsistencies with the technology. This led to Andre Cronje's drive to create a more suitable platform. Yield Finance made yield farming accessible to the public. It has two products helping users earn, namely, Earn and Vaults. Simply put, Yield Finance allows people access the most-attractive yields. This works by assisting them in lending their assets to profitable platforms like Compound. The product "Earn" helps users find the highest interest rate while lending. On the other hand, "vaults" expose the users to the best strategies to get the most profit.

Products Available On Yearn.Finance

Yearn Finance does all the heavy lifting for users. They don't need to worry about intermediaries or find peers to complete the trade. Because Yearn.Finance is a DeFi protocol, users can access financial services. Here are some popular products available on the platform.

Trading

You can choose to trade with this platform. Since trading involves buying or selling, you can find the lowest asset prices and sell them at a higher rate. With this, you have made some profits.

Earn

Earn is slightly more complicated, but users don't have to worry about the process. The protocol goes ahead to look for the best protocol with the highest interest rate. Here, lenders can maximize their earning potential by benefitting from a high-interest rate.

APY

This is also called annual percentage yield. Before lending out your asset, it's essential to know the estimated interest rate. This way, you know what to expect when lending. With this tool, users can plan and anticipate the proposed yield. However, many protocols warn that interest rates fluctuate. This is primarily due to cryptocurrency's volatility.

Vaults

Vaults are an essential feature of Yearn Finance. It enables people to deposit their assets and enjoy interest from such deposits. This line of code helps users maximize their profit while reducing the risks associated with lending. Additionally, it helps reduce the high gas fee on Ethereum. The Ethereum blockchain is one of the most popular networks in the industry. Yet, this blockchain has scalability issues resulting from numerous projects on the network. However, thanks to the Vaults, only one person pays for gas.

What Is $YFI?

YFI is the project's governance token. Yearn Finance is a unique project for many reasons. For one, the founder did not receive funding for it. Another reason for its uniqueness is that he did not keep some governance tokens for himself. This makes the project highly decentralized and community-driven. He gave out the tokens, allowing early liquidity providers to own a huge portion of the token. It's important to mention that there are only 30,000 YFI in existence, and traders already own all these tokens. Before participating in decisions, holders need to stake the governance token. This promotes inclusivity and decentralization.

Yearn.Finance

The protocol has a governance forum to build a community and promote governance. These forums are relatively popular in the DeFi world to enable holders to access information from the source. The Yearn Finance forum is one of the most active ones in the space. And through the platform, community members propose new projects and products for the protocol's growth. A forum is also a place where the community makes crucial decisions. Similarly, members can share ideas and knowledge to help the DeFi platform grow. Before Andre Cronje announced the token's launch, many people were skeptical about the protocol. When the community's developers released the ERC-20 token, many people bought the asset to participate in governance. And because of the asset's low supply, it became valuable within some months.

Andre Cronje Announces Departure From DeFi

Andre Cronje is one of the biggest DeFi influencers in the space. Many people even see him as the Satoshi Nakamoto for the decentralized finance industry. Yet, he might be leaving the growing industry and Yearn Finance for good. YFI also became one of the most popular tokens in the industry. The digital asset went from a dollar to over $40,000 within some months. It's safe to mention that this is not the first time Andre Cronje would be announcing his departure from DeFi. He had departed from the industry twice in 2020 before returning to help with Yearn Finance.

The news certainly caused havoc in society, and many assets associated with the founder plummeted. Even YFI wasn't left out as holders panicked, bringing the asset below the $20,000 range. Banteg, one of the platform's developers, helped calm the panic selling. He assured that Yearn Finance had hundreds of contributors managing the project. The DeFi space may continue to experience price falls. Since everyone is panicking, people may sell their assets to prevent financial losses. While the decentralized finance industry faces some difficulties, the crypto market is also unstable. Since Bitcoin's fall some weeks ago, many cryptocurrencies have not returned to their all-time highs. Some assets have lost 50%-70% of their value, causing uncertainty for long-term holders.

Will Andre Cronje's Departure Affect $YFI?

Andre Cronje's departure has already affected the project and every other DeFi project the founder has worked on. YFI's value dropped when he announced his departure, as traders predicted. It's safe to mention that the founder had left some months ago before returning to work on Yearn Finance and other projects. His departure may affect the token's price for some months, but holders should expect normalcy after the news die down. Many projects have lost their founders, but they kept existing because of the community. Yearn.Finance's community is powerful because of the governance token. The token gives every holder a voice to help the project's growth. Additionally, Yearn Finance has a lot of investors and contributors. These people make up the community, helping the project thrive even after everything. YFI has gained some value since the announcement. This means that people may be returning to the community.

$YFI Price Prediction

It's difficult to predict the asset's price, especially since the market is very emotional at this point. Nobody wants to lose the money invested in the protocol. Yet, the coin remains unshaken at $18,440 at the time of writing. This may mean bullishness, and it may continue to grow, despite the founder's absence. The DeFi industry is a new space with a lot of growth potential. And since the Yearn Finance community has a couple of incoming projects, this may help the sector gain some needed recognition.

Fig. 2. YFI/USD Chart on TradingView

If this happens, YFI should be around $30,000 before the end of 2022. On the flip side, if the industry fails to thrive or bring in new investors, many DeFi protocols may die. YFI should expect some significant price falls if this happens to the sector, taking it below $15,000. Still, the industry would likely become more attractive to investors thanks to the mouth-watering interest rates, and loan-takers will also enjoy loans without intermediaries.

Should You Buy $YFI?

Buying the YFI token now may be a good decision since it's far from its all-time high. Holders may enjoy notable price movements in the future. However, you should always do your research before buying coins or tokens to determine if they will succeed. Also, the current situation makes it difficult to predict the market situation, but above all, applying great strategies should help you minimize losses while maximizing gains.

Conclusion

Yearn.Finance is one of the most significant projects in the digital asset space. However, investors are unsure of the protocol's future, leading to YFI's price drop. Still, the project has potential and would likely continue to be successful even after the founder's exit.

Yearn.Finance© Cryptoticker

Mar 11, 2022 05:50

Fantom Foundation debunks misinformation after Andre Cronje’s departure

Almost a week ago, Andre Cronje announced his and his colleague Anton Nell’s departure from crypto and DeFi.  Immediately, the rumors of their exits sent the tokens of projects associated with them crashing amidst fears of a rug pull.

The post Fantom Foundation debunks misinformation after Andre Cronje’s departure appeared first on CryptoSlate.

Mar 07, 2022 11:01

DeFi Godfather Andre Cronje and Anton Nell Quit, Associated Tokens Tumble

According to a tweet shared by Anton Nell, the DeFi godfather and the creator of Yearn.Finance and Keep3r, Andre Cronje has called it quits with fellow software architect Anton Nell. Nell reports that effective from April 3, a total of 25 decentralized financial applications would be canceled. Yearn.Finance, Keep3r Network, Solidly, and more protocols are […]

Feb 25, 2022 05:45

Yearn Finance Deployed to Ethereum’s L2 Arbitrum

Yearn Finance has gone live on the largest Ethereum layer 2 platform - Arbitrium.

Feb 25, 2022 01:15

Yearn launches its first Ethereum layer-2 service on Arbitrum

Yearn, the seventh-largest DeFi application on Ethereum by Total Value Locked (TVL), has launched its service on the Arbitrum Ethereum Layer-2 network.

The post Yearn launches its first Ethereum layer-2 service on Arbitrum appeared first on CryptoSlate.

Jan 03, 2022 06:40

Yearn Finance up 13.8% to $41,168 – Where to buy YFI

The crypto market ended 2021 on a low note, given that Bitcoin failed to hit the predicted $100,000. However, the downtrend has not been consistent [...] [...]

Dec 21, 2021 02:50

Yearn Finance Pops Thanks To Community Proposal To Change Tokenomics

Yearn Finance is up amid a Santa slowdown thanks to a community proposal. But is the community proposal veering dangerously into Safemoon territory?  Something, something yearn finance — Brex?its (@BrexBits) December 20, 2021 DeFi play Yearn Finance is defying present market conditions. The protocol is up 16% in the last 24 hours, and 90% in […]

The post Yearn Finance Pops Thanks To Community Proposal To Change Tokenomics appeared first on CryptosRus.

YFI price gains 46% in just four days after Yearn Finance's $7.5M buyback

Author: Cointelegraph By Yashu Gola
United States
Dec 17, 2021 04:50

YFI price gains 46% in just four days after Yearn Finance's $7.5M buyback

Its "decentralized" Treasury has more than $45 million and would pursue similar YFI buybacks in the future.

Oct 20, 2021 02:35

What is Alchemix (ALCX)? Is this the next DeFi Craze?

This article is a complete guide on the Alchemix. The Decentralized Finance (DeFi) world has been all promising and hype in 2021. It has touched an evaluated price of over USD 11 Billion LOCKED in the DeFi lending market. Let’s take a look at what is Alchemix.

What Is Alchemix(ALCX)?

Alchemix is a platform. It is responsible for the production of yield-supported synthetic tokens. Users can obtain these tokens for zero expense in trade for securing collateral in the Alchemix system. It provides users the capability to take an advance on their expected yield quickly. These ALCX tokens are a robust DeFi fundamental and a new method to create derivatives based on yield rather than debt.

https://twitter.com/chainlink/status/1441477543551332356?s=20

In other words, Alchemix allows users to reimagine the power of DeFi by giving extremely adjustable instant loans that reimburse themselves over time. The longer users put their deposit, the more yield they can make and have more of their loan returned. It has the following three segments:

  • Generate: Deposit DAI to mint alUSD. The alUSD is a synthetic stablecoin that tokenizes users' expected yield. 
  • Automate: Yield derived by the security from yearn.finance vaults reimburse the loan gradually. 
  • Redeem: Convert alUSD into DAI 1-to-1 in Alchemix or purchase it on decentralized markets like Sushiswap or crv.finance.

How Does Alchemix Work?

In Alchemix, users deposit something to protocol. Once the deposit is done then it becomes security for a loan they can take out. For example, they can take out $1 for every $2 that they deposit. Next, Alchemix accepts these deposits and places them in Yearn’s safes to make yield. Gradually, that yield pays off the debt. The following points are displaying how exactly it works.

  • Deposit on the Alchemix platform.
  • Half of the deposit will be available as loans.
  • The deposit gains profit gradually that reimburses the loan.

Alchemix: ALCX Token

The Alchemix protocol’s governance token is described as ALCX. The key metrics of ALCX are as follows:

  • Token name: Alchemix
  • Ticker: ALCX
  • Based on the Blockchain: Ethereum
  • Token Standard: ERC-20
  • Token use: Governance
  • Circulating Supply: 283,672.98

Alchemix offers yield farming to achieve several goals for the protocol. According to its whitepaper, Farmers are paid with ALCX tokens, which have governance voting powers. 

Conclusion

As mentioned earlier, Alchemix is a method for producing a new variety of yield-backed synthetic assets. These al-tokens grant DeFi users a compelling new primitive to employ. The important thing to note here is that these tokens have various pegging methods like the Transmutation pool, adjustment of Vaults with tokens and incentivized pairs on AMMs, and driving for the selection of al-tokens in the more widespread Ethereum and DeFi world.

Alchemix © Cryptoticker

The post What is Alchemix (ALCX)? Is this the next DeFi Craze? appeared first on CryptoTicker.

Apr 18, 2023 01:10

Kyber Network’s Elastic product’s TVL drops 80% over potential vulnerability

Kyber Network, a decentralized finance (DeFi) protocol, has urged the liquidity providers (LPs) on its KyberSwap Elastic decentralized exchange to withdraw their funds due to a possible vulnerability in the exchange’s contract. Kyber Network has assured the community via a tweet on April 17 that no funds have been compromised, but to err on the […]

The post Kyber Network’s Elastic product’s TVL drops 80% over potential vulnerability appeared first on CryptoSlate.

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