Y Financial’s index token holders have robust opportunities to voice their opinion. Each YFIN index token holder is eligible for YDOT governance tokens at a 1:1 ratio.
Y Financial launched its testnet in October 2020. The entry of the platform in the world of DeFi, especially in the domain of fully automated yield farming, has garnered much attention from investors and developers alike. YFIN is the index token of Y Financial.
YFIN works as an aggregated trading gateway into four highly anticipated crypto tokens, known as Core4. Investing in Y.Finacial’s index enables the user with an automating yielding opportunity among any of the four Core4 tokens, namely YFI, YFII, UNI, and SUSHI. It reduces the scope of single token volatility and removes the need of swapping multiple times. Resultantly, investors save a significant amount on their gas fees, anywhere between 10% and 25%.
Y Financial’s index token holders also have robust opportunities to voice their opinion. Each YFIN index token holder is eligible for YDOT governance tokens at a 1:1 ratio. Moreover, every ninth day on the platform is a ‘harvest powered’ governance day, when the platform offers zero fees on transactions between Y Financial members on the platform. YDOT holders voting with the majority are additionally eligible for rewards being airdropped to them.
The staking platform of Y Financial makes it easy for people uninitiated in crypto-staking. All they need to do is hold the token on the platform. It eliminates the time-consuming and oftentimes disengaging process of having to approve the token, stake them, unstake them, etc. The major players in the field of yield aggregation are burdened with a complicated process of staking. Y Financial is a platform that frees users of that hassle. Let’s have a look at these other players in further detail.
yEarn Finance is one of the biggest names in the DeFi yield aggregation space. This yield aggregation protocol recently launched its yETH strategy for automated ETH yield farming. yEarn leverages several lending pools to carry out its automated yield farming strategy. The most popular pool of yEarn is yearn.finance. Yearn.finance swaps funds between three of the most popular crypto protocols to maximize the return on liquidity. These protocols are Compound, Aave, and dYdX.
Another lending pool of yEarn is known as Curve’s Y Pool. This pool facilitates users to leverage yEarn’s interest-earning yTokens to access four of the top stablecoins in the market: USDC, DAI, TUSD, and USDT.
Investing in yield aggregation platforms’ index tokens generally results in the simultaneous acquisition of the native governance token of the platform. yEarn has also launched a governance token named YFI. YFI can be acquired through liquidity money on several different pools. The user needs to stake his proof of liquidity. YFI is one of the very few DeFi tokens that was not preceded by any premining. There was no DEX offering as well.
Although the users are free to make a withdrawal any time, they need to pay a 0.5% fee at withdrawal. Yearn.Finance generates its revenue through this withdrawal fee and the gas-subsidization fees at 5%. When calculating the potential return from investments at Yearn.Finance, one needs to include this fee as it has to be paid by every user. Even users who withdrew their stake before the minimum time period of six weeks to break even had to pay this fee. This makes YFI withdrawal expensive and a cause of concern for new users.
While YFIN has four of the most highly anticipated tokens as underlying assets, yEarn.finance uses YFI as reward tokens. Users can claim their rewards on the platform by burning the YFI tokens. The amount that is redeemed is equivalent to the share being burned in proportion to the total supply of the token.
Harvest.Finance
Another important contender in the field of yield aggregation is Harvest.finance. Like other competitors in this space, Harvest.finance also entered the market to offer a convenient way to farm yields.
Users can deposit their tokens to Harvest.finance. These tokens may include DAI, USDC, WBTC, and other types of supported assets. The tokens or assets are then put into high yield farming opportunities by the platform. In exchange, the user receives an asset. These assets are called fAssets and may include fDAI, fUSDC, and fWBTC, depending on the type of token the user is putting in. Ownership of these fAssets makes the user automatically eligible to receive a proportional share of revenue as a return.
As an aggregated service provider, Harvest helps investors to save time on DeFi Tracking, save gas costs of regular harvesting, and move funds from one opportunity to another. Harvest.finance handles all these together through its APY tracking, strategy development, and auditing facilities.
The native token of Harvest.finance is FARM. Apart from sharing their part of the profit from the yield farming revenue, the FARM holders are eligible to receive incentives in exchange for providing trading volume in Uniswap. Further, in terms of governance rights, holders of FARM can vote on issues crucial in deciding the direction of the cooperative.
A careful examination of FARM’s contract for its pool shows that the governance of Harvest farm may not allow smart contract staking. The contract says that if it is a smart contract staking, the governance of the pool has the power to not only blacklist the smart contract but also to take all that is being staked.
APY.Finance
Aimed at democratizing yield farming, APY.Finance positions itself as a yield farming Robo- advisor. It keeps on updating the pool to optimize the return.
APY.Finance has a robust risk-management framework. The platform assigns a risk-score to each strategy to produce a composite score that includes smart contract risk, financial risk, and centralization risk. The user’s funds or liquidity is then distributed across different portfolios of farming strategies. This way the platform optimizes itself for risk-adjusted yields.
Like most of its peers in the domain of automated yield-aggregation, APY.Finance is fully community-owned. The users get APY governance tokens and subsequently can propose and vote on any system parameter.
Unlike Y Financial, APY.Finance uses a specific contract for a specific currency. The platform issues its own APT token to represent a user’s stake in the pool. Although there are separate contracts for DAI, USDC, and USDT, they are managed by the APY Manager as a single pool.
With an increase in the volume of the total value locked, or TVL, APY.Finance expects to save increasingly more on gas savings. The platform claims that gas savings may go as high as 99%. When it comes to the savings opportunities, Y Financial users don’t have to pay much fees either. The staking is done through the smart contract and rewards are delivered through airdrops. It optimizes the token acquisition process and mitigates both risk and transaction-related fees. The only fees the users pay is when they withdraw from the platform.
APY.Finance is funded by Alameda Research, Arrington Capital, Cluster Capital, CoinGecko, GenBlock Capital, and TRG Capital.
Summary
The authority to choose appropriate underlying assets by the investor himself, several diversified liquidity pools, and larger proposed savings on gas fees are some of the features that make the leading players of automated yield-aggregation distinct.
However, one has to wait for a reasonable time to see how efficient these diverse portfolios turn out to be or whether a platform can reach so large a volume of TVL that gas fees per user come down to $1 from $100.
Yet, a close examination of aggregated yield farming players show that Y Financial has so far been successful to combine the best features of this world and to deliver them in a user-friendly way. It has reduced volatility and both risk and transaction-related fees. It has given the acquirers of its index tokens a voice in the platform’s governance system. Along with airdropped rewards, the platform also incentivizes its users through Y.Family days where transactions between the members of the platform attract zero fees.
Overall, it’s one of the most effective avenues to get simpler, easier, and cheaper access to the world of yield farming trading in DeFi assets.
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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
In one of the biggest attacks in the DeFi space, hackers exploited the DeFi project Cover Protocol by liquidating nearly 12K COVER coins and injecting an additional supply of 40 quintillion Cover “coins”.
DeFi project COVER staking protocol has recently been the victim of a suspected attack while artificially inflating the COVER token supply. The hackers have reported exploited the Cover protocol with millions of stolen cover tokens amounting to a massive $2 trillion.
Allegedly, the hackers infused an additional supply of over 40 quintillion Cover “coins”. This resulted in the COVER coin price crashing nearly 90%. On Monday, December 28, the COVER token price crashed all the way from $735 to $53, as per the data on CoinGecko.
The hacker – may be an individual or a small group – has taken responsibility for the attack. In a dramatic, the suspected attacker also returned the funds saying “Next time, take care of your own shit”.
Ethereum wallet explorer Nansen also presented some key details of the event. Soon after inflating the token supply in the initial exploit, the attacker liquidated nearly 12K COVER coins on decentralized exchange aggregator 1inch. In a message on the Discord Group, the Cover Protocol noted:
“The Blacksmith farming contract has been exploited to mint infinite $COVER tokens. We have restricted minting access to the farming contract in order to stop the attacker. If you are providing liquidity for $COVER token (uniswap or sushiswap) please remove it immediately.”
The Cover Protocol team said that the issue has only affected the token supply. However, the funds in the “claim/noclaim” pools are still safe.
Exploring a New Cover Protocol Token
Soon after the attack on Monday, Cover Protocol also announced that it is exploring a new Cover token after a snapshot of the LP token holders. In a message on its Twitter handle, the Cover Protocol team noted.
Hello everyone, we are exploring providing a NEW $COVER token through a snapshot before the minting exploit was abused. The 4350 ETH that has been returned by the attacker will also be handled through a snapshot to the LP token holders.We are still investigating. Do NOT buy COVER
Interestingly, soon after getting the alert message, all developers from Yearn Ecosystem came to support the Cover team. The team noted that they “are working with multiple teams and individuals within the Yearn Ecosystem. We will provide updates as they come. We can not thank everyone enough for their help in this unfortunate situation.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Altcoin Rally Dimming Bitcoin’s Shine, Polkadot Gains 34% in One Week
Published
2 Stunden ago
on
Dezember 29, 2020
By
Polkadot (DOT) saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value.
Bitcoin bullish run looks to have come to a halt amidst an altcoin rally which has seen relatively lower coins put up impressive performances in the past few weeks. Bitcoin dominance is gradually fading as many experts believe the biggest digital coin is backing down as some top altcoin are showing strong “moves” or signals.
Bitcoin hit an all-time high over the weekend, the third time its price has done so in just over 2 months. The price of the biggest digital coin touched $28,400 on December 27, before a lightning drop took it to $27,000 just hours of that incredible feat.
Bitcoin failed to hold onto the $27,000 mark as its price further dropped to $26,000 a day after and is now testing lower levels centered on $26,000 as immediate support. Reports from crypto exchanges revealed BTC/USD trading at lows of $25,830 during the early hours of December 29.
While Bitcoin has seen red over a couple of days, some altcoins are putting up impressive numbers, giving off signals of a strong altcoin rally. Despite XRP’s current issues, the altcoin market is showing glimpses of its glory days as some digital coins are poised to see major gains over the next couple of weeks. Ethereum (ETH) is at the forefront of the rally, with its price climbing above $700for the first time since May 2018.
Polkadot (DOT) also saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value. The coin is now the seventh-largest token by market cap. Kusama (KSM), a cousin of Polkadot, also saw its price gain 46% last week, pushing its price from $43.1 to $63. The digital token is currently trading at $56 but experts are adamant a breakout above $65 is possible as the token has rebounded off the 20-day exponential moving average ($50.90)
Speaking on the possibility of a long term altcoin rally, analyst Van de Poppe stated that altcoins are next in line to see greens. He added that the next “impulse wave” on Bitcoin next year should be able to take the market to $40,000 or $50,000, but until then, the possibility of a continuance altcoin rally is very much likely.
Although many factors could be in play with regards to the latest Bitcoin price dip, it’s recent fallout with Ripple’s XRP leads the way. Ripple was hit with a lawsuit from the United States Security and Exchange Commission (SEC) and subsequently suffered drops that left its price in a pit. XRP, the fourth-largest cryptocurrency by market cap, is now trading at $0.20 as news broke that Coinbase, a major US cryptocurrency exchange has decided to suspend its trading from next month.
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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.
XRP Crashes Below $0.25 as Coinbase Announces XRP Trading Suspension
Published
9 Stunden ago
on
Dezember 29, 2020
By
Some of the popular crypto exchanges have announced XRP trading suspension following the SEC lawsuit. This is seriously going to hurt XRP investors’ interest over a long period of time.
XRP investors have met with an unfortunate fate. It has been a rocky ride for XRP investors as the cryptocurrency has been heading south after the SEC lawsuit. From its monthly high of $0.66 on December 1st, XRP has reduced to only 1/3rd of the price. At press time, XRP is trading 20% trading at $0.22 with a market cap of $10.3 billion. The latest price crash comes amid crypto exchange Coinbase announcing its plan to suspend XRP trading starting January 19, 2020.
Coinbase Chief Legal Officer Paul Grewar writes that the latest suspension comes amid the SEC lawsuit against Ripple Labs. Also, in the official announcement, Grewar writes:
“We have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021, at 10 a.m. PST. The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. We will continue to support XRP on Coinbase Custody and Coinbase Wallet”.
Coinbase joins Bitstamp as one of the top crypto exchanges to suspend XRP trading in recent times. There have been several other exchanges that have announced XRP trading suspension in recent times. Following the Coinbase announcement today, another major crypto exchange Crypto.com also announced its decision to delist the crypto asset.
$XRP will be delisted from the https://t.co/vCNztABJoG App in the U.S. effective Jan 19th, 2021 at 10am UTC.
The Road to XRP Recovery Isn’t an Easy One with Measures by Coinbase and Others
It looks like XRP’s road to recovery ain’t going to be an easy one! Over the last few years, the SEC has conducted a crackdown on several such crypto projects. Speaking to CoinTelegraph, Bybit CEO Ben Zhou said:
“SEC and Ripple will have their day in court with due process of law, so we shall not prejudge the case in the court of public opinion. It is of course likely that the case will take up much of Ripple’s attention and resources. […] We hope a clear precedent and framework emerge from these proceedings.”
Furthermore, the SEC has accused Ripple of selling unregistered XRP securities under Section 5 of the Securities Act of 1993. Also, the case will proceed further in the New York Federal Court. Todd Crosland, CEO of cryptocurrency exchange CoinZoom said that the lawsuit will have a long-lasting impact on XRP price.
XRP which has already been a laggard performer over the last two years will continue trading at lower levels even further. While institutional players have been betting big on crypto, they will refrain from having any exposure to XRP.
“Lack of institutional support will hurt liquidity. Institutions will not bet against the SEC, and will be unloading their positions and will avoid taking new positions in XRP until the lawsuit is resolved,” said Crosland.
The only hope for XRP currently is the appointment of new crypto-friendly SEC chairman Elad Roisman. Soon after filing the lawsuit complaint, previous SEC chairman Jay Clayton submitted his resignation. However, we don’t expect things to improve anytime soon.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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