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The yEarn ecosystem is associated with the name of “DeFi Godfather” Andre Cronje has been showing its strength. Although it is no longer a “storm” name in recent times, with Andre’s vision and talent, I believe Yearn Ecosystem is a name that cannot be ignored in the DeFi market.
In this article, I will review the outstanding information in the Yearn Finance (YFI) ecosystem recently, and will analyze and compare them to make personal predictions about Yearn.
The article is my personal perspective, you should not see it as investment advice.
Yearn Vault Updates
I will update you with some information about Yearn Vaults and Pool Farms in Yearn.
TVL hits $ 1.7 billion – officially back on track
TVL in the Yearn Finance platform has seen explosive growth lately and surpassed ATH in September 2020.
This growth was largely due to Yearn’s v2 implementation of yVaults in January and the growth of Iron Bank on the Cream Finance platform.
In addition, Yearn Finance also noted that other platforms are not updating the Yearn TVL data correctly, so the team developed. yearn.science so that you can track more accurately the TVL data.
During the period when BSC thrived in January and February 2021, Yearn’s TVL was only about 700 million USD, while the largest Yield aggregation platform on BSC was Auto Farm with a TVL of about 1 – 1.4. billion USD.
With the breaking of ATH (about TVL) and surpassing Autofarm in TVL, you can see that Yearn has returned to the track and reaffirmed his position in the DeFi market, especially after the information that Yearn Finance was attacked by hackers ( You can see more here).
Added Pool Farm to Curve’s Iron Bank’s Liquidity Providers
You also provide liquidity to the Iron Bank pool on Curve Finance, you can use the token crvIB or ETH to Farm in yVault with the current APY level of 28.57%.
The rewards you receive will include the level of Yield received from the liquidity provision to the Iron Bank pool as well as the CRV token when you use yVault.
Yearn Finance integrates with Zapper to make Farming operations in yVault simple
Previously, I found that wanting to perform operations to Farming on Yearn Finance is really complicated and not user-friendly. This I think is a pretty big barrier to attract more users, especially for new people.
For example, Pool Farm crvIB as before, you have to go through Curve’s platform to provide liquidity to get crvIB and then bring it to the Farm (not to mention that the interface of Curve Finance I consider to be very unfriendly. to the user). Now all you need to do is prepare ETH and deposit it in the pool you want on yVault.
This integration, I think, is also a reason contributing to Yearn’s TVL boom in recent times. Although it is a small improvement, I think it brings a great effect in attracting users.
Discussion about the Airdrop Token EPS issue of Ellipsis Finance
For those who do not know, Ellipsis is basically a “fork” authorized by Curve Finance on Binance Smart Chain.
To avoid the EPS dump happening Yearn opened a community discussion to find the best solution for both projects, you can join the discussion. here.
In my opinion, it is entirely possible for Yearn to take advantage of this opportunity to create Farm strategies with EPS and, more broadly, its ecosystem beyond Ethereum to BSC through Ellipsis.
Ellipsis owns a sizable TVL amounting to nearly 1.9 billion USD, Yearn can fully take advantage of this opportunity to implement Farm strategies with EPS and broadly extend its ecosystem to BSC through the Pool bar. account by Ellipsis.
Keep a close eye on this event to see Yearn’s moves to settle against Ellipsis. Besides, veCRV holders remember to claim the Airdrop claim of Ellipsis.
Up-to-date information on several Yearn Ecosystem projects
Keep3r Network is a project that helps to connect job seekers and those who want to find people who can take up jobs on a decentralized mechanism. True to the function of Keep3r Network, this is also the foundation Andre Cronje is looking for in his talented teammates.
Keep3r’s completed work has risen to 21,462 and the KP3R received is currently worth about $ 6.4 million and there are still a lot of Jobs being added, showing that Andre Cronje is still desperate to attract more. more developers to perfect their ecosystems.
Keep3r V2 Oracles
Andre also introduced Keep3r V2 Oracles. These feeds have significant improvements over the V1 Oracles in terms of gas efficiency and maintenance costs (10x lower maintenance costs), they are also designed to make individual projects available. can launch and maintain their own Keep3r V2 Oracles.
For those who do not know, Keep3r Oracles will assist you to Build Lending, Derivatives, Insurance, … In addition, Tokens belonging to the Yearn Finance ecosystem or with Pool Farm on yVaults all use Keep3r Oracles as a source. feed
The release of Keep3r V2 Oracles will further improve the Yearn ecosystem, reducing the risk of hacking attacks by hackers such as the recent hack of Yearn.
Also with the V2 update will reduce the developer cost in updating the data which is also a point to attract more developers to the Yearn Ecosystem.
For those who do not know, Multichain.xyz is a platform that allows you to Swap Tokens from different blockchains.
With a simple example with Multichain.xyz, I can swap ETH from Ethereum network metamask wallet to anyETH of Binance Smart Chain (A Wrapped ETH token has an anchor value on the value of ETH on ERC 20).
Currently the platform owns a TVL of nearly 56 million USD, supports Swap 189 Tokens on 10 different Chains and 23 Nodes to protect the network.
It is not clear to Multichain.xyz, what Andre Cronje is up to, but I can predict very likely that Multichain.xyz will be the bridge for Yearn Finance to reach the entire DeFi ecosystem on many different Blockchain.
Yearn Ecosystem projection
I will share with you my thoughts about Yearn in the future.
Andre Cronje has developed an ecosystem around the Yield Aggregator – Yearn Finance platform, along with a few prominent names in the ecosystem:
- Sushi Swap, Curve Finance: The AMM platform integrated into the ecosystem helps increase Liquidity and TVL, while also helping Yearn to create more Pool Farms for Users.
- Cream Finance: The Lending platform with Iron Bank products assists Yearn in optimizing yVaults’ farming strategies profitability.
- Keep3r Network: A platform helps Andre Cronje find more teammates to grow his ecosystem.
- Unit Protocol: An important piece of the puzzle is considered the MakerDAO in the Yearn ecosystem
And there are many other names in the Yearn ecosystem such as Power Protocol, Pickle, Akro, Multichain.xyz or Hegic.
You can refer to more articles about Keep3r.network & Unit.xyz adopts the perspective of current leading developer Defi – Andre Cronje here.
Thus, you can see that the products or collaborative projects all support Yearn Finance in the Yield Aggregator field.
Not stopping at Yield Aggregator, I think Andre’s vision is to make Yearn absorb the resources of other projects to become the leading DeFi platform with Lending, Insurance, Derivatives products, …
And with Multichain.xyz, it’s very likely that Andre will bring Yearn to the DeFi market on all Blockchains and Performs as a JP Morgans Chase on the DeFi market.
It can be said that last week was quite a peaceful week for Yearn Ecosystem, the most remarkable point is probably the fact that TVL of Yearn Finance broke ATH and returned to the race with other Yield Aggregator platforms.
However, Andre Cronje is still very hard at developing products, attracting more developers and adding pieces of puzzle to the ecosystem. So watch the Landscape in Yearn series every week for comprehensive ecosystem information.
Hopefully, through this article, you had an overview of the remarkable events of the Yearn ecosystem in the past week. See you in the next week issue of Landscape in Yearn Ecosystem.
There are also other updates you can refer to here.
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