Top Gainer of the Day: yearn.finance (YFI)

  • Curve Finance (CRV) is an Ethereum-based decentralized liquidity pool.
  • According to Dune Analytics, yearn is the second-largest veCRV holder.

In Decentralized Finance (DeFi), yearn.finance (YFI) enables lending aggregation, yield creation, and insurance on the Ethereum blockchain. According to the project’s website, the protocol is maintained by independent developers and overseen by YFI holders. Furthermore, currently, the protocol offers three main products: Vaults, Labs, and Iron Bank.

On July 17, 2020, the project announced a surprise yield farming announcement of 30,000 YFI tokens to early protocol users. A maximum quantity of 36,666 YFI tokens used so far. Yearn Finance has $5.24 billion in total value locked (TVL) and owns 6.79 percent of Curve Finance’s governance token, veCRV.

Most Liquid Decentralized Applications (Dapps)

Curve Finance (CRV) is an Ethereum-based decentralized liquidity pool that focuses on trading stablecoins. Moreover, Curve Finance’s major aims are to offer low-risk, supplementary fee revenue for liquidity providers (LPs). Without the danger of “impermanent loss” — the opportunity cost of being an LP in volatile digital assets, as reported at the end of October.

YEARN.FINANCE/USDT: Source: TradingView

According to Defi Pulse, the curve is one of the most liquid decentralized applications (Dapps) in the digital asset world, with $13.91 billion in TVL. Furthermore, its influence on Curve governance is substantial due to the systemic relevance of stablecoins in DeFi.

According to Dune Analytics, yearn is the second-largest veCRV holder among decentralized autonomous organizations. Moreover, this implies they have a lot of say in the governance of one of the biggest AMMs in Web3: Curve Finance. According to CoinMarketCap, the yearn.finance price today is $25,042.18 USD with a 24-hour trading volume of $422,987,780 USD. yearn.finance is up 17.62% in the last 24 hours.

The post has appeared first on thenewscrypto.com

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