News
A Yearn contributor said the value lost came from “strictly protocol owned liquidity” in the protocol’s treasury and that customer funds weren’t impacted.
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Yearn.finance News
Yearn.finance is an emerging decentralized finance (DeFi) protocol. It offers its services entirely through code, distancing itself from the need for a middleman like a bank or custodian. To achieve this, it has created a system of automated incentives around its YFI cryptocurrency.
Andre Cronje, an independent developer, launched Yearn.finance in 2020. Notably, before the launch of Yearn.finance, Cronje did not set aside any tokens for himself or raise any money for the Yearn.finance protocol. The Yearn.finance platform introduced its own cryptocurrency, YFI, in July 2020. Through lending and trading services, the Yearn.finance collection of protocols, which are based on the Ethereum blockchain, enables users to maximize their revenues from crypto assets.
The Yearn.finance platform consists of several independent products, including APY, Earn, Vaults and Zap. By using the Yearn.finance platform to run Yearn.finance contracts on the Balancer and Curve DeFi trading platforms (a practice known as yield farming), users can earn YFI tokens. Users receive tokens from the protocols in proportion to the number of assets they lock into a platform.
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DYdX founder Antonio Juliano said the decentralized exchange and the Yearn.finance token are victims of a targeted attack.
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Yearn.finance’s YFI token crashed over 43% in just five hours after rallying almost 170% in November.
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The hacker has already transferred 1,000 Ether ($2 million) to the crypto mixer Tornado Cash.
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Euler’s total value locked inside its smart contracts has dropped from over $311 million to $10.37 million since the exploit.
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“All factory-deployed vaults have no management fees and a flat 10% performance fee,” the DeFi project wrote.
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The Yearn.finance founder suggested that several cracks have shown in the crypto sector this year, and that regulation is needed to “reign in irresponsible actors.”
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One of the fastest growing DeFi projects, Yearn.finance has spawned a range of core products that provide passive earnings on crypto assets.
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The widely-popular DeFi protocol announced its support for the newly-passed ERC on Wednesday, stating that “Yearn V3 + ERC-4626 = inevitable.”
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The prominent developer and prolific project founder has stepped down from any involvement in the crypto and DeFi space following the spotty launch of the Solidly project.
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The recent bout of buying in the Yearn.finance market accompanies meager volumes, suggesting there are not enough buyers backing YFI’s price rally.
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Its "decentralized" Treasury has more than $45 million and would pursue similar YFI buybacks in the future.
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Alchemix and Yearn.Finance appear to be squaring off with Curve and PoolTogether, but for now there are harmonious solutions.
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