DeFi777 Launches Beta Platform for ERC-777 Token Yield DeFi Farming

Share Article
In Brief
  • Tokenized DeFi operations now on the ERC-777 standard.

  • Liquidity mining can be achieved with wrapped tokens.

  • The project is currently unaudited and in a beta release phase.

  • promo

    Stake your points and qualify for the 200,000 USDT prize pool. Start staking now!

The Trust Project is an international consortium of news organizations building standards of transparency.

DeFi777 has gotten its turn in the spotlight by offering something a bit different from other DeFi projects — yield farming on the ERC-777 standard.

Sponsored



Sponsored

A new protocol called DeFi777 has been launched with the aim of making the user experience (UX) easier and more accessible to everyone.

The announcement from DeFi777 noted that a number of projects such as Argent and InstaDapp already attempt to simplify the UX, but that its platform has taken a slightly different approach by wrapping the tokens themselves into ‘super-charged’ ERC-777 tokens.

Sponsored



Sponsored

It added that the protocol does not require a user interface or even a dApp browser such as MetaMask. However, it has created one, launched today on the new website as version 1.0.

The platform allows anyone to generate an ERC-777 for any token, in the same way as they can with Uniswap LP tokens.

The ERC-777 Standard for DeFi

The ERC-777 standard provides an advanced way to interact with a token contract while remaining backward compatible with the ERC-20 standard. The EIP was proposed in late 2017, improving on ERC-20 with features such as hooks and operators which offer more security and control over tokens and enable the sending of tokens on behalf of other addresses.

DeFi777 has leveraged the advantages of this Ethereum token standard to enable users to connect to existing DeFi protocols such as Compound Finance. The bog post added that it will soon offer Aave integration.

“Assets can also be added to liquidity pools on various protocols, such as Uniswap, Balancer, and Curve. For Uniswap pools, DeFi777 even allows swapping into pools from a third token, similar to ‘zapping in’ on apps like Zapper or Zerion.”

More Yield Farming Options

The protocol allows users to deposit special ERC-777 based tokens to generate ‘farmer’ tokens which represent both the underlying liquidity pool and any accrued yield. DeFi777 noted that this effectively tokenizes the yield farm.

The caveat is that the smart contracts have yet to be audited due to budget constraints and should be treated as a beta project with only small amounts of funds being used, founder David Mihal added.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Limited offer! Learn to mine and trade crypto today for free

Join

Earn up to $10,000 USD every week in CoinFLEX AMM+ Arena!

Earn Now

Be our Supreme Scorer and qualify for a grand prize pool of 200,000 USDT!

Join