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.
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.
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.