Popular DeFi protocol Yearn Finance continues to innovate in the sector despite some negative press lately and a slump in native token prices. The addition of Gemini dollar vaults and a stealthily developed decentralized smart contract jobs marketplace are two of its latest developments.
Yearn Finance founder Andre Cronje may have taken a back seat from social media recently but he hasn’t stopped developing and innovating in the burgeoning DeFi sector.
The latest addition to the leading DeFi protocol is the addition of Gemini Dollar (GUSD) vaults, however, the strategies and potential earnings have yet to be revealed. The four current stablecoin pools using Tether, USDC, Dai, and True USD, were reporting yearly growths of between 5.6% and 7.6%.
Naturally, Gemini exchange founder Cameron Winklevoss was delighted with the development;
— Cameron Winklevoss (@cameron) October 20, 2020
The much-hyped yETH vault appears to have died a slow death with paltry annual earnings of just 0.37% at the time of press as Yearn appears to be pivoting to stablecoins.
Keep3r Network in Stealth Development
Presumably, to prevent a repeat of the Eminence fiasco that resulted in hacked smart contracts and the loss of around $7 million in liquidity farming funds, Cronje has kept Keep3r mostly under wraps.
The Yearn founder’s Github was recently updated with more details on Keep3r Network which will serve as a smart contract jobs platform for projects that need external developer operations and for teams to find jobs.
In it, he details the terminology and concept which involves ‘Keepers,’ referring to external persons and/or teams that execute a job. A ‘Job’ is the term used to refer to a smart contract that wishes an external entity to perform an action, it added.
The network will be powered by KPR tokens which will be issued as rewards for job completion. To prevent the FOMO and a token pump and dump, the team has kept this low key so far. This, however, has not stopped several fake KPR tokens already becoming listed on Uniswap.
‘How We Think About Yearn’
A recent manifesto on the Yearn governance blog by Grin coin developer Daniel Lehnberg has explored how the protocol should and should not be considered.
yearn manifesto is outhttps://t.co/UdAvWwcXnN
— banteg (@bantg) October 20, 2020
Essentially, it laid out the ethos for the protocol stating that it is not a company, does not have shareholders, is not owed anything from anyone, and does not cater to speculators. Though previous YFI performance is somewhat contradictory to that last statement.
YFI has shed another 14% so far this week and is currently holding a bit above the $13,000 mark. This is still a loss of 63% since its all-time weekly high close of $37,000 in the first half of September.