See More

Yearn Finance Launches v2 Vaults, YFI Token Jumps 15%

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Yearn v2 vaults are apparently live, but few details have been given.
  • The upgrade is part of a wider redesign for Yearn Finance.
  • YFI prices surge to reach $40,000.
  • promo

Decentralized finance (DeFi) protocol Yearn Finance has finally launched its long-awaited version 2 vaults but details are still scarce. Meanwhile, its native YFI token has jumped around 15% in price.

As part of a wider redesign for Yearn Finance, the v2 vaults have gone live today amid little fanfare and few details, aside from a short but colorful video clip.

Earning strategies on the existing v1 vaults have been a bit lackluster recently, causing liquidity on the platform to dwindle. Yearn hopes that the new strategies will rejuvenate the ecosystem and bring the farmers flooding back.

One of the impendent consultants for the Vyper smart contract programming language added that the v2 vaults have been in the making for four months and have undergone eight design iterations.

New Yearn Finance Vaults

Currently, Yearn Finance’s website is still showing the v1 vaults, of which curve.fi/BUSD is the best-performing, yielding around 20% per year.

A snapshot of some of the new vaults was posted by DeFi and Ethereum enthusiast ‘Calamenium;’

At first glance, there doesn’t appear to be much of a difference between v1 and v2 vault yields.

However, the Chainlink vault is once again live, a yHegic vault was added, and a SushiSwap v2 vault is available that, according to the screenshot, was showing a negative yield. The highly anticipated next iteration of the yETH vault was nowhere to be seen.

With nothing ‘official’ from Yearn Finance itself explaining the new vaults, it appears that yield farmers will have to wait a little longer. Developer ‘Vasa’ did say he was working on three of them at the moment.

Garnering more attention at the moment is the Yearn buyback and build proposal which might involve minting more YFI.

Naturally, it will all be decided through a governance vote. Founder Andre Cronje’s Twitter feed has been a mess of memes over the past day or so, but one Tweet did stick out;

Cronje also unleashed a monumental rant at the DeFi community last week as the scene started to resemble a circus.

YFI Price Update

The heightened activity around the protocol has lifted token prices for YFI, which is up around 15% over the past 24 hours.

From an intraday low of around $34,000, YFI surged to $40,000 at the time of press.

The primary attraction of YFI is its extremely low supply, so the premise of minting more may not be favorable to many who are invested in it.

Top crypto projects in the US | June 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

profile.jpg
Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
READ FULL BIO
Sponsored
Sponsored