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.
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.
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.