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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Yearn Finance Launches New Vault, While YFI Retakes Bullish Momemtum

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Yearn Finance YFI YFIUSDT

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Popular DeFi protocol Yearn Finance has launched a new product, a yield generator called yvBOOST. Part of its suite of vaults, this product will complement the “Backscratcher” vault and will allow users to earn and boost rewards in the Curve-based token 3CRV.

“Backscratcher” offers rewards in Curve’s, an Ethereum exchange liquidity pool, native token CRV. The vault simplifies the process of obtaining Curve’s additional rewards by locking a portion of the CRV for the users.

That way, all vault participants can benefit from the option of boosting their APY if they lock additional CRV. In addition, they receive Curve DAO management fees. Their newest product, yvBOOST, offers compound long exposure with Curve’s native token:

With yvBOOST the 3Crv earned from the yveCRV vault is sold to CRV and deposited back into the vault, increasing yvBOOST’s balance of yveCRV (…). while simultaneously increasing the boost of all Yearn vaults with Curve Finance strategies over time.

Yearn Finance has launched a yvBOOST-ETH pool on decentralized exchange SushiSwap to create liquidity for their new vault, as the team behind the protocol reveals. This pool offers a higher return on SUSHI-based rewards.

As a bonus, the protocol has launched two additional vaults, the crvFRAX, and crvLUSD. These products have a 2% management fee and 20% performance fee, but users can claim their tokens without additional cost.

Yearn Finance The Second Highest Earning In DeFi

According to Yearn Finance’s Q1 earnings report, the protocol’s key primary driver for their earnings before interest, taxes, depreciation, and amortization (EBITDA), a metric used to measure financial performance, is their yVault. The report indicates:

Our YFI vault saw a large increase in revenue for March as we encouraged depositors to migrate to the v2 vault resulting in a higher TVL generating more revenue.

However, treasury assets-based products are becoming an important source of revenue. Yearn Finance’s team expects this trend to continue in the coming quarters. Ryan Watkins, a researcher at Messari, stated the following on Yearn Finance’s Q1 report:

Last month’s revenues annualized puts Yearn at $50mm+ in revenue. $60mm+ if you add treasury farming activities and assume they’re constant from March. All organic. No token incentives. Will also note that this puts Yearn at the second highest earning protocol in DeFi behind MakerDAO adjusted for token incentives.

Yearn Finance YFI YFIUSDT
Source: Yearn Finance

At the same time, Yearn Finance’s governance token YFI has seen significant gains in the lower and higher timeframes. The 30-day chart records the highest gains with 37.2%, at the time of writing, and the 7-day chart closely following with 35.7%. At the time of writing, YFI trades at $53.983 with a 10.7% in the daily chart.

Yearn Finance YFI USDT
YFI’s rally in the daily chart. Source: YFIUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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