Appendix - Yearn & YFI Token
Last updated
Last updated
After the initial version of the Yearn protocol was completed, Andre decided to open it up to more people who were also interested in automating their yield strategies.
As the money in the pools started growing, some of the previously obvious strategies like moving coins into the highest paying lending protocol stopped working.
At this point, Andre also started working with Curve on the yCRV liquidity pool.
yCRV pool contains and makes it easy to swap between (without unwrapping them into their underlying tokens) the following yTokens:
yDAI
yUSDC
yUSDT
yTUSD
By depositing stable coins to the yCRV pool, the users can earn trading fees for providing liquidity on top of getting a return on their yield-bearing yTokens.
The token distribution was focused on having a fair launch and rewarding the yearn community so the YFI token had no pre-mine, no VCs allocation and even no team reward. All the tokens were distributed to the users of the protocol.
A 9-day long token distribution started with allocating 10,000 YFI tokens to the liquidity providers of the yCRV pool. The LPs had to stake their yCRV LP tokens to receive YFI rewards.
Other Services:
ySwap
yTrade
yBorrow
yInsure
