Crypto News

Decentralized blue-chip financial altcoin defies crypto correction and climbs over 100% in a week

An altcoin helping holders generate returns is lapping the field as crypto markets try to bounce back from a troubled month.
Yearn.Finance (YFI) is a decentralized financial protocol (DeFi), which offers credit and trading services so users can optimize their crypto asset returns.

The price of the YFI token has been on fire for the past week, more than doubling from $ 18,867 on December 15th to a high of $ 39,353 on December 20th.

The altcoin first got a boost last week when news spread that Yearn had gone on a big shopping spree to buy back his own token.

Yearn tweeted that it had bought over $ 7.5 million worth of YFI, adding that its till now had $ 45 million to buy more tokens in the future.

The price of Yearn continues to rise as the community now considers changing YFI’s tokenomics.

At the top of the list is the suggestion that token holders who are active in the governance of Yearn be rewarded with a portion of the buybacks.

Yearn says in a tweet,

“Tokenomics, who reward YFI holders with … token repurchases, are diluting paper hands in favor of blue-pilled diamond hands.”

Next up is a four-step proposal that involves a combination of rewards, locking tokens in vaults for set periods of time, and credit for doing useful work.

The process is outlined in a series of illustrated tweets.

“Step 1: xYFI. If you participate in the xYFI vault, you will earn repurchased YFI from the treasury. As simple as that.”
Source: 0x7171 / Twitter
“Step 2: veYFI. Voice lock YFI, with decay and time extension. Max-Lock and earn disproportionate rewards compared to those who lock for a shorter duration. Early exit at any time, but pay a fine to the other stakers. “
Decentralized blue-chip financial altcoin defies crypto correction and climbs over 100% in a week, Crypto Trading NewsSource: 0x7171 / Twitter
“Step 3: Show the safe. If you use your yVault token in an advertisement, you will earn YFI rewards, which are increased by the veYFI value you have used. Vote which safes should receive rewards. Pay other stakers a fine if you don’t have a strong enough lock. “
Decentralized blue-chip financial altcoin defies crypto correction and climbs over 100% in a week, Crypto Trading NewsSource: 0x7171 / Twitter
In the fourth step, “useful work” is carried out, which can include, for example, “configuring vault parameters, setting fees, providing insurance”.

At the time of writing, YFI is down 9.25% for the day and is trading for $ 34,553.
Check price promotion

.

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button