Yearn​.finance opens vault deployment access to all users

Decentralized yield protocol Yearn.finance said in a Jan. 9 tweet that all users can now create sophisticated Permissionless Vault Factories on its platform. The current version of Vault Factory works with stablecoin-swapping platform Curve Finance and its liquidity provider (LP) tokens and features three premade yield strategies.

“Our new Permissionless Vault Factory lets anyone deploy an auto-compounding yVault for any Curve pool with an active liquidity gauge. Yes, anyone. Factory-deployed vaults have no management fees and a flat 10% performance fee. Nice!”

Cast your vote now!

As told by Yearn.finance, the first, dubbed “Boosted Factory,” uses Yearn’s vote-escrowed CRV balance of 45.1 million to give users a maximum boost of 2.5x on CRV rewards. The second, “Convex Factory,” supplies additional CRV LP tokens beyond the maximum to the decentralized platform Convex Finance to earn CRV and CVX rewards. Finally, “Convex Frax Factory” enables users to access rewards on the Frax Share algorithmic stablecoin platform.

“In all three strategies, any earned tokens are regularly claimed, sold for more of the underlying Curve LP token, and then deposited back into the strategy to compound the yield.”

Yearn.finance stated that the Vault Factory represents a “massive” step forward in automation that allows the firm to reduce its cost of operations. All vaults deployed using the new method will incur a management fee of 0% and a performance fee of 10%. Previously, management and performance fees were 2% and 20%, respectively. Performance fees go to the Yearn treasury and are calculated on top of profits. In addition, the deposit and withdrawal fees are also set at 0% for the new self-created vaults, although gas fees are still incurred during interactions.

All Dutch and English crypto news!

Sri Lanka against Bitcoin adoption, rejects Draper’s anti-corruption pitch

On a recent visit to Sri Lanka, American billionaire Tim Draper pitched the idea of adopting Bitcoin (BTC) as a legal tender to fight against...

Dit zijn alle cryptobedrijven die zijn omgevallen… tot nu toe

Februari is voor cryptobegrippen rustig begonnen, er zijn (nog) geen faillissementen aangekondigd. Dat is fijn, zeker na zo'n turbulente periode waarin crypto exchanges, leenbedrijven en...

YouTuber baits MMA fighter into secretly shilling fake NFTs for $1K

Coffeezilla, a YouTuber and crypto investigator, revealed that American mixed martial artist Dillon Danis promoted a fake NFT project without disclosing that he received $1,000...

Little Shapes was a ‘social experiment’ to expose NFT botnets: founder

Atto, the pseudonymous founder behind Little Shapes NFT has revealed that the project was actually a "social experiment" designed to shed light on large-scale NFT...

Beste exchanges

Koop je crypto bij Bitvavo