On September 3, 2020, the well known Yearn Finance defi project “paused” the popular ethereum liquidity vault (yETH) service, after locking in a significant $139 million. Yearn’s vault feature launched on Wednesday, and saw $100 million deposited on the first day. The vault hype has also caused the Maker DAO project to make a governance call in order to allow more DAI minting.
The defi project Yearn Finance has been a topical conversation within the crypto community, as last week the project’s native YFI token climbed awfully close to $40,000 per token.
Today, YFI is swapping for $32,000 per token and the Yearn Finance team launched the anticipated vault service on Wednesday. The Yearn vault system allows users to yield farm very high yields from a number of defi applications used.
Essentially ETH collateral is used to mint the stablecoin DAI using maker by leveraging a debt position.
Then the infrastructure uses the DAI to yield high interest via the Curve.fi pool and a number of decentralized exchanges (dex) like Uniswap….