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Yearn Finance Rallies as MakerDAO Deploys $100M on the Dapp

Date:

  1. MakerDAO will deploy $100M worth of its assets on Yearn Finance.
  2. Yearn Finance`s token YFI has rallied following this announcement.
  3. Over 71% of voters in Maker Governance supported the concept, while 28% did not.

At the beginning of November the previous year, Maker presented the MIP92, in which the decentralized finance (DeFi) protocol advised onboarding $100 million worth of Maker’s assets onto Yearn Finance. The Peg Stability Module (PSM) of Maker, which trades users’ collateral for Maker’s stablecoin DAI, would be the source of the hundred million dollar infusion.

According to the plan, the funds would be placed in a non-custodial, customised Yearn vault, earning an annual percentage yield (APY) of 2.16% for Maker (annual percentage yield).

Justifying this move, Maker stated in its proposal,

The recent collapse of centralized entities such as Celsius, BlockFi, and FTX, among others, has made painfully clear the importance of transparency when depositing funds to generate yield—something that DeFi, and specifically Yearn, are well-equipped to provide.

Over 71% of voters in Maker Governance supported the concept, while 28% did not. This resulted in sentiments that were somewhat divided along ideological lines regarding the plan. On the other hand, the project is scheduled for a second executive vote on January 26, after which the Governance Facilitators will affirm that it has been approved.

The price of Yearn Finance responded well to the news by increasing by around 8.30% in twenty-four hours. This was the second-highest single-day jump over the previous thirty days. 

Consequently, this propelled the cryptocurrency’s recovery to approximately 52%, which brought YFI’s trading price up to $7931 when this article was written according to Coinmarketcap data. YFI is also about to break through the barrier as it is now threatening to do so at the $7971 resistance level.

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Tags: CMCDeFiMakerDaoYield Finance

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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