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YF Link Guide $YFL: Bridging ChainLink and YFI

There are many projects borne by decentralized finance (DeFi) innovation. But while most of them have been successful, a community backing the platform is still a lingering question for many. YF Link is a project that aims to build a new protocol that answers this exact concern. Developing a platform that bridges two of the […]

The post YF Link Guide $YFL: Bridging ChainLink and YFI appeared first on Asia Crypto Today.

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There are many projects borne by decentralized finance (DeFi) innovation. But while most of them have been successful, a community backing the platform is still a lingering question for many. YF Link is a project that aims to build a new protocol that answers this exact concern.

Developing a platform that bridges two of the biggest DeFi protocols right now, Chainlink and Yearn.Finance is YF Link’s main purpose.

Table of Contents

Background

YF Link is a fork of Yearn.Finance (YFI). It was designed to handle LINK tokens as opposed to the yCRV tokens, a synthetic asset supported by YFI. The mission of the project is to create a community from loyal holders of Chainlink tokens called the “LINK Marines.” The platform was just launched on August 7, 2020.

There is still a lot of information anticipated by the public as to their plans for the platform and its future services. As of now, YF Link has already been making rounds in the DeFi space. LINK’s notable performance back in the early-2020 might have contributed to such interest.

A History with Yearn Finance

YF Link is not so different from its parent protocol, the Yearn Finance (YFI) platform. YFI was launched in July 2020 as a test in creating a liquidity pool and yield farming opportunity. The liquidity pools are facilitated by smart contracts that hold user deposits and redistribute them automatically on different pools for the best possible returns.

What is YF Link?

YF Link is a liquidity mining ecosystem that puts together the model behind Chainlink and Yearn Finance to provide a new yield farming product for crypto users. Through YF Link, users can access other liquidity pools such as Aave, Balancer, and Compound.

To participate in YF Link’s liquidity pool, users just have to deposit LINK tokens to smart contracts. This has led some observers to think that YF Link’s launch could have influenced the unexpected rise in LINK’s value recently.

Users who deposit funds to YF Link’s liquidity pool are given YFL rewards, the native token of the platform. The amount of reward that users receive is proportional to the amount that they have staked and how long their tokens have been held in smart contracts. Anyway, users have the option to take their deposits back whenever they wish to.

YF Link combines two popular DeFi concepts: yield farming and liquidity mining. Yield farming allows users to earn from their idle funds by distributing these assets in interest-generating pools that provide liquidity to partner exchanges and protocols.

Liquidity mining is another version for the same concept. This strategy allows users to stake in a liquidity pool to earn governance tokens as a reward. This secures community participation in the protocol and incentivizes user activity in keeping the platform healthy and operational.

Right now, the team is still working on adding new projects to their array of services, such as its token swap platform.

YFL Token

YFL token logo

YF Links operates through its native token, the YFL. The cap for the supply of its native token is at 75,000 YFL.

YFL can be used to pay for smart contract fees, as a medium of exchange, staking, and governance. Since YF Link leaves to community voting almost all the important protocol decisions, YFL holders can also make proposals and vote on them.

Currently, users can earn YFL tokens by providing liquidity in six pools governed by distinct parameters. The schedule for the release of YFL tokens from these pools will last until the fifteenth week of its operation, with its first four weeks allocated the most distribution share.

YFL Pools

The minting of YFL tokens is controlled for all the pools existing within the YFL ecosystem. The first few pools (0, 1, and 2) cannot mint new YFL tokens anymore. Staking in these pools cannot earn the users any YFL tokens anymore.

Pool 0 (Genesis Pool): This is the pool where users can stake LINK in the YFL pool. The pool was previously allocated 15,000 YFL rewards but it has already been emptied.

Pool 1 (LINK Balancer Pool): Users stake LINK and YFL to the Balancer pool. In return, stakers receive BPT tokens which are sent to the genesis pool. Rewards are YFL and BAL, but since this pool has been emptied of its YFL allocations (15,000 YFL), users cannot receive YFL from staking here.

Pool 2 (yCRV Balancer Pool): Users stake yCRV. The rewards are YFL, BAL, CRV tokens, and the interest accumulated from Curve. It was allocated 15,000 YFL rewards but these are emptied now.

Pool 3 (LINK Aave Pool): Users start staking by getting LINK and depositing them to Aave in exchange for aLINK tokens. aLINK tokens and YFL are then staked in the aLINK Balancer pool where they are given BPT which they can stake as well. Staking rewards are YFL, BAL, and the interest collected from Aave. The allocation is set at 15,000 YFL tokens.

Pool 4 (Governance Staking Pool): This is one of YF Link’s newly-launched pools. Users stake YFL to participate in the voting period for YF Link’s governance contract. Users receive YFL tokens as a reward too, with an allocation of 20,000 YFL tokens.

Pool 5: This pool was not intended for release, but since it is already out, it has been assigned for the mining of YFL creators. As of now, this is reserved for their responsibility to be the earliest miners for the platform but it can be used for other purposes too in the near future. The allocation is set at 5,000 YFL tokens.

LinkSwap

LinkSwap is an AMM (automated market maker) mechanism to be run by the YFL community. It is the forthcoming second product of YF Link designed to add safety and value capture opportunities for LINK holders. Here are its main features:

Impermanent Loss Reduction

AMMs automatically balance the ratio of assets in a liquidity pool. And with extreme price swings, you may end up with fewer assets than what you have started with. This is the opportunity cost of doing transactions on AMMs, which is referred to as “impermanent loss”.

And one of LinkSwap’s features is to reduce impermanent loss by implementing CLPs (continuous liquidity pools). Although liquidity mining yields via LINK will be less compared to traditional AMMs, at least liquid providers will suffer less impermanent loss on their tokens. This is especially attractive to LINK Marines, who value their LINK stack above yield rewards.

Scammer Protection

Scams are quite common in the DeFi space and usually come in the form of fake tokens traded against real assets or sudden removal of all liquidity by a listing pair creator, which is commonly called “rug pulling”.

LinkSwap overcomes this issue by producing some friction that would discourage scammers from listing new/fake token pairs. In addition, a gamification scheme will also be introduced in the process of supplying liquidity to a new pair’s pool.

Conclusion

DeFi space has provided the community with a lot of opportunities to earn profit from their idle assets. Options provided by such platforms made the conditions ripe for a vibrant community where users do not just deposit their assets and leave them there. With DeFi’s community governance functions, users can be rewarded by helping keep the platform healthy.

These sought after innovations in the DeFi space brought together a community that will back the DeFi space’s newcomer, YF Link. With a service ecosystem that allows for liquidity mining and yield farming, YF Link can be a formidable competitor with a growing community backing it. A lot of work still has to be done (including marketing) but this new protocol is already off to a good start.

Source: https://www.asiacryptotoday.com/yf-link-yfl-guide/

Blockchain

Bitcoin Price Prediction: BTC/USD Nosedives Toward $45,500

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Bitcoin Price Prediction – May 15

According to the daily chart, the Bitcoin price loses traction after hitting $50,730; losses likely to continue in the near term.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $55,000, $57,000, $59,000

Support Levels: $42,000, $40,000, $38,000

BTCUSD – Daily Chart

Looking at the daily chart, it can be easily seen that the market is back in the red zone as BTC/USD is posting losses of 5.27% on the day after touching the $50,730. It has an intraday high close to $51,000; although the world’s largest crypto faces a serious downtrend as it is currently trading at $47,265.19.

Bitcoin Price Prediction: BTC/USD May Return to Red Zone

Bitcoin price just plunged below $48,000 one more time, marking $47,250 as the current daily low at the moment. Does this mean that Bitcoin (BTC) is finally leaving the significant $48,000 level and searching for a new low? Nevertheless, looking at the declining daily volume candle, together with the steady movement below the 8-day and 21-day moving averages; it can be assumed that a serious bearish movement may be coming up soon into the market.

Moreover, at the time of writing, BTC/USD is struggling to maintain the $50,000 level and if the Bitcoin price follows the downward trend as the Relative Strength Index (14) moves into the oversold region, the next supports may likely come at $42,000, $40,000, and $38,000. From the upside, by maintaining the current level of $47,265 and any bullish movement could go above the 9-day and 21-day moving averages and send the price to the resistance levels of $55,000, $57,000, and $59,000 which could be well above the channel.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

On the 4-Hour chart, BTC price hovers below the 9-day and 21-day moving averages around $48,446 which may take time to persistently trade above $50,000. In addition, if the bulls gather enough strength and regroup, the upward movement may be able to near the resistance level of $52,000 and above.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $47,500 level while the main support is at the $47,000 level. The price may likely fall below $46,000 if the bears step back into the market, a further movement could reach the critical support at $45,000 and below. Technically, BTC/USD is still moving in sideways while the Relative Strength Index (14) moves around 35-level, indicating an indecisive market movement.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-nosedives-toward-45500

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Blockchain

Chainalysis: $81 Million crypto already stolen in 2021

TL;DR Breakdown At least $81 million in crypto already stolen in 2021 US authorities and their relationship with Chainalysis Chainalysis, a blockchain data analytical company, has said that at least $81 million has been stolen in crypto in 2021 owing to ransomware attacks. The attack led to $406 million crypto theft in 2020. The firm […]

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TL;DR Breakdown

  • At least $81 million in crypto already stolen in 2021
  • US authorities and their relationship with Chainalysis

Chainalysis, a blockchain data analytical company, has said that at least $81 million has been stolen in crypto in 2021 owing to ransomware attacks. The attack led to $406 million crypto theft in 2020.

The firm noted that ransomware attackers are growing more dangerous, more sophisticated, and sharply more profitable in extracting crypto from their victims.

The analytical firm notes that the number may likely rise as new criminal activities are still being uncovered.

Chainalysis said this in a blog post on Friday in a fraction of a forthcoming report on the state of ransomware in 2021. They are yet to announce when the entire report would be dropped.

A practical reference to the chainalysis claim is the Colonial Pipeline cyberattack, an American oil pipeline system.

The ransomware attack on the system resulted in a major gas shortage across the Southeastern US; the fuel provider reportedly paid out nearly $5 million in Bitcoin to a Russian criminal enterprise called DarkSide.

The analytical firm, in its reports, notes that the “Russian-affiliated cybercriminals so far this year have been the biggest financial beneficiaries of cryptocurrency-based crime.” Russia-linked strains have taken in 92% of this year’s ransomware proceeds, compared to 86% last year.

Ransomware payouts are also steadily growing. Victims paid an average of $54,000 in Q1, compared to $46,000 in Q4 2020 and just $12,000 on average in Q4 2019. There tends to be at least one $10 million ransom paid a quarter, but groups have demanded as much as $50 million.

Chainalysis, apart from providing analytical data about happenings in the crypto space, the firm also works with government agencies to help track down crypto criminals.

US authorities and Chainalysis

In 2020, the US Air Force agreed to a third contract with Chainalysis for crypto-related analytics.

The force partnered with the company to use its blockchain analytics services for largely unspecified reasons. According to the contract, they paid chainaysis about $779,740 for its service, which is dated May 19, 2020.

Combined, the Air Force has now spent $900,000 on Chainalysis’s analytics services.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/chainalysis-81m-crypto-already-stolen-2021/

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Blockchain

Dogecoin Has Fallen, but People Still Love It

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In the cryptocurrency space, it is usually considerably easier to focus on the negative than it is to look at the positive. As of late, Dogecoin is enduring some heavy suffering, with the fourth largest cryptocurrency by market cap falling as much as 20 percent in recent days, so for the most part, we are likely to see a lot of news coverage about this drop.

Dogecoin Is Still a Beloved Asset

However, despite this little setback, there is nothing to suggest that the currency has lost its appeal. The asset has reached a heavy pinnacle in a rather short amount of time, and the currency is doing better than it ever has largely because it has gotten heavy attention from the likes of Elon Musk and several other mainstream investors and businessmen, and the asset is almost as popular as BTC in many ways.

Billy Markus – the software engineer that helped establish the asset – acknowledges that this kind of attention is rather solid for Dogecoin, though he is confident that this is not the only reason behind its recent success. He says that the community surrounding Dogecoin has also contributed greatly to its growing status. In a recent interview, he comments:

The crypto community can be pretty elitist and not very inclusive, and we wanted to make a community that was more fun, lighthearted and inclusive. It worked, and that is why the Dogecoin community consistently maintains a presence.

He further added:

It is definitely absurd, but there is something pure about it, too.

The popular cryptocurrency was started in the year 2013 as a joke and was never meant to be taken seriously. Largely considered a “meme coin,” the currency took about two hours to create according to Markus, who was primarily looking to develop something that would make fun of cryptocurrency.

Often recognized for the cute little Shiba Inu dog that serves as its mascot, Dogecoin – Markus explains – has also become a big hit with people over the last year because of the growing coronavirus pandemic, which has caused heavy lockdowns and prevented many people from leaving their homes and living normal lives. He says that many people have been stuck sitting around watching their money remain stagnant, and Dogecoin trading has given them something to look forward to.

He states:

People have been suffering, stuck in their homes and struggling, seeing their dollar not go as far as it has previously.

It’s Brought Attention to the Market

Mike Bucella – a general partner at crypto investment firm Block Tower – says that where Dogecoin has really succeeded is in driving more attention to the crypto space. He claims:

Very few things have done as much to bring eyeballs and people into crypto. That is a crazy thing to say, but Dogecoin specifically has brought in the retail masses.

Tags: Billy Markus, dogecoin, Elon Musk Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/dogecoin-has-fallen-but-people-still-love-it/

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