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YFValue Protocol: What is $YFV?

A brief report on the YFValue protocol, its background/history, value and mission, audit status, yield farming pools, and the YFV token. Yield farming and liquidity mining projects have been the new DeFi craze lately, especially aggregators. The popularity of yield farming aggregators arises from the fact that they automatically switch users’ funds among the best […]

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A brief report on the YFValue protocol, its background/history, value and mission, audit status, yield farming pools, and the YFV token.

Yield farming and liquidity mining projects have been the new DeFi craze lately, especially aggregators. The popularity of yield farming aggregators arises from the fact that they automatically switch users’ funds among the best sources of generating income. The first project to kickstart this chain reaction was yearn.finance (YFI). 

YFValue Protocol is a fork of yearn.finance. It was born out of the idea that the DeFi playing field wasn’t so level. The unique design allows even small to average users to participate, which makes it quite a big deal.

As of September 5, the platform has a total value locked worth over $329 million.

Table of Contents

Background And History

It’s becoming a common practice in the open-source world of DeFi to launch projects without disclosing team members or reserving shares for them. The YFValue protocol is no exception. 

YFValue was launched anonymously and fairly, meaning the team also didn’t start farming earlier than everyone else. It was announced in a Medium post titled “YFV: Bring True Value to Yield Farming” on Aug 16. The project was launched sometime after that. 

YFValue Protocol 

Simply put, YFValue Protocol is a yield aggregator, which allows users to turn their latent assets to productive ones. It’s particular selling point is the fairness of participation. It allows equal opportunity to big and small players.

The YFValue Protocol ensures that by employing two mechanisms. 1. Determination of the inflation rate of the governance token through voting 2. A referral system with on-chain automatic burning.

It deploys different strategies to give users the best yield. The protocol is controlled by a Decentralized Autonomous Organization (DAO). The governance token is YFV.

YFValue Vision and Mission

The team has defined the vision of YFValue as “To bring fairness, true value, and innovation to yield farming”. The four mission principles are accessibility, governance, profitability and insurance.

Accessibility 

YFValue’s emission schedule is designed for a longer period of time, so YFV token can reach the broader community employing multiple strategies to earn it. Its interface is designed for ease of use and contains detailed instructions. Furthermore, YFV focuses on accessibility and user experience.

Governance

The on-chain governance is flexible and effective. It encourages community participation by introducing transparent no-cost voting. The vote payment is carried out through vETH and vUSD and paid through a common fund.

Profitability 

The YFValue protocol focuses on small-cap tokens so that small capital owners with lesser-known assets can take part in yield farming. In addition, the protocol uses flexible and optimized strategies for profit maximization.

The project was developed without any payment given to the team, with the parameters and execution decided by the community. The platform also provides an optimized aggregator to ensure the best pricing and liquidity for trading the native YFV token. Furthermore, profits generated in the platform are distributed to YFV holders.

Insurance

Owing to the smart contract risks and exploitation incidents in the past, an insurance treasury is used via YFV team contributions and community funds. It will be used to provide insurance cover through Nexus Mutual to mitigate risk, in the event that the gets hacked or exploited. 

YFValue Audits

Unlike many DeFi projects, YFValue underwent a formal audit done by the Arcadia group. The audit found no high or critical severity issues, but minor code quality and health issues. And these shortcomings have been fixed since then, according to the team.

YFValue Protocol : Pools

YFValue allows direct deposits and staking of stablecoins, for the first time ever in a yield farming pool. It also allows minting of two elastic supply coins vUSD and vETH, which rebase to USD and Ethereum prices, similar to the Ampleforth.

  1. Pool 0 aka Seed pool: staking Stable-coins (USDT, USDC, TUSD, DAI) emitting 3% of the total YFV supply. 
  2. BAL Pool: staking BAL/YFV (98/2 ratio) emitting 3% of the total YFV supply .
  3. YFI Pool: staking YFI/YFV (98/2 ratio) emitting 3% of the total YFV supply.
  1. BAT Pool: staking BAT/YFV (98/2 ratio) emitting 4% of the total YFV supply.
  2. REN Pool: staking REN/YFV (98/2 ratio) emitting 4% of the total YFV supply.
  3. KNC Pool: staking KNC/YFV (98/2 ratio) emitting 6% of the total YFV supply.
  1. REN-BTC Pool: staking RenBTC/wBTC/YFV (49/49/2 ratio) emitting 10% of the total YFV supply. 
  2. ETH Pool: staking WETH/YFV (98/2 ratio) emitting 10% of the total YFV supply..
  3. LINK Pool: staking LINK/YFV (98/2 ratio) emitting 10% of the total YFV supply.
  4. UNIv2 Pool (to be voted): staking yCRV/YFV (50/50) emitting 25% of the total YFV supply.
  5. YFV Pool: staking YFV emitting 15% of the total YFV supply.

YFV Governance Token

The governance token for YFValue protocol is YFV. It has a total supply of 21M. It’s based on the popular and widely used Ethereum based ERC-20 token standard. The emission is variable and yield pool dependent.  

YFV token is used for making governance decisions, expressed by the holders thorough voting. Generally, these include voting on strategies and their parameters, token emission schedules, reward distribution, etc.  

YFV is also tradable against USDT or ETH several DEXs like Uniswap, Balancer, and many more.

vUSD and vETH

vUSD and vETH tokens are rewarded to users who stake YFV. An exact amount of 1 million vETH and 1 million vUSD will be distributed to all yield farming pools based on their percentages.

Once the YFV of all pools are used up, vETH and vUSD will utilize an oracle price feed to match USD and ETH based on their prices. The protocol will also use a rebase mechanism of vUSD and vETH every day, similar to how the Ampleforth system works.

General DeFi Fair Disclosure And Risk Warning

No human endeavor is without risk and DeFi is no different. All users should note that interacting and depositing funds into smart contracts for any purposes carry risk, due to the complexity and dependency on multiple interlinked components outside a single project’s control. 

A failure in one component can lead to an avalanche, risking all others attached to it. Please invest only what you can afford to lose, owing to the risks involved and the known volatility of crypto-assets. Consider risk tolerance and practice risk management, before investing. 

Conclusion

Lately, the DeFi has been the playground of large capital holders or the so called whales. It is in part due to the high entry requirements, thus stopping average retail investors from participating in the lucrative market. 

YFValue is aiming to change that through the allowance of direct stablecoin deposits, no cost voting, referral system, on-chain automatic burning, low cap assets usage and a varied inflation rate.

Source: https://www.asiacryptotoday.com/yfvalue-yfv-guide/

Blockchain

Another One: Galaxy Digital and CI GAM to Launch a Bitcoin ETF in Canada Tomorrow

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Yet another Bitcoin ETF is to reach the markets in Canada as the country’s securities regulator has issued “a receipt for the final prospectus” for CI Global Asset Management’s application. Dubbed CI Galaxy Bitcoin ETF (BTCX), it’s expected to launch on the Toronto Stock Exchange (TSX) on March 9th, and Mike Novogratz’ Galaxy Digital Capital Management will act as the sub-advisor. 

  • Founded in 1965, CI Global Asset Management is an asset manager with over $180 billion in AUM as of January 2021. The firm announced the nod of approval received from Canada’s securities regulator necessary to launch its own Bitcoin ETF earlier today. 
  • The statement described BTCX as a tool that could “provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform.” It will invest directly in the primary cryptocurrency with its holdings priced using the Bloomberg Galaxy Bitcoin Index. 
  • CI GAM will serve as the manager of the ETF, while Galaxy Digital Capital Management, whose founder and CEO is the long-time BTC proponent, Mike Novogratz, will act as “the bitcoin sub-advisor.” Meaning, that GDAM will execute the BTC trading on behalf of the ETF 
  • “We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.” – commented Partner and Head of Asset Management at GDAM, Steve Kurz. 

  • Apart from BTCX, the two parties have also filed for launching the “first ETF in the world to invest directly in Ether” – CI Galaxy Ethereum ETF (ETHX). 
  • It’s worth noting that BTCX would not be Canada’s first Bitcoin ETF. CryptoPotato recently reported the first approval for the Purpose Bitcoin ETF, which enjoyed a highly-positive start, accumulating more than $400 million in a few weeks. 
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Source: https://cryptopotato.com/another-one-galaxy-digital-and-ci-gam-to-launch-a-bitcoin-etf-in-canada-tomorrow/

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Blockchain

Ethereum, Monero, FTX Token Price Analysis: 08 March

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Ethereum recaptured a key resistance mark at $1,687, a level that had not been breached since the broader market pullback in late-February. Monero lacked the trading volumes and buying intensity to flip the 38.2% Fibonacci retracement level. Lastly, FTX Token eyed a rise above its overhead resistance but the indicators presented the chances of a short-term reversal.

Ethereum [ETH]

Source: ETH/USD, TradingView

Ethereum retook the $1,680 level from the bears thanks to a surge of 6% in the last 24 hours. Gains in the last eight days amounted to over 30% and underscored ETH’s bounce back from the $1,300 level. The On Balance Volume showed strong buying at two key support levels – one at the $1,300 mark and the other at $1,437 as the price headed northbound on the charts. However, the OBV made steady highs over the past few sessions and even dipped at the time of writing.

The RSI pointed lower from just below the overbought zone and showed weakening bullish strength in the market. This reinforced the idea that a hike in trading volumes could be needed before steering clear of the next test at $1,834.9 and especially if the uptrend were to sustain itself.  In the event of a pullback, the newly flipped resistance at $1,687.65 could act as a crucial line of support.

Monero [XMR]

Source: XMR/USD, TradingView

Low trading volumes and short-bodied candlesticks on Monero’s 4-hour chart showed a dearth of interest in the market but the bulls still held on to the 23.6% Fibonacci retracement level. A breakout above the 38.2% level could depend on stronger cues from the broader market, which would spur buying in the Monero market as well.

The ADX pointed lower and towards the 10-mark, showing a lack of a strong trend. The flow of capital towards the cryptocurrency created some optimism, but the price remained within its channel even as the CMF rose sharply above the half-way mark. The index reversed direction and pointed towards the half-line at the time of writing.

FTX Token [FTT]

Source: FTT/USD, TradingView

The Bollinger Bands on FTX Token expanded at press time and showed rising volatility as the price looked to flip $31.49 resistance. The presence of volatility allowed for large price swings and a break above the upper ceiling looked imminent over the coming sessions. Even though the Stochastic RSI traded in the overbought region, it pointed upwards after retesting the upper line and indicated a delayed stay in its current region.

However, there was also a possibility of a short-term pullback due to saturation in the market. A fall below the press time support level would highlight the next line of defense at $24.67.


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Source: https://ambcrypto.com/ethereum-monero-ftx-token-price-analysis-08-march

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Norwegian energy firm Aker’s three-pronged approach to Bitcoin

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Energy company Aker ASA, which is based in Oslo, Norway has established a dedicated firm to invest in the Bitcoin ecosystem and related projects. Dubbed ‘Seetee AS,’ this new venture has a capitalization of $58 million and will invest Aker’s liquid assets in the digital currency. 

Øyvind Eriksen, President and CEO of Aker stated that Seetee’s launch will help the Aker Group gain industrial opportunities “that will be unlocked by Bitcoin and blockchain technology.” He further said in a statement: 

These technologies [such as Bitcoin and blockchain] have the potential to reduce frictions in our day-to-day lives, enhance the security of our digitally-driven economies, and unlock new business models for innovation. 

In a letter to investors, Chairman Kjell Inge Røk­ke revealed Seetee’s three-pronged approach to Bitcoin, which is al­ready run­ning “open-source Bit­coin pay­ment servers.” According to Røk­ke, the oil and gas firm will work alongside Canadian crypto-focused firm Blockstream and other partners.

Aker Group expects See­tee to set-up min­ing op­er­a­tions even though the local government no longer offers electricity subsidies to miners. However, the group’s  am­bi­tion is to be “a valu­able part­ner in new re­new­able projects:”

See­tee will es­tab­lish min­ing op­er­a­tions that trans­fer strand­ed or in­ter­mit­tent elec­tric­i­ty with­out sta­ble de­mand lo­cal­ly—wind, so­lar, hy­dro pow­er— to eco­nom­ic as­sets that can be used any­where. Bit­coin is, in our eyes, a load-bal­anc­ing eco­nom­ic bat­tery, and bat­ter­ies are es­sen­tial to the en­er­gy tran­si­tion re­quired to reach the tar­gets of the Paris Agreement. 

Finally, Aker is keen on mi­cro­pay­ments and how it could en­able the firm to avoid users’ per­son­al data be­ing mon­e­tized. Røk­ke further said: 

I’m fas­ci­nat­ed by the prospect of bitcoin Light­ning wal­lets that may en­able in­stant cred­it via mi­cro­pay­ments with­out the need to of­fer per­son­al in­for­ma­tion that my coun­ter­part can mon­e­tise with­out ap­proval or com­pen­sa­tion.

The Chairman also was bullish on Bitcoin and expects the asset to trade for “millions of dollars.” He believed that peo­ple who “know the most about Bit­coin” be­lieve its fu­ture suc­cess is “near­ly in­evitable.”


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Source: https://ambcrypto.com/norwegian-energy-firm-akers-three-pronged-approach-to-bitcoin

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