Yearn Finance Launches New Vault, While YFI Retakes Bullish Momemtum

Popular DeFi protocol Yearn Finance has launched a new product, a yield generator called yvBOOST. Part of its suite of vaults, this product will complement the “Backscratcher” vault and will allow users to earn and boost rewards in the Curve-based token 3CRV.

“Backscratcher” offers rewards in Curve’s, an Ethereum exchange liquidity pool, native token CRV. The vault simplifies the process of obtaining Curve’s additional rewards by locking a portion of the CRV for the users.

That way, all vault participants can benefit from the option of boosting their APY if they lock additional CRV. In addition, they receive Curve DAO management fees. Their newest product, yvBOOST, offers compound long exposure with Curve’s native token:

With yvBOOST the 3Crv earned from the yveCRV vault is sold to CRV and deposited back into the vault, increasing yvBOOST’s balance of yveCRV (…). while simultaneously increasing the boost of all Yearn vaults with Curve

Keep reading this article on Newsbtc.com.

Leave a Reply