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The founder of YFI still has 4 new products to release? Let's take a guess



On April 17, Andre Cronje, the founder of Yearn.Finance (YFI), published a Medium article saying that the market (excessively) rewarded these liars and plagiarists. In this market, it makes no sense to release a product without tokens, because it will not attract capital to enter, cannot build a community of contributors, and the product will not be self-sustaining. In addition, the anonymous team will also review the code of the project within 24 hours. Fork and issue tokens. AC further stated that there are currently 4 new products that have been completed, but are worried that they will be forked after launch. It is not the first time that the former "Singer King" complained for high-quality developers. Before that, AC published the article "Don't Be a DeFi Developer" because of YFI's additional issuance incident. But complaining is nothing more than complaining. Whether it is the revenue aggregator Yearn or the developer task network Keep3r.Network, AC, which claims to be a "developer", has indeed been contributing to the prosperity of the DeFi ecosystem. Since 2021, the frequency of AC's voice is different from before, and people have speculated whether he lacks the motivation to develop because of his fame. According to the code submitted by AC on Github, he is still in the front line of development every day, and his activity has not decreased at all. Then let's guess together based on the existing clues, what are the 4 products to be released that AC mentioned? "MetaWallet: A meta wallet that saves a lot of Gas" MetaWallet, a meta wallet that has been silent for a long time, was last mentioned by AC in the article announcing the cooperation between Yearn and Sushiswap in early December last year. Foreign media: Yearn Finance’s vote on the newly minted 6,666 YFI has passed: The Yearn Finance community’s vote on the newly minted 6,666 YFI has been passed at 18:00 UTC (2:00 on February 3, Beijing time). According to previous news, the official stated that 1/3 of the newly minted YFI will be used to reward contributors, 2/3 will be allocated to the Ministry of Finance through future proposals, and the Ministry of Finance will deploy it for various projects through existing governance. kinds of uses. (coindesk)[2021/2/3 18:44:36] For a long time, AC will highlight the most exciting part in its articles, "Keep3r will offer gasless swaps via MetaWallet for Sushiswap trades", that is, through The meta wallet provides Sushiswap users with ultra-low gas transactions. Through MetaWallet, users only need to sign to send, transfer, approve or perform any operation, and the wallet will be queued in the Keep3r network. Subsequently, the protocol will submit requests to the Ethereum mainnet in batches for confirmation on behalf of users, and the nature of batch processing also means that as more users use, Gas fees will be shared, and system costs will become cheaper. Since the Keep3r network does not need to submit each transaction separately, and can submit as many sub-transactions in a single transaction as the Gas limit allows. Essentially, MetaWallet provides the Gas aggregator function, which can effectively reduce the congestion of Ethereum and share the Gas cost of a single user. It is worth noting that the concept of Gasless Swap meta-transaction mentioned by AC was first proposed by Ethereum developer Austin Thomas Griffith in 2018. The focus of meta transactions is to make Ethereum more widely available, allowing the Ethereum ecosystem to drive mass adoption by allowing new users to immediately access functionality and interactivity without having to go through a lot of trouble. officially urges community members to discuss the allocation of YFI tokens to support development: On January 20, (YFI) officially tweeted the discussion content-zce of the community forum on token allocation, and urged community members to start relevant discussions. Some community members published statistics on token distribution of similar projects on the forum. According to its published content, the current existing protocols have allocated some tokens to project developers and teams. At the same time, the community member reminded that if developers and others are not allocated reasonable tokens to support development, some developers may leave, while other protocols are likely to be happy with their success and accept these developers. According to news yesterday, the Yearn Governance Forum has begun to discuss the casting and distribution of 1,000 YFI to core developers and contributors. At the same time, earlier, the community has launched a proposal to repurchase and rebuild Yearn, which mentioned that it plans to use YFI pledge rewards to repurchase YFI on the open market, and use the repurchased YFI for contributor rewards and other Yearn events. [2021/1/20 16:34:27] According to the code uploaded by AC on Github, we can see that the web front end of MetaWallet looks like this: After connecting the wallet, we can initiate a transfer request. The transfer interface needs to set the address, Gas limit, quantity and asset type. The founder of YFI announced the details of the cooperation project with Curve, which is still in the testing stage: On January 17th, (YFI) founder Andre Cronje tweeted to announce the progress of the cooperation project between and Curve. According to its tweet, the partnership project is supports the creation of permissionless pools, anyone can create a curve pool for DAI, USDC or USDT exchange. At the same time, the project supports both USD-based and BTC-based pools, so users can also create bitcoin-denominated pools for synthetic assets or other bitcoin-pegged assets. In addition, according to the project website published by Andre Cronje, is currently available for wallet linking. However, its homepage also shows that the project is currently in the testing phase and has certain risks. [2021/1/17 16:21:53]Will MetaWallet meet outside expectations? Its appearance is bound to mark a staged achievement of Ethereum DeFi-more user-friendly. Will AC really put the concept of meta transactions into practice? Perhaps only the official release of MetaWallet will reveal the mystery. "Deriswap: Options to hedge impermanent losses, efficient capital market" On November 23, 2020, AC announced its latest work Deriswap: it provides a comprehensive, capital-efficient market for asset trading, options, futures, and lending, enabling LPs can remain open and enjoy additional fees and incentives. As of now, Deriswap has appeared in the roadmap of the new version of Sushiswap. The biggest feature of Deriswap is that it integrates various functions into one, trying to create a one-stop DEX, which can effectively improve the utilization rate of funds and allow more interactions between assets. Taking ETH/BTC as an example, when we use the Uniswap protocol for transactions, the contract will automatically use the Black Scholes option pricing model to price options by calling the time-weighted average price (TWAP) provided by the Uniswap price oracle. Futures are the extension and simplification of options, and the lending market is an extension and simplification of the futures market. These markets can be tokenized through NFT, create or participate in secondary market transactions. BKEX Global Staking lock-up mining will open the YFII mining pool: According to BKEX Global announcement, BKEX Global Staking lock-up mining will open the YFII mining pool at 20:00 on October 21, 2020 (UTC+8), and the income distribution time is 16:00~18:00 every day. Staking lock mining refers to the behavior of depositing tokens in a specific cryptocurrency wallet to support the operation of the blockchain network. Under the Proof of Stake (PoS) mechanism, this pledge will be rewarded with tokens. Users gain income by locking digital assets for a certain period of time. During the lock-up period, no withdrawals and transactions are supported (locked assets can be unlocked at any time), which is suitable for users who hold coins for a long time. [2020/10/21] According to the code submitted by AC, we can enter its interface in the terminal, which is still familiar with the simple style. From the interface point of view, this page is just the options part of Deriswap, named Its front end is roughly divided into two parts, one is the options owned by the wallet, there are two buttons, you can view the Active options in progress, and the options that have been completed or exercised, that is, click the Closed button. The second part is to create options. The first option is the option category. You can choose Call or Put, that is, choose a call option or a put option. The second option is Option Size, where you can choose the currency and fill in the quantity. The third option is Holding Period, which is the holding period. The fourth option is the exercise price. For example, we customize a Call Option with an exercise period of 4 weeks and an exercise price of 50,000 DAI. When creating an option, there will be a Keep3r oracle machine to feed the current price of the currency you opened, and after clicking create, the little fox wallet will prompt you to authorize and allow it to charge your DAI, with a maximum cost of 999999999 DAI . The YFI/ETH oracle track on the decentralized oracle protocol NEST has been activated, and the price pair liquidity mining is started: the YFI/ETH oracle track on the decentralized oracle protocol NEST Protocol has been at the Ethereum block height 10837633 After successful activation, the liquidity mining of this price pair will be started simultaneously. Users can participate in the quotation of the YFI/ETH oracle track without permission, perform liquidity mining, and obtain nYFI tokens as mining income. Prior to this, the YFII/ETH oracle track was also activated. YFI and YFII are high-quality protocols in the DeFi field. After their tokens open quotation tracks and liquidity mining on NEST Protocol, holders can amplify asset returns through nYFI and nYFII, and form available block prices on the chain for supply Other DeFi protocol calls. [2020/9/12] It is worth mentioning that AC also uses NFT to realize the logic of option free trading, and supports all Uniswap trading pairs. Not only that, AC will also use NFT options in Deriswap to help Sushiswap hedge LP's unpaid losses, and Deriswap integrated with the open platform BentoBox can also directly use its lending function, and the final product is worth looking forward to. "Stable Credit: Tokenized Bond Pass Based on Mortgage Stablecoin" According to the description in the AC article, yCredit is a bond pass between elastic supply and fixed supply, which can tokenize income credit. Its idea is borrowed from ARCx, which mortgages everything to issue bonds. This is also the fourth iteration of the decentralized credit protocol Stable Credit proposed by AC in September 2020. Regarding the original design of Stable Credit, according to AC, this product allows users to mortgage ERC20 assets to obtain 99.5% of the yCredit stable currency loan amount. Stable Credit combines tokenized debt stablecoins, lending, and AMMs to create a fully decentralized lending protocol that allows the creation of tokenized credit assets based on any asset. The design of Stable Credit makes full use of the characteristics of tokenized debt, lending, and AMM, and has many advantages over the existence of AMM and lending agreements alone. First of all, the loan interest rate of the system is actually automatically balanced according to demand. Users who have more demand for loan assets will pay higher interest when repaying. The principle is that assets with high demand will be sold more in AMM, and users will pay more Stable Credit USD when repaying loans to purchase corresponding assets. Stable Credit USD is similar to Uniswap's ETH, which is the intermediary of all AMM pool transactions, which allows lending credit to enjoy transaction fees, and indirectly enables asset providers to charge interest. That is, the premiums such as transaction fees and transaction slippage paid by borrowing users are indirectly provided to token providers. If the user only provides tokens without lending, the loan premium of the entire system will always be accumulated, and the deposit income will be realized. This method also achieves a very beautiful loan maximization utilization rate. Lending agreements like Aave will be liquidated once the user's mortgage rate reaches the red line. The Stable Credit model basically does not have the risk of being liquidated, only the relative overall system risk, that is, the utilization rate. The system is also different from the traditional loan settlement mechanism, and AC has a new idea: to use automatic positive-sum settlement. This is the core design principle directly integrated into the local AMM, linking the collateral with Stable Credit, and then using the collateral and interest-free loans as the collateral of the AMM for constant small (positive and increasing) liquidation. Traditionally, if the value of the collateral in the system falls, the external liquidator will pay off the debt portion and get back the collateral portion. In the circular AMM design, the arbitrageur will add additional collateral and withdraw Stable Credit from the system (or trade another system related to value-added assets). Not only that, AC revealed that Stable Credit's products will also provide Sushiswap with free loss protection. In the second iteration, AC introduced interest-free agreement loans, and in the first iteration, all Stable Credits will be destroyed, which means that depositors cannot earn income from tokens, but can only get related value. Instead of the 50:50 ratio with the concept of debt, the agreement can only destroy the debt, and allow the collateral provider to obtain all profits, including transaction fees and gains from token appreciation, and then compensate for unpaid losses.


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