wYFI and Stable Credit - Decentralise #78

YFI up 44%

Image supplied by @Cryptouf

wYFI

Today there was a huge buzz around wYFI, a new token connected with Andre Cronje’s StableCredit.

wYFI holders earn 50% of the StableCredit fees.

In it’s current form wYFI is created by permanently burning YFI, with one YFI generating 1000 wYFI.


The news has caused a massive move for YFI, which is up 44% at $35,000 at the time of writing. YFI already had a fixed supply of 30,000 tokens and the potential as a deflationary asset has been impactful.

banteg @bantg

@EthereumEhrlich

banteg @bantg

@FUTURE_FUND_ Unclear, the current iteration allows depositing YFI and mints you 1000x wYFI. But there are no withdrawals, so the YFI are essentially taken out of circulation forever.

Further Stable Credit Reading

Andre has recently published two new blog posts on Stable Credit.

Stability Peg Management

The latest post examines existing algorithmic stablecoin models and explains how Stable Credit improves on their design.


Collateralized Stable Yield Credit

Wednesday’s post looks at the third iteration of Stable Credit and core features, including the multiple fee streams, interest free loans and impermanent loss protection.

Conclusion

Andre continues to set a blazing trail in our ecosystem.

Check out his latest tweet thread on the integration with Cream V2, which will allow up to 90x leverage.

Andre Cronje @AndreCronjeTech

With Cream v2 (Iron Bank), Alpha Homora v2, and Yearn v2, all vaults become leveraged vaults, and cross asset strategies become viable. Deposit 1k DAI can deposit 1k DAI and 1k USDC into Alpha Curve or 1k DAI and 1 ETH into Alpha Sushiswap borrowed indirectly via Iron Bank.

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