YFI Minting, Cover Liquidity Mining, and Catnip Launch Sports Markets
Decentralise Daily #89: Why mint YFI?
📰 Decentralise Daily #89
Decentralise Daily is the only Ethereum & DEFI newsletter written seven days a week.
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📊 Market Highlights:
💰 Funding Yearn’s Future
After long discussions an open community working group has put together a proposal to fund Yearn Finance’s future.
6,666 YFI would be minted, with 1/3 vested to core developers and 2/3 to be used by governance.
A range of potential uses are listed, including liquidity incentives, staking rewards, and talent acquisition.
Although this breaks the 30,000 fixed supply meme there is clear community consensus that this proposal is necessary. Members repeatedly stated that developers should be rewarded for their work, and the protocol should be empowered to incentivise future growth.
As YFI fair launched the minting would be relatively conservative vs other DEFI projects, who allocate between 20-30% of their tokens.
🥧 PieDAO
Decentralise is sponsored by PieDAO, the community governing tokenised ETFs.
PieVaults are a new product range, diversified yield aggregators capable of multiple farming strategies. The first PieVault YPIE gives complete exposure to the Yearn Finance Ecosystem.
🛡️ Cover Protocol Liquidity Mining Live
After last month’s exploit there is a fixed cap of 70,000 COVER tokens, with no inflation.
As such all Cover Protocol liquidity incentives are earned in each project’s native token.
LPs have to claim their rewards each month or they will be forfeited.
Cover Protocol’s easy to access KYC-free DEFI coverage is picking up steam, and the integration into the Yearn Finance dashboard is already attracting greater liquidity.
🐈 Catnip Launch Sports Markets
Catnip is a decentralised prediction market from AugurDAO, built on Augur and Balancer.
AMM pools are established for each market, with users able to easily get exposure to an outcome by buying the yes or no token through a simple swap interface.
Catnip launched with just one market for the US election, which is closing today.
Check out the new NFL markets here or read Decentralise’s introduction.
🗞️ Yesterday’s Newsletter:
ETH ATH, YFI Buyback and Minting and Sergey Nazarov on the Coming DEFI Boom
Decentralise is sponsored by PieDAO.
Join the PieDAO community.