Yfv Finance is a DeFi yield aggregator, much like how Yearn Finance or DFI Money works. The platform allows users to deposit assets to start yield farming, earning rewards in YFV tokens, without needing to worry about high gas costs eating up profits. Inspired by the success of SushiSwap’s liquidity migration. YFV has planned a similar roadmap with Balancer being the target of their vampire attack.
The platform has grown extremely fast, with over $457M value locked up, aided by an on-chain referral program. Also, liquidity providers also earn vUSD and vETH tokens alongside their YFV rewards. These are experimental tokens with elastic supply models, which aim to automatically adjust their supply by rebasing to target 1 USD = 1 vUSD and 1 ETH = 1 vETH.
YFV Migration to VALUE
As Yfv Finance launched during the DeFi farming summer craze, a time full of scam forks, much of the community was very skeptical about the developer’s intentions. As a result, the team decided to burn the owner key and minter of YFV. This earned the trust of the community, and has helped the protocol become a success so far. But, it meant upgrades were impossible. YFV holders have voted in the migration to Value Liquidity Token (VALUE) as a solution. Which opens up the doors for limitless future growth, with their own native liquidity pools.
True on-chain voting… a major plus compared to other new DeFi protocols with governance tokens, is YFV already has on-chain voting. Users stake their tokens for voting power and shape the future of the protocol. There are no manually updating parameters, Yfv Finance enjoys full on chain governance. As a result, when a voted proposal decides a different distribution of tokens per liquidity pool, it happens!
- Migrating to Value Liquid and removing Balancer from the equation will be a crucial milestone for the project. So far the team has shown they have the technical know-how, but now we are entering new territory.
Eyes on the vaults… the team has stated their vault’s yield farming techniques are best-in-class currently. If this turns out to be true, with higher returns than Yearn or DFI, then YFV/VALUE could see the same parabolic price surge as YFI or YFII. Watch their updates closely!