Hard work pays off! We’re pleased to announce $YFI from Yearn Finance – top earning platform on Fantom mainnet– is now ready to be shielded into Incognito, marking the first collaboration between Yearn Finance and Incognito.
We’re closer to the target: Boosting privacy in crypto activities for crypto asset holders in general and for $YFI holders specifically. Both Incognito & Yearn Finance communities can now shield $YFI to get $pYFI, then privately send, receive, or store it on Incognito Wallet. The YFI token not only holds value in itself but also contains a certain voting right to coordinate the Yearn’s Strategy.
Yearn Finance is a group of protocols running on the Ethereum blockchain that allow users to optimize their earnings on crypto assets through lending and trading services (such as Balancer and Curve). Yearn’s team is dedicated to removing the need for a financial intermediary like a bank or custodian. To do this, they have to build a system of automated yield farming strategies around their Yearn yVault product:
Yearn Finance is a product suite providing Yield Generation, Lending Aggregation, and more on the blockchain. The protocol is maintained by various independent developers and is governed by YFI holders.Capital pools that automatically generate yield based on opportunities present in the market.
Vaults benefit users by socializing gas costs, automating the yield generation and rebalancing process, and automatically shifting capital as opportunities arise. End users also do not need to have a proficient knowledge of the underlying protocols involved or DeFi, thus the Vaults represent a passive-investing strategy.
Yearn Finance v2 vaults have launched on Fantom and recently also on Arbitrum at the moment. Moreover, the Yearn ecosystem is controlled by YFI token holders who submit and vote on off-chain proposals that govern the ecosystem. Proposals that generate a majority support (>50% of the vote) are implemented.
In the effort to jointly make a better Fantom Ecosystem, Incognito now adds the Privacy Layer to activities relating to $YFI and any of Yearn’s Interest Bearing Asset (Asset representing a deposit into Yearn Vault – yvDAI for example).
Besides, we open new opportunity for passive income seekers! Liquidity Providers now earn trading fee & get an attractive APR for providing liquidity for pYFI/ pPRV or any pair of your choice.