The popular DeFi aggregator is considered one of the most active participants in the segment in the context of product development and updates implemented in recent months. Now the founder of the project is hinting at preparing an even larger platform update.
Yearn Finance has grown and developed rapidly since its inception, and project founder André Cronier, who has already gained prominence in the DeFi market, said the new system will be even more complex.
Commentators are guessing
In his teaser poll, Cronier did not indicate any details, but only asked users for advice – whether to make the information public before the launch or surprise everyone directly with the release of the update. The second option was chosen by the majority of users (5350 people), but at the time of this writing, the voting was still ongoing.
At the same time, some voters believe that it would be nice to release some information regarding the update to prevent whales and other influential industry participants from gaining an edge over the rest, which has recently become the norm in the ecosystem.
It is likely that the new Yearn v3 will include other DeFi protocols in order to expand the current line of services that make life easier for investors, saving them time and money.
Similar to synthetic asset swaps using Chainlink oracles for pricing, AAVE for mining finance, and SNX contracts for the overall project architecture.
It is noteworthy that Cronje promised the platform to function at the first and second levels, which will delight users who have recently faced the problem of growing gas commissions.
Thanks to scaling at the second level, users will be able to make thousands of transactions per second, while the gas commission will be significantly lower.
We will remind, earlier this month, the main developer of the Yearn.finance project André Cronier proposed to limit the emission of the YFI token.
In addition to Yearn, DeFi platforms such as Aave, Uniswap and Synthetix are preparing to update their second-tier solutions.
What’s with the YFI course
Yearn Finance is ranked sixth in the TVL’s total blocked cost in the DeFi segment. According to DeFi Pulse, the value is locked at $817 million.
The YFI token has not escaped the wrath of the bears who staged a massive sale this week. Over the past 12 hours, the token has fallen in price by almost 15%, to $22,500, although by the time of this writing, it has reduced losses to $24,700.
YFI fell in price in tandem with the rest of digital assets, and over the past 24 hours, the cryptocurrency market capitalization decreased by $10 billion.