Opinion: Launching the Ethereum pool at yearn.finance …
Opinion: The launch of the Ethereum pool at yearn.finance will lead to a decrease in the supply of ether on the market
Analysts expect the launch of the yETH pool by the popular DeFi project yearn.finance will have a positive impact on the Ethereum market. The tool will help Ethereum holders use their coins to automatically invest in the most profitable opportunities provided by DeFi projects supporting token earnings by providing liquidity.
Pools, or so-called yearn.finance vaults, allow deposits to be transferred to the protocol to analyze the market and maximize their own benefits from participating in DeFi Farming. They also allow you to save on commissions, since the deposited assets can be sent in one transaction, and the associated costs are distributed among all participants. Accounting for contributed assets is carried out using its own protocol tokens, for example, yETH.
Some community members believe that the DeFi earning prospects will encourage users to contribute ETH to yearn.finance and thus make the cryptocurrency unavailable in the market..
“This product should be included in the long list of catalysts for Ethereum, and it also reduces the available supply. Any ETH owner will be able to receive the highest yield automatically by simply holding yETH. It could also mean that other protocols offering staking rewards will find it harder to compete with Ethereum, ”said Alex Saunders, CEO of Nuggets News..
“Yearn.finance repository will become a black hole for ETH,” Anthony Sassano, Co-Founder of Ethhub Expects.
On August 21, yearn.finance creator André Cronier announced the upcoming launch and strategy development for the Ethereum storage. On August 31, one of the users noted the appearance of the storage on the blockchain, but the developer of yearn.finance under the nickname Banteg said that it is currently being tested in real conditions, and investors should expect another launch, since the tool still needs to be improved..
Ethereum continued to rise over the past day and added another 5%. At the time of publication, the price of the cryptocurrency is $ 445.
BitMEX CEO Arthur Hayes said earlier that he is fully prepared to lose money that he will invest in earning DeFi tokens.
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