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Golden Observation丨Don't misunderstand the "big uncle", it just allows ordinary investors to have equal profit opportunities



Golden Finance Blockchain September 3 News If the encryption industry really wants to win against centralized finance (CeFi), the decentralized finance (DeFi) industry must develop a set of non-custodial and license-free financial standards. The future allows anyone to easily access any financial service. But to achieve this goal, more developers, users, and investors must enter this field and strive for it. Yearn Finance was born for this goal.

Tired of manually transferring funds back and forth between DeFi fund trading platforms and looking for the best lending rate, André Crogne developed the first iterative product: iEarn Finance, the first tool to automatically transfer DeFi liquidity funds. And iEarn Finance has been widely acclaimed in the decentralized financial community since its launch. It started out as a yield aggregation tool, but eventually evolved into a platform that can support automated liquidity mining strategies and handle simple Aave loan liquidations, in addition to offering stablecoins with up to 1000x leverage Trade and short DAI and store its pegged coin (when the stablecoin is trading above $1) in an easy way.

Golden Morning News | A list of important developments overnight on April 1: 21:00-7:00 Keywords: Bank for International Settlements, BlackRock, Eastern Caribbean, Hong Kong

1. President of the Bank for International Settlements: CBDC can solve long-standing payment problems;

2. Investment giant BlackRock held CME Bitcoin futures contracts at the beginning of the year;

3. Cardano block production is fully controlled by the community;

4. The Central Bank of the Eastern Caribbean publicly launched the central bank's digital currency DCash;

5. Shenzhen tests digital renminbi cross-border payment for Hong Kong residents;

6. Foreign media: V God's net asset valuation has risen to about 700 million US dollars;

7. The novel "Mermaid Eclipse" is sold in the form of NFT;

8. Teletubbies may release "big news" related to Bitcoin this week. [2021/4/1 19:35:19]

Since then, he has worked hard for several months, and in July 2020, he made some updates to support more use cases. At the same time, he also launched the governance token YFI. Fair. The market value of Yearn Finance soared from 0 to 500 million US dollars in just one month. Since then, Yearn Finance has launched license-free insurance products, but these are just the beginning in Andre Cronje's view.

Golden Morning | List of important news overnight on December 24: 21:00-7:00 Keywords: United States, Yi Gang, Galaxy Digital, Ethereum 2.0

1. The US President’s Financial Market Working Group: Regulators may consider restricting multi-currency stablecoins;

2. Yi Gang: Steadily promote the research and development of digital currency, and improve the legal framework of legal digital currency;

3. Foreign media: Galaxy Digital and Jump Trading have stopped making XRP markets;

4. The balance of the Ethereum 2.0 deposit contract address exceeds 2 million ETH;

5. The National Association of Bank Supervisors opposes the OCC providing banking licenses for non-bank companies;

6. Bitcoin market dominance reaches the highest level of the year;

7. The US SEC issued a statement on the issue of broker-dealers' custody of digital assets;

8. 120 million USDTs were converted from TRC20 to ERC20;

9. The total asset management scale of Grayscale rose to US$16.4 billion; [2020/12/24 16:20:31]

It is worth mentioning that one of the most popular products of the Yearn Finance protocol is "Vault", a flagship product that supports automatic execution of liquidity mining and yield farming strategies. Each vault allows users to store specific tokens, which are used by the protocol for yield farming. For those familiar with the decentralized finance industry, yield farming is not complicated, you just need to deposit tokens into the protocol contract to get the native token of the protocol, after which you can withdraw the collateral and the newly farmed tokens .

Golden Relativity | Xiangli Peng: No-coin blockchain needs to further explore the consensus mechanism and underlying technology: In this issue of Golden Relativity, the consensus of the no-coin blockchain and how its technology is applied in scenarios, senior engineers, industrial Xiang Lipeng, director of blockchain at the Fifth Electronic Research Institute of the Ministry of Information Technology, said that "Token" has always been available, but the current industry's underlying technological innovation is still lacklustre. The successful cases of deep business integration, the industry application level is generally low. Holding high the banner of the token economy, the road to landing is difficult, and numerous bubbles have emerged in virtual tokens.

Not all scenarios in the current society require virtual tokens/tokens to motivate, and the "no-coin" blockchain also supports consensus mechanisms, distributed storage, point-to-point communication technology and cryptography technology, and can also participate in multi-party The results reached a consensus. Even in the direction of "no currency" blockchain, as long as you dare to think and explore, and solve practical problems, a large number of excellent cases can emerge. [2018/9/29]

If you refer to the high fees of Ethereum before, it is almost a waste of time to cultivate income of less than 10,000 US dollars, and Yearn Finance just hopes to start from the fee and find a clear product-market fit through some "small users". Those small investors who don't have much capital can deposit their own tokens into yEarn and form a "super investor" by pooling funds. The processing flow on yEarn is actually very simple, that is, deposit tokens in Curve's yPool liquidity pool, and then periodically claim the accumulated CRV tokens. Pooling funds through yEarn, they only need to be charged once for depositing encrypted assets, instead of being charged separately, that is to say, the more people participate, the less the average cost of gas will be. These strategies are improving gas efficiency and providing opportunities for small traders to participate in DeFi and earn high profits. The funds locked in the vault are expected to grow exponentially with the addition of new yEarn strategies.

Analysis| Golden disk: BTC/USD 15-minute channel test support: Golden disk comprehensive analysis: BTC/USD showed a strong rebound trend in the early morning, and formed an upward channel in 15 minutes. At present, there is fierce competition between long and short in the middle track. Once you miss, the short-term can be on the lower track Find a place to buy. [2018/8/12]

Solve pain points and attract small and medium retail investors

The value proposition of Yearn Finance becomes clearer by staking tokens, and for investors such as SNX who do not have their own staked tokens, as the protocol rewards inflation, the value of their holdings is actually is being diluted. In addition to these issues, the cost of staking token rewards on Synthetix is basically between $30-40 per week. If the staker does not claim the reward by a certain time, the staked tokens will be "forfeited" and will not continue until next week.

What Andre Cronje is doing now is to solve these pain points. He is working hard to build a new treasury strategy to acquire more assets, such as SNX, KNC, AAVE and other collateral tokens are expected to be added in the short term. This enables small investors to unite to form a large pool of funds, which greatly reduces transaction costs, and these small and medium investors can more easily participate in token staking and obtain income farming returns. In this way, the high returns and high benefits of DeFi will cover more people, not just those "giant whales".

Jinse Finance live report Luo Yong: Blockchain is not a panacea: At the GBLS Global Sleepless Blockchain Leaders Summit, Luo Yong, director of the China Financial Policy Research Center of Peking University, said: There are two types of blockchain applications, and these models will make everyone Participation, the social nature of the blockchain improves consumer relationships and expands the application of the blockchain in real life. Don't think that the blockchain is omnipotent. It is very dangerous to rely on blockchain technology to subvert the current world. The lessons of history are severe and profound. [2018/6/6]

Beware of Risk

Since the birth of the Yearn Finance protocol, the community has seen many issues, including logic errors leading to vulnerabilities, code glitches, and other general smart contract flaws. Just at the beginning of August, someone discovered that the address of the controller of Yearn.Finance was actually the personal address of Andre Cronje, which also brought huge risks to protocol governance: such as the loss of the administrator key or being attacked by the first Three-way attack. In addition to these technical risks, the biggest threat to Yearn Finance is the "key person risk" that has been widely discussed in the community. If the core founder of the project, André Crogne, quits for some reason, the entire decentralized finance market may lose confidence in yEarn, causing a price crash. In fact, the media previously revealed that Andre Cronje had the idea of leaving the project, which directly caused the price of YFI tokens to plummet by 36% in just two hours.

So no financial product is 100% safe, and no smart contract is indestructible, and DeFi is no exception.

How yEarn will be governed in the future

Andre Cronje believes that the future of Yearn Finance platform governance may be a precise market demand. He does not really develop products based on vision, but based on market demand, and solves problems according to the new needs of the market.

While anyone can deploy vaults and strategies on Yearn Finance, in order to allocate user funds, the vault must be linked to a specific strategy, and this connection is achieved through a centralized smart contract called a "controller" . In order to solve this problem, Andre Cronje has announced that the protocol funds will be authorized to 6-of-9 multi-signature mechanism wallets to manage, and the community is also pushing to transfer control to the decentralization supported by YFI tokens. In autonomous organizations, token holders vote on protocol proposals, and if passed, the relevant proposals are executed.

Since the agreement still has no specific governance plan so far, multi-signers will control the agreement funds for at least the next six months, as an interim measure to ensure that yEarn governance runs smoothly in the early stages,

Next, Andre Cronje needs to make a trade-off between the following two options to push forward the agreement, that is:

Solution 1. Destroy all administrator privileges and make yEarn 100% immutable. Although destroying all administrator privileges can indeed decentralize power to the greatest extent, it will also hinder yEarn's upgrade efficiency and product adjustment capabilities.

Option 2. Using protocol iteration, token holders manage and control most decisions through on-chain governance. For this solution, on-chain governance will make yEarn easy to be controlled by "giant whales", especially in the current situation where the circulation of YFI tokens is low, but this choice can promote rapid protocol innovation.


In order to cater to the public, decentralized finance has begun to lower the threshold. Yearn Finance is the first to create some tools that allow many small and medium investors to enter the market and enjoy high returns, so that this privilege is no longer a privilege of holding millions of dollars in encryption. Exclusive to hedge funds, no matter how much money you have in your hands, you can test the decentralized financial market. Before that, only the more you have, the more you can earn, so why have banks been able to control the traditional financial market for a long time, while giant whales have controlled the cryptocurrency market.

Yearn Finance wants to bring equal profit opportunities to everyone, rather than being exclusive to "giant whales". Although it is also full of risks, if you want to profit from the risks, don't you just need the courage to go into the tiger's den and catch the tiger's cub? A revolution is brewing in the decentralized financial industry. If small and medium-sized retail investors can seize the opportunity, they may get good returns.

Part of this article is compiled from Yahoo Finance


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