Yearn Finance Creator To Launch New AMM, What It’s All About?
11 Januar 2022 - 7:00PM
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Famous for his motto “I test in prod”, Andre Cronje, inventor of
Yearn Finance and other DeFi protocols, will launch a new platform.
Called ve(3,3) it has been designed as an Automated Market Maker
(AMM) to operate with a “protocol for protocols” architecture.
Related Reading | Solana DeFi Goes Stratospheric as Hubble Protocol
Announces $3.6M Raise In other words, this new AMM will be easy to
integrate with other platforms to incentivize their own liquidity
and without tradeoffs. The protocols that decide to add ve(3,3)
won’t lose fees, volumes, or liquidity, as the creator of Yearn
Finance explained in an official post. Cronje believes AMMs utility
has undergone a change, from primarily serving as a tool for
liquidity providers to serving as an addition to projects. Thus,
ve(3,3) seeks to meet the demand of AMM’s new users; other
protocols. His new project, ve(3,3), will remove friction from the
process of adding token incentives to a protocol’s liquidity, will
make it simpler for projects to accrue fees from incentives, and
will operate as a permissionless platform. The Yearn Finance
developer said: With the above in place, any protocol or project
can easily incentivize their own liquidity, be it for their token,
their stable coin, or even other derivatives, and while doing so,
they fully accrue fees. Cronje’s new protocol will have multiple
features, including the capacity to natively support swaps between
closely correlated assets, and uncorrelated assets, Uniswap v2
compatibility which will let projects deploy its interface, the
possibility to permissionless create pools, gauges, and bribes. In
addition, the protocol will operate with a 0.01% fee to be paid in
base assets. Cronje’s protocol for protocols will let other
platforms support delegation, increase “holdings proportional to
emission”, and conduct locks with capital efficiency, amongst many
other features. Yearn Finance Inventor To Take AMM Utility To Its
Next Phase? As an additional incentive for projects to implement
Cronje’s protocol, the platform will reward them with ve(3,3)
tokens. Those projects that occupy the top 20 by total value locked
(TVL) will receive these rewards two weeks after the protocol
launches. The launch could take place next week, as Cronje
announced via Twitter. By the end of next week, the platform will
take a snapshot to determine the projects that will receive a
percentage of the 2,000,000 ve(3,3) available for rewards. Cronje
added: It is up to them (the selected projects) to decide what they
will incentivize, be it their own token, stable coin, or other
liquidity. The timeline for this will thus be 2 weeks post protocol
launch until distribution starts. Final commit sent off for peer
reviews, audits, and third party reviews. Target of TVL snapshot
end of next week. One week for voting (and bribes), and then
emission starts. Website will be up next week. Launching on 👻 —
Andre Cronje 👻🐸 (@AndreCronjeTech) January 11, 2022 As of press
time, Yearn Finance native token YFI trades at $32,139 with a 2.7%
profit in 24-hours. Related Reading | Yearn Finance Launches New
Vault, While YFI Retakes Bullish Momemtum
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