How will YFI realize its DeFi hegemony step by step?

Crypto Valley Live (ID: cryptovalley)

, Author: Lou Kerner, translation: Olivia, reproduced by Odaily with authorization.

"On September 20th, I published the article "Yearn is the future of DeFi, and DeFi is the future of finance". In the text wrote:"Life moves so fast, you might miss it if you don't stop and look once in a while. —Ferris Bueller

The world has never seen an industry whose development speed can reach the level of DeFi. The reason why innovation in DeFi can develop at the fastest speed is because DeFi is composable, which means that you can take other people's innovation, just like Lego, combine it with other codes, and you get Brand new stuff.

I am testing in prod

Andre Cronje, founder of Yearn.

In the 3+ years I've been doing crypto 24/7, Yearn is the most interesting and expansive project I've seen.

If you are new to Yearn, this article is a good place to start. This is the second part of my deep dive into Yearn.

The second part covers the changes in the 70 days since that post. During those 70 days, Yearn continued to innovate, educate, and execute at breakneck speed. Here are some highlights from Yearn over the past 70 days:

1. The total lock-up volume has decreased by 53%

The total lock-up volume is the most concerned indicator in the market, so the 50% drop in Yearn's total lock-up volume is worrying. However, the reason for the decline in total locked positions is understandable, because the scope and scale of the DeFi ecosystem that Yearn is building will only increase.

There are a number of reasons for the drop, including the Sept. 29 attack on Eminence. As a project led by Yearn founder Andre Cronje, the utilization of Eminence and multiple other DeFi projects has an impact on all DeFi, but it has a greater impact on Yearn.

Another factor was the launch of Ethereum 2.0, which absorbed over 850,000 ETH staked as part of the launch. These ETHs come from somewhere, including Yearn and other DeFi projects, and the amount of ETH locked in these projects has decreased by 2 million in the past two weeks.

2. The price has remained high and volatile, today's price is above $25,000, more than 3 times the low on November 5"Keeper"Almost no one in the world knows what Yearn is, let alone how it will develop. So it's no surprise that the world doesn't know how to price Yearn.

3. Cronje announces the Keep3r Network, a coordination network to ensure projects are properly maintained

Currently, every DeFi project is responsible for finding talent (or

) to maintain various parameters of its protocol (such as calling update() on the Oracle to update its underlying value, calling harvest() on the strategy to withdraw funds).

Cronje announced on October 22 that keep3r provides projects with a single source for accessing approved Keepers. Keep3r is an independent project that is not directly affiliated with Yearn, but will contribute to Yearn and the entire DeFi ecosystem.

Projects that require Keepers to perform specific actions only need to submit a contract to the Keep3r network, and the approved Keepers can execute the contract. Keepers can receive rewards directly through ETH and/or project tokens, or indirectly through liquidity."merge"

The Keep3r network can also create a series of DApps that were not possible before. Three new DApps will be launched as part of the Keep3r network, including MetaWallet, a smart contract that enables ETH and other transfers without actually submitting transactions or spending gas themselves.

4. Yearn announces partnership with Pickle

merge

Just a few days ago, Pickle was attacked and $20 million in Dai was stolen from its Jars (aka vaults)."merge"

The merger brings Pickle into Yearn's ecosystem, including security expertise, while Pickle contributes its developer talent and total stake (by merging its treasury). In the first bailout of DeFi, a new Token CORNICHON will be distributed proportionally to victims of Pickle attacks. Pickle and Yearn will remain separate brands.

5. Yearn announces the partnership with Cream

merge

On November 26, Cronje announced its merger with the development team of Cream v2, a protocol that enables yield farming leverage.

Synergies include facilitating inter-protocol reserve services, enabling protocols like Aave or Compound to efficiently access additional capital.

Cream will also be the Launchpad for Stable Credit, Yearn’s highly ambitious project to create a single protocol for decentralized lending, AMMs, and stablecoins.

6. Yearn announces 'merger' with Cover

On November 28, just 10 days after the launch of Cover, Cronje announced its merger with Cover, a protocol that lets users mint, redeem, and buy insurance against smart contract risks. Cover's longer-term vision is to allow anyone to buy insurance for anything.

Offering insurance has been a key initiative for Yearn since launching yInsure in partnership with Nexus Mutual on Aug. 31. Meanwhile "yInsurance" will now be taken over by Nexus Armor.

Merging with Cover allows YFI to protect the ecosystem for itself, allowing YFI's vault to obtain more protection from yield to hedging risks, and without any upfront user costs.

7. Yearn announces "merger" with Akropolis

On November 30th, Yearn announced the merger of development resources with Akropolis, and Akropolis will become the front-end agency service provider for Yearns Vault and Lending protocol solutions.

Likewise, Akropolis will gain access to the Yearn network, providing customized services to Yearn's institutional clients and tailoring investment strategies to them."innovation"8. Yearn announces “merger” with SushiSwap

On December 1st, Andre announced the merger with Sushiswap, a high-profile fork of AMM Uniswap, which became famous because of

The (or rather vampire-like) incentive structure that sucked users away from Uniswap brought Sushiswap over $1 billion in total lockup on day one of the migration."merge"Andre described the merger as "... a more radical synergy, so some core projects have to be voted by the governance layer", and Andre made all the merger decisions in the past. At the same time Andre highlighted the need to develop custom AMM experiences, which Sushi is preparing to provide.

merge"merge"naming

Cronje published an article on November 30, clarifying his recent YFI

view of the activity. He acknowledges that these activities cannot be clearly described in any existing financial industry terms such as mergers, acquisitions, partnerships or collaborations. He concludes the article by saying

DeFi allows us to cooperate, co-exist, and become individuals. I don't know what we're supposed to call it, but I'm pretty excited about this mod.

I'm also very excited about DeFi, especially Yearn. It only locks up 450 million US dollars, and its assets in the market only account for 0.02% of its total assets, while the assets held by the top ten traditional financial service companies in the same category are as follows:

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