Yearn Finance got deployed to Ethereum’s L2 arbitrum and is now officially live so let’s find out more in today’s latest Ethereum news.
YEarn Fiannce is a Defi protocol that provides yield farming, lending aggregation, and many other services. Today, it launched on another blockchain, the well-known Arbitrum. Arbitrum is the largest Ethereum layer 2 blockcahin that has $3 billion in total value locked and offers lower fees of up to 10 times than Ethereum’s. also, the exchange FTX and Binance support ETH deposits and withdrawals on Arbitrum.
Initially available on Ethereum, the protocol expanded to Fantom which is a scalable ETH alternative for dapps and DEFI. A few months later, Arbitrum became the third blockchain network that the company provided support for. Yearn will launch on Arbitrum with one vault, Curve’s triCrypto that will hold wrapped BTC, Tether, and Ethereum.
Yearn finance got deployed on Arbitrumt today and the yield farming will allow users to provide liquidity for a percentage return of their money. To the farmers, the process gives them ore access to make a safe income stream and for the traders, yield farming provides the much-needed liquidity to make the trades. In order to access the service, the users have to add Arbitrm to their wallets and they have to bridge ETH and Arbitrum. They are also able to withdraw Aritrum ETH from Binance to FTX but then they will have to swap crypto for one of the three wrapped tokens.
They will need to deposit their wrapped tokens on Arbitrum and this will allow them to collect yield with the protocol staking tokens at curve Fi. The Wrapped tokens like WBTC are the equivalents of the native tokens of the blockchains like wBTC on the Ethereum blockchain or WETH on the arbitrum one. The wrapped tokens come with risks however which could result in losing the assets. Yearn Finance promised even a bigger expansion in Arbitrum and other blockchains and they promised even more vaults, roll-ups and side-chain vaults. The team behind Yearn calls the project a radical experiment in decentralization. However, Yearn has no papers of incorporation, no headquarters, and not even a list of names and locations for the contributors.
The team behind the Yearn Finance platform made an appearance on ETH Denver and featured a stung that included an anime body pillow dubbed dakimura.