The popular DeFi protocol of high yield farming, Longing for financesis making progress with its next Wrapped Bitcoin (WBTC) vault –
The team presented a MakerDAO improvement proposal for inclusion in the WBTC vault whitelist to access the next Oracle prices from Manufacturerwhich suggests its start may not be far behind.
The “vaults” are the main product of Yearn Finance. They use smart contracts to mobilize assets from user pools to pursue arbitrage and revenue strategies while sharing fees to reduce gas costs.
As with the Wrapped Ethereum (WETH) vault recently released by Yearn, The WBTC vault uses the amount of DAI that has been minted for users’ holdingswhich are then delegated to the protocol DAI vault and mobilized to generate performance.
Submitted a maker proposal to get an OSM bypass for the upcoming WBTC vaulthttps: //t.co/jfRrRPxryg
– banteg (@bantg) September 16, 2020
While Yearns Ether-Vault had suspended deposits after around $ 70 million was delegated to ETH within a few days of its launch in early September, The returns generated by the Yearn vault have dropped dramatically in the past few days.
Two weeks ago, Yearns ETH Vault Realized Weekly Annual Percentage Return (APY) of over 50%, while the DAI-Tresor offered 80% APY. At the time of this writing The DAI vault generated a weekly APY of 30%, while the returns offered by the ETH vault down 95%, getting a weekly return of just 2% per year.
On September 18th, Yearn Finance presented its new “SyntheticRebaseDollars“which includes “a credit-based overshoot rate”. The index should be rFind the value of the underlying assets against which a stable coin has been minted and automatically increases or decreases the total of minted stablecoins in circulation in response to price fluctuations.
The team said they are “still not sure” what they will use the protocol for. and that they wanted to publish the index so that others can build and develop the technology.