The popular Decentralized Finance (DeFi) protocol is moving towards profitable Yearn Finance with the upcoming Bitcoin Vault (WBTC).
The team has submitted a proposal to improve MakerDAO, and asks to approve the WBTC Vault to access upcoming prices for Maker oracles, indicating that the launch may not be too far away.
Safe is the core product of Yearn Finance. They use smart contracts to mobilize merged user values to implement arbitration strategies and increase profitability, share commission to reduce fuel costs.
As with the Yearn Wrapped Ethereum Vault (WETH), the WBTC vault will use DAI created for user properties, which are then delegated to the DAI vault for protocol and packaged to generate revenue.
While Yearn’s Ether Vault has been suspended from deposits after donating nearly $ 70 million from ETH within days of its launch in early September, Yearn’s Vault revenues have fallen in recent days.
Two weeks ago, Yearn ETH Vault generated over 50% APY while DAI Vault offered 80% APY at the time of writing, DAI Vault generated 30% weekly APY while ETH Vault revenue was down. At 95% for weekly returns, which is only 2% per year.
On September 18, Yearn Finance introduced a new “SyntheticRebaseDollar” that includes “Credit RebaseDollar”. The index aims to track the value of the underlying asset against which a stacked coin is minted, and automatically increases or decreases the amount of coin stacked coins in response to price fluctuations.
The team said they were not “sure yet” of the purpose for which they would use the protocol, and wanted to publish the index so that others could create and develop the technology.