Yearn.Finance expands massively: DeFi-Token takes off
The Decentralised Finance (DeFi) project Yearn.Finance (YFI) has a market capitalisation of almost one billion US dollars. This makes YFI one of the major players in the DeFi space. Now the project is expanding massively and is cooperating with some well-known projects – including the uniswap competitor Sushiswap (SUSHI), what does that mean?
Yearn.Finance is one of the most hyped DeFi projects. With a share price increase of well over 100,000 percent in recent months, YFI is one of the most successful tokens Bitcoin Circuit in crypto history. Andre Cronje’s platform is a comprehensive product that enables users to optimise their return on investment. Simply put, Yearn.Finance automatically manages capital and moves deposited crypto currencies between different DeFi protocols, trying to get the best possible return on investment.
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Yearn.Finance now wants to cooperate with the Uniswap-Fork Sushiswap. As part of this agreement, the development resources of Yearn and Sushiswap will be combined. This cooperation represents a comprehensive collaboration of both projects. In the future, projects will be jointly implemented. Inventor of Yearn.Finance, Andre Cronje, said the following about this cooperation:
In the past, I had openly spoken about the things that Sushiswap did wrong. But today I cannot stress enough how much they are doing right now.
In the past, Sushiswap has often had problems. On September 5th one of the founders of the DeFi project sold all his SUSHI tokens, which caused some protests in the community. But in the last few months the Sushiswap team has made tremendous progress and currently the Decentralised Exchange (DEX) manages more than 700 million US dollars. This makes Sushiswap Yearn.Finance’s largest cooperation to date.
DeFi-Synergy should bring the breakthrough
Andre Cronje believes that the work of the developers on Sushiswap and Yearn overlaps and that it makes sense to merge the two projects.
Sushiswap and Yearn have many common goals. By working together, both projects can benefit.
Furthermore SushiSwap Yearn should also help Yearn with the development and implementation of his upcoming project Deriswap. Deriswap is a DEX that will unite different areas of the DeFi-Space in one.
Yearn.Finance will also participate in the governance of Sushi by purchasing an unknown amount of Sushi tokens. Conversely, Sushiswap will also participate in Yearn.Finance’s governance and will hold YFI tokens. SUSHI has seen a gigantic price increase in the last few weeks and is one of the few coins that put Bitcoin in the shade in November.
Yearn.Finance omnipresent in Decentralised Finance
Not only with Sushiswawp but also with PickleFinance, CreamFinance, Cover and Acropolis Yearn has entered into a cooperation in the last weeks. Yearn.Finance is increasingly expanding into the DeFi-Space and so far there seems to be no serious competition for the project.
Nevertheless, the cooperation with Sushiswap is surprising, as Yearn could have also cooperated with the world’s largest DEX Uniswap. Some had already written off Sushiswap at the beginning of September, but it seems that the DEX will continue to accompany us in the DeFi space for some time.