yearn.finance Creator Has New Idea, YFI Rallied On Coinbase Pro News

Source: Adobe / Sergey Nivens

One of the currently most popular decentralized finance (DeFi) projects, yearn.finance (YFI), revealed StableCredit, a new protocol for decentralized lending, stablecoins and automated market makers (AMMs).

“StableCredit is a protocol that combines tokenized debt securities, loans, SMPs and unilateral SMP exposure to create a fully decentralized credit protocol,” said Founder of yearn.finance, Andre Cronje, in the latest product announcement.

After more detailed explanation of each of the components mentioned in the above combination, Cronje added that a user can deliver any asset and create tokenized credit called StableCredit USD, although other currencies are also supported such as EUR and JPY .

The process starts as soon as a user provides a certain amount in USD currency (USDC), then a USDC price oracle is used to determine the USD value of 1 USDC, and the process continues to strike x * USD value StableCredit USD, where the system calculates utilization of the delivered USDC (up to 75%), and the strike as StableCredit USD.

“Right now, your StableCredit USD is your” loan loan, “said the developer, which can be used to borrow other assets through the AMM,” so if another user provides LINK as collateral, you can borrow LINK by selling ” “. your loan credit. If you want to repay your debt, you can” sell “the LINK back for StableCredit USD, pay off your debt and receive your USDC.”

Makoto Inoue, developer at Ethereum Name Service en Backlash Co-founder, Posted a Twitter thread giving a peek into the new idea, stating that although StableCredit hasn’t been released yet, “thanks [Cronje] “testing in prod”, we can get a taste of what they have cooked. “

As for when the product will be available, Cronje said they are “currently finalizing the UI (user interface) and will make it available in the coming weeks.”

This latest move comes after the yETH yield farming vault with ethereum (ETH), which yearn.finance launched earlier this month, with immediate interest and activity.

At pixel time (12:46 PM UTC), YFI, ranked 25th by market cap, is trading at $ 32,158 and is up 6% in the last 24 hours and close to 15% in a week. Meanwhile, on Thursday evening (UTC time), YFI was up 20% in hours to reach $ 34,769, following a major crypto exchange Coinbase Pro said it will support YFI, while trading could begin September 15. However, YFI is not yet available on Coinbase.com.

YFI price chart:

yearn.finance Creator has new idea, YFI gathered on Coinbase Pro News 102
Source: coinpaprika.com