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- Yearn.finance has launched the new Ethereum vault (yETH). In just over 24 hours, more than 350,000 ETH have already been locked up.
- In theory, the yETH vault or yWETH vault are covered against the most significant risk when using decentralized loan protocols: liquidation of the funds provided as collateral.
The latest product of the yearn.finance protocol, the yETH vault, is a new opportunity for investors to join the “DeFi fever”. The Ethereum vault, launched yesterday, offers returns from 60% to over 100% and can be used by all ETH owners. Its operation follows the original idea of the protocol created by Andre Cronje to make it easier for users to join the yield farming.
31 hours after its launch, the yETH vault already has over 335’000 ETH, which now earn over 90% APY. This means that about 0.35% of the current ETH offer is currently stored in this one yETH vault. A few hours ago, a Twitter user additionally reported that the yETH vault has become one of the largest in MakerDAO with 10% of the DAI offer. Moreover, the Maker DAI Bot presented the following impressive numbers.
Vault #13972 (ETH-A) was used to generate DAI:
️️🖨️ 17,942,089 DAI minted
📉 Liquidation price: $325.54
💳 Vault debt: 72,704,140 DAI 🐋
🏦 Total DAI Supply: 529.889M DAIhttps://t.co/8IFtPNU3Cr
— Maker DAI Bot (@MakerDaiBot) September 3, 2020