Yearn Finance is known to be the main gateway of yield-generating products on the Ethereum Ecosystem. Yearn Finance is widely known for its “instinctive interface to all DeFi” and serves as a portal of various DeFi products. For its goal to continuously grow and develop new products, Yearn Finance launched StableCredit while its native YFI token got a good pump by a listing announcement on Coinbase Pro.
StableCredit is a new lending protocol that combines lending, tokenized debt stable coins and automated market makers (AMMs). It also allows users to use StableCredit USD as a collateral exchange to borrow assets in an AMM.
Since the launch in August, Yearn finance never stopped to continue innovation and development in the DeFi sector. In a short span of time, StableCredit has raised to the fifth-largest Defi platform in terms of crypto-lending lockup.
Yearn Finance Offers StableCredit for AMMs
The process works by exchanging the exact value of USDC to StableCredit USD. It enters the AMM with an equal amount and the protocol calculates the system utilization ratio of up to a maximum of 75%. The resulting utilization ratio is used as lending credit to buy or borrow assets.
Some people who read the tweet from Yearn finance seemed a little bit confused about how it worked.
YFI Surges on Coinbase Pro Listing
Yearn finance’s endless effort on innovating the DeFi sector is paving positive results. The Coinbase Pro listing has propelled the token from a low of around $27,000 on Sept 10, to top out at just above $35,000 the same day.
A level of $32,500 token was corrected during Sept. 11 morning trading session. Followed by an announcement where the YFI deposit begins on Sept 14 accepting inbound transfer in supported regions.
Coinbase Pro has also added a number of other DeFi tokens to its platform including UMA (UMA), Celo (CGLD), Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR), and the Layer 2 OMG Network.
yETH Vaults Liquidity Stable, DeFi Markets Rebounding
According to recent Yearn finance statistics, ETH locked on yETH has stabilized for about 220,000. Although there have been 100% APY returns, the earnings decreased by 25%. This is due to the early month crash that needs a few rebalances and repayment of debts for a stable system.
Although there have been a decrement in earnings, yETH vaults offers users a decent return without any effort, thanks to AMMs.
The total value locked (TVL) of all DeFi markets is recovering today with a return to $7.8 billion.