Yearn Finance, Fantom Rally on Multi-Chain Expansion
The DeFi blue chip is launching on the Fantom network.
- Yearn Finance has expanded its vaults to the Fantom network.
- The YFI and FTM tokens have both reacted positively to the news, putting in double-digit gains.
- Plans for Yearn to expand to other chains such as Arbitrum and Polygon are already in the works.
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Yearn Finance, one of the earliest DeFi protocols, is expanding to the Fantom network.
Yearn Finance Goes Multi-Chain
Yearn Finance is breathing new life into the DeFi space, announcing that the protocol will go multi-chain.
The Realm of Multichain beckons.
And Yearn has heeded the call. 📯
Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults on https://t.co/hEVzLGbOsI🧵 pic.twitter.com/IaAtDqdkYi
— yearn.finance (@iearnfinance) October 7, 2021
In a Twitter thread announcing the move Thursday night, the Yearn team explained that it had chosen Fantom for the protocol’s first expansion because it is “fast, simple to use, and easy to bridge to.” Additionally, the Fantom network supports Yearn’s development tools and the protocol’s Iron Bank partner Cream Finance.
The team added that Yearn Founder Andre Cronje was also a big fan of Fantom. Cronje started building a text-based RPG called Rarity on Fantom last month. It’s racked up over 230,000 players since its launch.
Following the announcement, Yearn’s YFI governance token rose over 17% before cooling off. However, the real winner from Yearn’s multi-chain move appears to be Fantom. Following a run of bullish news, including the launch of DeFi protocol Geist Finance, the FTM token has shot up 91% over the past seven days.
Yearn Finance lets users deposit crypto assets into vaults and scours DeFi protocols looking for the best yields available on each asset. With Yearn’s launch on Fantom, users can initially deposit funds into vaults for wrapped Fantom and the stablecoins DAI, USDC, and MIM. So far, users have deposited over $49 million to vaults on the Fantom network.
Yearn Finance was one of the first DeFi protocols to launch at the start of last year’s “DeFi summer,” quickly becoming one of the most popular yield aggregation platforms on Ethereum. Since then, it has maintained its status as a DeFi blue chip and is currently the ninth biggest DeFi protocol with over $5.3 billion in total value locked according to DeFi Llama.
Unlike other DeFi protocols, Yearn has previously taken a more conservative approach to development, opting to build out its existing products with a laser-like focus. The announcement that Yearn is expanding to other chains marks a significant development for the protocol going forward. Interestingly, the Yearn team also hinted that it may launch on Arbitrum, Optimism, Polygon, and Avalanche in the future. “There’s more multi-chain fun coming soon,” the announcement read.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.