Y Curve Interest Rates Reach 2,000% as Hot New Ethereum Token, YFI, Launches

yfi sends interest rates 2000

Depositors to the Y Curve decentralized finance (defi) pool have received as much as 2,000% in interest this Saturday, and in total about 600% (pictured) for the entire day, although annualized. That’s after Yearn Finance released they YFI token to govern the Y pool that runs on the Curve defi platform. This token has no value whatever, Andre Cronje of Yearn Finance said, and yet the market seems to completely disagree with him. As soon as the token launched, the assets under management (AUM) in the pool jumped from about $8 million to $100 million. The interest rate went nuts, from 10% a year to 2,000%, albeit somewhat briefly with these interest rates constantly changing based on supply and demand rather than being fixed. Y pool has “control mechanisms, configurable fees, maintenance controls, and rules that can be modified. Thus far, these have been managed by us,” Cronje said, adding:…

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