YFUNI: A Yearn Inspired Suite of Next-Gen DeFi Products

Yearn Finance protocol was one of the largely successful Defi protocols on the Ethereum blockchain. YFUNI aims to innovate on the highly successful Yearn products for the Binance Smart Chain network’s growing users.

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Introduction

Yearn Finance is part of the top crypto projects that grew exponentially with the decentralized finance(Defi) ecosystem on the Ethereum blockchain. Yearn.finance is one of the leading yield optimizers who first introduced smart vaults. Recently, there have been calls for a Yearn Finance-like concept/project on the Binance Smart Chain (BSC) network due to its increasing adoption, cheap fees, and fast transactions. YFUNI is thus providing a Yearn Finance-inspired project to the BSC ecosystem.

What is YFUNI?

YFUNI Finance is a Yearn inspired project that serves a next-generation product suite revolutionizing the Decentralized Finance ecosystem. The project aims to provide innovation, yield farming aggregation, lending aggregation, and crypto banking, all on the BSC network.

The project will adopt all of the first Yearn Finance features on the Ethereum chain and implement even more financial products. It aims to introduce an innovative banking system on the Defi ecosystem and power a decentralized saving and multi-level interest generation protocol. The ecosystem guarantees equality, equity, and security for users in staking cryptocurrency assets while improving user experience through its simplified Defi smart portal.

Key Features

Lending

Crypto Banking

Yield Farming

Staking

Governance

Mortgage

Barter (peer to peer transactions)

Project Components

uEarn is the Auto Yield Farming Aggregator with smart Robo advisors that strive to achieve the yields for supported assets (YFUNI, UNICORD, BAKE, CAKE, BURGER, and WBNB). It carries out these activities by pooling funds together and allowing for secure distribution through smart contract execution.

uVault: is the platform in which users can deposit YFUNI, stablecoins, and earn passive income without high risk in addition to a flexible APR.

uBarter: YFUNI finance will be the first to provide a peer-to-peer barter system within the decentralized finance space. Users will be able to swap crypto assets in a peer-to-peer manner.

uBorrow and uMortgage: Get access to loans with competitive rates and no KYC needed with the uBorrow feature. Users will also have special access to the YFUNI pawn system that provides more benefits for customers.

uGov will function as the governance protocol where YFUNI holders can participate in the YFUNI revolution through governance. The governance model will be the first of its kind and allows for cost-free voting publicly verifiable by YFUNI holders. To provide a healthy ecosystem, YFUNI will incorporate a unique onchain voting mechanism to introduce flexible parameters. Users can vote for:

Launch of new pools (new tokens, different lock-up periods)

Proposals related to future developments within the YFUNI ecosystem

The platform is still early in its development phase, with more features planned in the future, including NFTs, Swap, and Insurance. Some of the project components are yet to go live since the project launch is around 30 March-1st April, some few days left, so attempting them may return an error at the time of this review.

Critical timelines, project updates which include a new audit from a reputable audit firm on the BSC ecosystem, Certik, are scheduled for the 29th of this month.

The project has entered several strategic partnerships with projects that further strengthen the vision of the protocol. Partnership with Accurate Capital, which took part in the private investment round, will help with community growth, advisory, and access to industry network and resources.

Partnership with LID Protocol, automated ILO platform, and Dextool, a crypto chart tool for Dex tokens, building on the YFUNI range of products and services.

Source : bsc.news

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