Yearn Finance, a DeFi cryptocurrency known as the “blue chip,” has started trading on the Phantom network. Yearn Finance has added the Fantom network to its operations. Both the YFI and FTM tokens rose by double digits in response to the announcement. Yearn, an altcoin project is already planning to expand to additional chains like Arbitrum and Polygon.
Two Other Altcoin Projects Have Also Risen In Popularity
Yearn Finance, one of the most established DeFi protocols, is now available on the Phantom network. Yearn Finance is converting to a multi-chain system. Yearn Finance has given the DeFi market a new lease on life by stating that its protocol will be multi-chain.
The change was announced in a Twitter thread. Phantom was chosen for the protocol’s first expansion because it was “quick, simple to use, and easy to bridge,” according to the Yearn team on Thursday night. Additionally, the Phantom network supports Yearn’s development tools as well as Cream Finance, the protocol’s Iron Bank partner.
Phantom is also a big fan of Yearn Founder Andre Cronje, according to the team. Last month, Cronje began work on Rarity, a text-based RPG on Phantom. Since its inception, it has attracted over 230,000 participants. Yearn’s YFI management token soared almost 17 percent after the news before plummeting. Phantom appears to be the actual winner of Yearn’s multi-chain move. The FTM token has risen 91 percent in the last seven days as a result of a slew of positive news, including the debut of DeFi protocol Geist Finance.
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The Rise Of Yearn
Yearn Finance allows users to store their cryptocurrencies in vaults and compare DeFi protocols to find the greatest possible return on each asset. Users can deposit into vaults for Fantom and stablecoins DAI, USDC, and MIM with the launch of Yearn on Fantom. Users have deposited nearly $49 million in the Phantom network’s vaults thus far. Yearn Finance was one of the first DeFi protocols to launch at the start of last year’s “DeFi summer,” and it has since grown to become one of Ethereum’s most popular return collection platforms. DeFi has maintained its blue-chip status since then, and according to DeFi Llama, it is now the eighth largest DeFi protocol, with a total value of over $5.3 billion.
Unlike other DeFi protocols, Yearn has historically taken a more cautious approach to development, opting for a laser-like focus in its present offerings. The revelation of Yearn’s spread to other chains is a significant step forward for the protocol. Yearn’s team also mentioned that it would launch in the future in Arbitrum, Optimism, Polygon, and Avalanche. The notice stated, “More multi-chain fun coming shortly.”