Skip to main content

YFSwap to Turn Legacy Cryptocurrencies into High Yield DeFi Tokens

 


The DeFi movement is in full swing as platforms leverage of the capabilities of blockchain technology to create unique investment products capable of offering attractive returns. 

YFSwap is one such project that allows users to convert their legacy cryptocurrencies to much more flexible DeFi tokens and use them to explore various investment opportunities which is otherwise impossible.

The YFSwap tokens are designed to emulate the market dynamics of legacy cryptocurrencies like Bitcoin and Ethereum, magnified 1000 times. 

Meaning, the YFSwap token version of Bitcoin is a thousand times scarce than the actual cryptocurrency and theoretically, if the price of BTC increases by $1, then the effective increase in the price of YFBTC will be around $100. 

The same holds good for the total supply of YFBTC which will be 21,000 tokens in place of Bitcoin’s maximum cap of 21 million coins along with a similar, proportional reduction in rewards structure as well.

The YFSwap platform aims to create DeFi token analogues of some of the leading legacy cryptocurrencies, with YFBTC and YFETH being the initial ones. 

Other cryptocurrencies YFSwap intends to emulate in the near future include TRX, DOT, NEO, LTC, ADA, XMR, and XLM in the form of YFTRX, YFDOT, YFNEO, YFLTC, YFADA, YFXMR and YFXLM, respectively. 

With these DeFi tokens, users will be able to participate in yield farming, staking and exchanging them for other tokens.

Partnering with BITTO

YFSwap’s DeFi versions of legacy cryptocurrencies like BTC and ETH is the product of a collaboration between YFSwap and BITTO, a leading blockchain solutions platform. 

Apart from these tokens, BITTO is also working on YFSwap.Finance DEX, a Sushiswap alternative. With the implementation of governance and timelock protocols, BITTO will assist YFSwap.Finance in operations until a strong community is created, following which the DEX will start operating independently while the former’s role will be restricted to further technical development of the platform. 

Meanwhile, BITTO is also working on launching its own licensed crypto exchange service later this year, and the current relationship between the parties can potentially translate to additional support for YFSwap tokens.

The YFSwap.Finance DEX aims to link liquidity between leading exchanges like Huobi, OKB, Binance and more by integrating their native tokens as pairings to acquire YFETH reward token, whereas the YFBTC will act as primary yield reward.

YFSwap already has ongoing free reward token and private crowdfunding campaigns to encourage new users to acquire YFETH. As a part of the “Claim Free Token” campaign, those holding UNI, BITTO, YFI, BAL, LINK, BNB, HT, OKB, BAND, NXM tokens in their Metamask wallet stand to earn up to 3 YFETH for free. 

Meanwhile, private crowdfunding participants can purchase YFETH at discounted rates against ETH deposits.

YFBTC Yield Farming

YFBTC.net will officially open the doors for YFBTC yield farming by end of October 2020. Users can stake their ETH, USDT, BITTO, WBTC, RENBTC, and TBTC to claim YFBTC rewards. 

However, it is worth noting that by staking BITTO-LP users can earn 1.5X more rewards than other tokens. Those willing to purchase YFBTC can now do so on UNISWAP.

YFSwap’s plans to introduce YFTRX, YFDOT, YFNEO, YFLTC, YFADA, YFXMR, and YFXLM will create more yield farming options for the community, which could make YFSwap one of the largest DeFi platforms in the industry.


Comments

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

  Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move  does not seem to be going over well  with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a  FAQ provided by Coinbase , for Canadian users, ...

Farm GRASS earn MONEY

  Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets.  One such groundbreaking avenue involves earning money by selling your unused internet connection.  By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks.  It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen.  The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...