YfDFI Finance, the community-powered DeFi project is edging closer to its goal to become a DeFi Financial Center. According to the official announcement, YfDFI is releasing its much-awaited farming platform today. The excitement around the launch is high as it promises captivating rewards to the Liquidity Providers (LPs). Once the platform goes live, the LPs will be able to farm the LP tokens and earn up to double-digit weekly interest. Moreover, to ensure complete security of the deposits, the farming contracts have been fully audited by Hacken Club, the leading cybersecurity organization.
Currently, there is only one liquidity pool (Liquidity Pool #1) available for YfDFI token holders. However, the community is working towards the launch of other liquidity pools. On 20 January 2021, that is today, the community is launching the farming platform for liquidity providers on Uniswap (Pool B). It is a community-powered liquidity pool on Uniswap (WETH/YFD).
Fantastic Liquidity Pool Rewards
The LPs on YfDFI Liquidity Pool#1 were already earning 0.3% of the transaction fee on Uniswap. With the release of the farming platform, all LPs on Uniswap will be able:
- Farm their LP tokens (Uniswap Pool Tokens)
- Earn up to 10% weekly interest (APW). The weekly interest will be rewarded until all YFD tokens reserved for the pool are distributed.
|Vault||Locking Period||Reward (YFD Token)||Duration||Expiry Date|
|Vault 1||3 days||30||12||20/01/2022|
|Vault 2||30 days||60||12||20/01/2022|
|Vault 3||60 days||80||12||20/01/2022|
|Vault 4||90 days||110||18||20/07/2022|
Start farming with YFD
The Liquidity Providers can earn Uniswap fees and YFD tokens as rewards. Once the users deposit their WETH/YFD in Uniswap Liquidity Pool (Pool#1), they will receive the LP tokens. Furthermore, these tokens can be redeemed on Uniswap.
Moreover, after successfully farming the LP tokens in Pool B, the users will earn up to 10% weekly interest in the YFD token. However, users can stop farming anytime.
Interestingly, the rewards on the YfDFI farming platform will be distributed on a daily basis. For each week of liquidity farming completion, the LPs can earn up to 10% weekly interest that breaks down to 1.42% interest every day.
Well-secured farming contracts
According to Hacken Club smart contract code review and security analysis report, the farming contract is well-secured. Furthermore, the Hacken Club team performed a code and functionality review of the farming contract and found no critical issues.
In the last 24 hours, YFD price has soared by over 51.2%. At the time of press, the YFD token was trading close to $487 and is edging close to its all-time high of $497.68.
YFD was one of the altcoins that performed very well during the bitcoin volatility days of 2020. For more crypto updates, do subscribe to the Altcoin Buzz YouTube channel.