Just after being "unblocked" by Balancer, YFII forked out YFIII again...
On July 27, the DeFi "popular spicy chicken" YFI (yearn.finance) was forked out of YFII (yfii.finance) by the Chinese community. On July 29, in less than two days, the front end of YFII was deprived The centralized trading platform Balancer was forcibly delisted.
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The front end of YFII was "accidentally" blocked by Balancer
On the afternoon of July 29, according to the YFII community, the Balancer front-end code temporarily blocked YFII’s liquidity mining page, and the code showed that it was directly defined as “ScamPool (fraudulent fund pool)”.
This move has been criticized by many participants in the domestic DeFi community, and many communities have also condemned that Balancer's move violates the essence of decentralization.
YFII officially launched the initiative of "forking Balancer" on Twitter, and stated that it will launch BBX at 20:00 on July 29.
YFII community volunteer Wang Hao (anonymous) told Odaily that this situation will not affect the safety of users’ funds, and may affect the user’s deposit and withdrawal process in a short period of time. In addition, he also revealed that various wallets have forked multiple versions of the front-end of Balancer.
As a result, the price of YFII fluctuated violently. According to CoinGecko data, YFII fell from $753 to $500 in a short period of time, a drop of 33.5%, and then rebounded quickly. As of press time, it was quoted at $694.28.
The price of YFI is still firm and rising.
However, not long after the incident, Balancer officially apologized for this and re-launched the page: Timur Badretdinov, Balancer front-end development director, publicly stated that it was his own operational errors that caused the YFII pool to be blocked, and YFII has now been reopened He apologized for the impact on the liquidity mining page.
With Balancer’s apology, this incident can come to an end. In the eyes of many people who eat melons, this incident may not be a big deal, but it has risen to the issue of centralization and support of DeFi in the DeFi community and YFII community” Domestic DeFi" height.
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From YFI to YFII to YFIII, endless forks
YFI is a governance token issued by the DeFi aggregation income agreement yearn.finance (formerly iearn.finance).
To put it simply, the yearn protocol can optimize the storage income through algorithms, that is, it can automatically put the assets stored on it by users into the projects with the highest income in DeFi to earn currency arbitrage. However, if you want to obtain higher returns (the highest annualized rate of return was once as high as 1000%), you need to use the governance token YFI of the yearn protocol. Similar aggregate financial management projects include 1inch, Totle, mStable, etc.
Andre Cronje, the founder of yearn.finance, once wrote in Medium, “It is very simple to earn YFI, provide liquidity for the above-mentioned platforms, and pledge the tokens obtained from the loan to the distribution contract, and you can earn YFI every day.”
The reason why YFI can have such a high popularity in a short period of time is naturally inseparable from the recent skyrocketing of YFI.
On July 18, yearn.finance officially launched the governance token YFI and started liquidity mining. According to CoinGecko data, the price of YFI at its highest point was $4661.97, an increase of nearly 140% compared to the price of $34 at the time of publication. times.
Although this year's DeFi liquidity mining boom has created many tenfold coins like COMP, the hundredfold coin is really rare, and naturally it quickly attracts a large wave of traffic.
However, as soon as YFI’s liquidity mining boom came to an end, YFI was forked out of YFII by the Chinese community.
On the afternoon of July 29th, Robert Leshner, the founder of Compound, joined the YFII WeChat community to participate in the discussion. At first, his real identity was questioned by members of the YFII community. Later, Leshner had to post on Twitter to prove that he was himself:
Because there are only 30,000 YFIs, and they can only be obtained through mining (the mining has been completed), someone in the community proposed to issue additional YFIs for everyone to continue mining (that is, the YIP8 proposal, and the old Bai we mentioned above is the proposal of this proposal) submitter).
The YIP8 proposal is a governance plan for YFI, the specific contents include:
Adopt a model similar to Bitcoin halving, halve every week, and issue an additional 30,000 tokens within two months;
After the original total of 30,000 YFI liquidity mining is over, liquidity mining will continue for the additional 30,000 tokens issued;
After the additional issuance is completed, the additional private key will be destroyed and no additional issuance will be made in the future. The total amount is limited to 60,000.
However, the YIP proposal was not voted through in the original project YFI, so community users who supported this proposal forked and created a new project YFII.
The community started YFII mining in the early morning of July 27 according to the content of the failed YIP8 proposal. The total number of YFII is 60,000, which are all obtained through mining like YFI, and the output of YFII is halved every week.
YFII token details are as follows:
Like YFI, YFII has no pre-mining and no ICO... All YFII comes from mining; the settings of the three pools are basically the same as YFI; Mining income; other pools, products, staking, etc. may be launched in the future.
Although YFII is a forked version of YFI, there are also doubts that the YFII code has not undergone a security audit, and it is unknown whether there are loopholes (Wang Hao told Odaily that a top security laboratory in China is currently auditing the contract code, and the results are expected to be released soon) , but it still can’t stop investors’ enthusiasm for “sweeping wool”. By querying Etherscan, it can be found that the value of assets locked in YFII has been close to 3.78 million US dollars as of press time. In just two days, the number of transactions that interacted with this address It has reached 620 pens.
In addition, by querying Etherscan, Odaily found that just two hours before YFII was accidentally blocked by Balancer, the token of YFIII was born.
It is not clear who forked YFIII from, who is the team behind the fork YFIII, only that the total supply is 10,000 pieces, some netizens on Twitter and Weibo couldn’t help but start to joke: “YFIII is out, YFIIII , YFIII may not be far away..."
The explosive growth of liquidity mining is obvious to all. How long this enthusiasm can last is a big question mark.
