CryptoComes Original Article
DFI.Money, previously known as YFII, represents a fork of the Yearn.Finance (YFI) decentralized finances protocol (DeFi). It aggregates liquidity pools allowing its users to "yield farm" on their Ether-based assets. Yesterday it broke into the lists of the top gainers of the crypto segment.
When DeFi hype meets "listing pump" effects
It was announced yesterday that Binance (BNB), a leading cryptocurrencies exchange ecosystem, decided to add DFI.Money (YFII) to its spot positions suite. Trading commenced at 11:00 a.m. on Sep.1, 2020. Initially, trading pairs with Bitcoin (BTC), Binance Coin (BNB), U.S. Dollar Tether (USDT) and Binance USD (BUSD) were activated.
The price of YFII skyrocketed immediately after listing and reached its peak at $9,865 on some exchanges. Thus, with its "Binance listing price" at around $3,088, its price more than tripled during the first day of trading.
However, at press time, this asset is going through a pullback. Now it is changing hands at $7,711, or down 21.77% from yesterday's local high.
At the same time, Binance (BNB) has launched four trading pairs with SushiSwap (SUSHI), the native asset of the decentralized liquidity provision platform and staking ecosystem. It disseminates 0.25% of all trading fees for swaps with SUSHI to SushiSwap liquidity providers while 0.05% goes directly to tokenholders.
SUSHI could also be a textbook example of a "listing pump" in DeFi. It gained 162% in a few hours after listing began, but its correction is way more painful than that of YFII. At press time, SUSHI is "only" up 17% from its listing price, trying to hold above the $7 level.
Waiting for more YFI forks on Binance?
DFi.Money (YFII) forked from the initial version of the Yearn.Finance (YFI) protocol on July 26. It has one crucial difference due to the implementation of Yearn.Finance Improvement Proposal 8 (YIP 8).
With this proposal implemented, the minting of the native platform token is prolonged and the weekly-halving emission curve is reorganized. DFI.Money also optimizes "yield farming" strategies for the users of Aave (LEND) and Compound (COMP) protocols.
As covered by CryptoComes previously, UniswapV2 decentralized exchange ecosystem is over-saturated with forks of YFI.
Some of them do not even initiate a security audit by a third-party cybersecurity vendor. Therefore, both users and investors in their utility tokens should be very careful.
