Bankless SotN#7 - EXPLOSIVE, Special Guest: DARYL LAU (YFI TOKEN MAGIC, ETH PUMPED, DEFI RISK)
Jul 28, 2020
Daryl Lau, a YFI token governor and insightful crypto researcher, joins the discussion to explore the magic behind YFI's explosive growth and its impact on the DeFi landscape. The conversation dives into Ethereum's recent price movements and the inherent risks of yield farming. Lau provides a deep analysis of YFI's governance model, shedding light on innovative token distribution strategies. Listeners also gain insights into the resilience of DeFi protocols and the critical importance of understanding risks associated with decentralized finance investments.
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YFI's Explosive Growth
- Andre Cronje launched YFI, calling it valueless.
- It gained over 1,000% in seven days, reaching $4,500.
YFI's TVL Growth
- YFI's price initially correlated with its total value locked (TVL).
- The TVL surged due to high APRs, reaching $400 million.
YFI Distribution Strategy
- YFI's initial 30,000 tokens were distributed across three liquidity mining pools.
- These pools incentivized users to engage with the yearn.finance ecosystem.