Yearn Finance, Fantom Rally on Multi-Channel Expansion

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Key points to remember Yearn Finance has extended its vaults to the Fantom network. Both YFI and FTM tokens reacted positively to the news, making double-digit gains. Plans for Yearn to expand to other chains such as Arbitrum and Polygon are already underway. Share this article

Yearn Finance, one of the first DeFi protocols, extends to the Fantom network.

Yearn Finance switches to multiple channels

Yearn Finance breathes new life into the DeFi space, announcing that the protocol will move to multiple channels.

The kingdom of Multichain beckons.

And Yearn answered the call. ??

Today, we are moving to multichain with the launch of Iron Bank Fantom and the first Fantom vaults on https://t.co/hEVzLGbOsI🧵 pic.twitter.com/IaAtDqdkYi

– yearn.finance (@iearnfinance) October 7, 2021

In a Twitter thread announcing the move Thursday night, Yearn’s team explained that they chose Fantom for the protocol’s first extension because it’s “fast, simple to use, and easy to link.” Additionally, the Fantom network supports Yearn development tools and Iron Bank protocol partner Cream Finance.

The team added that Yearn founder Andre Cronje was also a huge fan of Fantom. Cronje started making a text-based RPG called Rarity on Fantom last month. It has accumulated over 230,000 players since its launch.

Following the announcement, Yearn’s YFI governance token rose more than 17% before slowing down. However, the real winner of Yearn’s multi-channel movement appears to be Fantom. Following a string of bullish news, including the launch of the DeFi Geist Finance protocol, the FTM token has climbed 91% in the past seven days.

FTM / USD Chart. Source: CoinGecko

Yearn Finance allows users to deposit crypto assets into vaults and browse DeFi protocols for the best returns available on each asset. With the launch of Yearn on Fantom, users can initially deposit funds into vaults for Wrapped Fantom and DAI, USDC, and MIM Stable Coins. So far, users have deposited over $ 49 million into Fantom Network vaults.

Yearn Finance was one of the first DeFi protocols to launch at the start of last year’s “DeFi Summer”, quickly becoming one of the most popular yield aggregation platforms on Ethereum. Since then, it has maintained its DeFi blue chip status and is currently the ninth largest DeFi protocol with a total value of over $ 5.3 billion locked down according to DeFi Llama.

Unlike other DeFi protocols, Yearn previously took a more conservative development approach, choosing to develop their existing products with laser-like focus. The announcement that Yearn is expanding to other channels marks an important development for the protocol going forward. Interestingly, Yearn’s team also hinted that they could launch on Arbitrum, Optimism, Polygon, and Avalanche in the future. “There will be more multi-channel fun soon,” the announcement reads.

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.

This news was brought to you by ANKR, our favorite DeFi partner.

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