Today in DeFi - CRV Admin Fees, creamY AMM, YAM Relaunch
CRV Admin Fees
A new Curve Improvement Proposal - CIP 13 is taking effect soon. This proposal institutes a .02% admin fee and distributes it to veCRV holders - those who lock up their CRV in the governance system in exchange for veCRV.
As Charlie explains it, this currently generates significant rewards for veCRV holders.
For those that have wondered what the purpose of governance tokens is, Curve is demonstrating it fairly clearly.
CREAM Announces creamY
CREAM Finance just announced creamY, an AMM that offers quite a few new features, as they explain it in their article:
โDynamic Update: Dynamically update the list of supported tokens to keep up with the latest innovations.
Yielding, Stable Versions: Hold or transact with yielding, stable version of the underlying asset.
Consolidated Liquidity: Trade within the largest set of assets rather than fragmented subsets of them.
Single-Sided Liquidity: Provide liquidity by using one instead of needing two or more tokens.โ
While it started off as a fork from Compound, CREAM Finance has differentiated itself with support for many DeFi project tokens other projects donโt support, as well as CREAM Swap - a Balancer fork. However creamY seems to be an entirely new project.
Weโre keeping our eyes on this one.
YAMs Relaunch
YAMs, the ground-breaking yet controversial root vegetable, have relaunched. Yamv3 is live and can be migrated from Yamv2 at yam.finance.
The first pool is a YAM/yUSD incentivized pool. What is yUSD you ask? yUSD is a rebrand of yyCRV, the yield-ception token you get from depositing yield-bearing yCRV into yearn financeโs yCRV vault.
YAMs kickstarted the food-farming craze, but they also had issues. This time, the team has taken its time to check all the boxes before they re-launch. Nevertheless, I advise catching up on whatโs been going on and doing your own diligence before jumping in. You can do so at the YAM Medium page and by following their twitter.
Disclaimer: DeFi projects are experimental and often have substantial technological and financial risk. Do your own due diligence before participating.