Today in DeFi - More YFI, Bancor V2, 4B TVL

Another day, another hectic series of events in the world of DeFi.

• More YFI Clones

• Bancor V2 Launches

• $4B TVL

More YFI Clones Appear

After YFI’s rocketship launch two weeks back, clones have started appearing. First there was YFII, and now there is YFFI and even more iterations.

As you may guess, not all of these are legitimate. One fork called YYFI minted a million YYFI and started draining the Balancer pool.

Mariano Conti | conti.eth @nanexcool

I forked @Weeb_Mcgee yieldfarming site to check on YYFI. Got in for a bit then out, figured there was too much risk. Then the owner minted 1,000,000 YYFI and started draining the Balancer pool. Interesting to watch in real time. Stay safe! And DYOR!

Even YFFI, a relatively benign fork of YFI, seems to have engaged in dubious tactics. It seems that the founders may have been premining for several hours before opening the project up to the public.

Toos! @ka_toos

1/ For anyone looking to get into @YFFIFinance Here is a few good reasons why you should STAY AWAY! @iearnfinance @AndreCronjeTech Reason 1: @Rewkang

Andrew Kang @Rewkang

6. Rush for the exits & huge dump as farmers and holders realize that the yields will continue to drop and the token is heading for a death spiral

While yields are attractive, YFI-clone farmers and speculators need do serious research into contract safety, admin key control, and token distribution to understand what they’re getting into. Andrew Kang’s YFI-clone commentary may provide some guidance.

Bancor V2 Launches

Bancor @Bancor

#BancorV2 Launches

medium.comBancor V2 LaunchesThe Bancor v2 smart contracts have been successfully deployed to the Ethereum mainnet.

Bancor V2 launches. Bancor is the original Automated-Market-Maker based Decentralized Exchange. In this update, they claim to have solved Impermanent Loss, and also provide “liquidity amplification”. Does it live up to the hype?

Initial reviews seem positive, but the trial is currently limited in scope and may not provide the whole picture yet.

$4B in Total Value Locked

DeFi has now crossed the $4 Billion mark, and people are barely blinking an eye. Growth in DeFi applications has been on a steady rise, with an eye-popping number of projects launching or upgrading seemingly every day.

Hayden Adams 🦄 @haydenzadams

Uniswap triggered the circuit breaker in google trends 😅

CryptoLaelaps @CryptoLaelaps

@UniswapProtocol trending so HARD it broke the charts! #crypto's favorite exchange going mainstream! $ETH native #DEX's taking over the game. @haydenzadams 👏👏👏💪💪 https://t.co/Hs6wZfIuSW

Retail interest in DeFi applications also seems at an all time high, with Uniswap breaking search records.

Till next time - enjoy the wild ride that is DeFi!
-Danger