YFLink – Is This DeFi Coin Behind The Latest LINK Pump?
Chainlink investors have been in for a wild ride lately. In the last 3 days, the LINK price went up by as much as 36.32%. Sitting currently at $12.91, it had a low of $9.23 and a high of $13.83! […]
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Chainlink investors have been in for a wild ride lately. In the last 3 days, the LINK price went up by as much as 36.32%. Sitting currently at $12.91, it had a low of $9.23 and a high of $13.83! Apart from the excellent recent partnerships with Deutsche Telekom, Center Prime for data from major Korean banks, Chinese State’s Blockchain-based Services Network, and major advancements on the technical front, there is another element that might have caused recent rally – the introduction of YFL token!
The YFLINK or YFL governance token was introduced on August the 7th and fuses the LINK token with the wildly popular YFI liquidity mining mechanics. The YFI liquidity mining yield aggregator mechanics themselves were introduced recently by Mr Andre Cronje in the form of the yearn.finance YFI token.
The users provide the yield to be deposited to best lenders (yCurve pool on Curve Finance) in exchange for governance tokens, which allows them to vote on important parameter changes. Once the highly anticipated Curve.Fi CRV token launches, they will be eligible for them as well.
YFL Token – The Missing Link?
The YFL token operates on the same mechanics with one key difference – instead of providing liquidity to the yCurve pool, it will farm LINK tokens instead, by depositing user provided liquidity into different lending pools, generating high rewards over time. Similarly, the providers of liquidity to YFL pools will receive YFL tokens for governance.
A total of 6 pools will be created (currently 3 live) with a max supply of 85,000 tokens. The inflation will be the highest in the initial four weeks and last around fifteen weeks. The Balancer and Aave pools will receive LINK liquidity.
There is high interest amongst LINK token holders for this endeavor, seeing the earlier grand success for YFI tokens. The buying pressure on the exchanges has been extra-ordinary as of late and there are indications that the recent rally might have been kick-started by investors looking for lucrative rewards.
About Chainlink
Chainlink is a decentralized data oracles service, which connects smart contract to off-chain real world events information. The oracles are secure, resistant to manipulation and thus reliable. The main product Chainlink price reference contracts consists of 30 DeFi price feeds, on the Ethereum network, each consisting of 7 to 21 secure, independent Sybil resistant nodes, sourcing data from a high quality aggregator.
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