The market maker has been attempting to shore yield by approaching DAOs for loans and to convince the community members that it would support markets for Yearn’s yCRV token. Voters believe that the proposal is unfair to the community of YFI holders and believe that Wintermute is trying to “extract value” from the crypto projects it supports. By securing YFI tokens, Wintermute will stake it in a yCRV-CRV pool to generate higher yields and leverage its own CRV tokens at minimal cost.
At its core, Yearn is focused on decentralization and loaning out its governance token to a market maker does not seem favorable to the ethos of the DAO. At the time of writing, YFI token price yielded 3.57% losses in the 24-hour timeframe. The token continues to bleed as the community of voters reject the market maker’s request.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
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Source: CoinDesk - 🏆 291. / 63 Read more »