Can Andre Cronje’s “Leveraged Vaults” Get YFI To New All Time High?
Decentralized Finance protocol Yearn Finance is nearing it’s all-time-high now that its most recent DeFi offerings, which include leveraged vaults in Yearn V2 are nearing launch. Can crypto wonderboy Andre Cronje deliver another successful project that can operate within the umbrella of teams that YFI now holds?
When Bitcoin dropped 20% earlier this week and other altcoins were dragged down with it during a profit-taking day, YFI and other Blue Chip DeFi coins saw major losses. YFI, which was nearing it’s all-time high of $38,000, dropped to around $28,000.
By now, it has recuperated some of that loss and is trading at $32,000 at the time of writing.
Tech developer Cronje teased his many fans in the cryptosphere with a screenshot a few hours ago, claiming that V2 is near, to great excitement.
Vaults, if successful, would operate as a smart contract that generates a sort of passive income for holders of cryptocurrency. Anyone would be able to deposit cryptocurrencies such as Ethereum, USDC, YFI and many others in them to generate a regular (and hopefully stable) yield paid in the coin they deposit in their vault.
Cronje’s team took over multiple other projects this year and has already launched many exciting projects in the cryptosphere. We’ll see if this one does well shortly.