Person of the Year, Andre Cronje, the founder of Yearn Finance has released a new decentralized finance (DeFi) protocol called yCredit.
yCredit allows users to deposit ERC20 tokens and receive a 99.5% USD based credit line represented via the yCREDIT ERC20 token.
If you deposit $100 worth of AAVE, you will receive 99.5 yCREDIT. If you burn 100 yCREDIT you will receive your AAVE.
With yCredit, users can borrow or purchase any ERC-20 token that is supported as collateral in the system. The currently supported tokens are AAVE, BNB, BUSD, CRV, COMP, DAI, ETH, LINK, MKR, REN, renBTC, SNX, SUSD, TUSD, UNI, USDC, USDT, wNXM, wBTC, and YFI.
yCredit will charge a 0.5% fee for every deposit, trade, swap, borrow, or repay. The collected fees will be distributed to users that stake yCREDIT in the yCredit contract, said Cronje.
Read more:
- The Victims Of The Eminence (EMN) Theft Have Launched A Crowdfunding Campaign To Sue The Inventor Of Yearn Finance, Andre Cronje
- Scammers Created Fake DWAP Tokens And Stole $ 53K Worth Of Ethereum After CEO Andre Cronje’s Deriswap Announcement