Person of the Year Andre Cronje releases new DeFi protocol yCredit

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.

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