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The highly anticipated Yearn Finance Ethereum liquidity vault, yETH, has gained a lot of traction on its first day with around $100 million in ETH already deposited.
The DeFi yield farming frenzy is not only limited to food meme tokens such as Yams and Sushi. Those holding Ethereum can now gain exposure to other assets simply by depositing it and without the need to harvest anything.
As reported by CoinGape yesterday, the Yearn Finance yETH vault uses collateral deposited in ETH to mint Dai from MakerDAO using a collateralized debt position (CDP). The stablecoin is then used as collateral on high yielding liquidity pool Curve.fi to generate CRV, which is then recycled back into ETH through decentralized exchanges. The net result is an impressive 94% (at the time of writing) APY on the original Ethereum stake.
Ethhub founder, Anthony Sassano, has been keeping track of early deposits into this vault to gauge its popularity, and he has not been disappointed.
Update: ~218,000 ETH are now in the yETH vault.
yETH is money. https://t.co/072JskkXy9
— Anthony Sassano | sassal.eth 👨🌾 🏴 (@sassal0x) September 3, 2020
Sassano added that this makes it the fourth largest vault on MakerDAO; “Told you this thing would be a black hole for ETH,”
At the time of writing, that figure had increased to 232,000 ETH which, at current prices worked out at around $100 million in vault liquidity.
Reacting to the yEarn vault, MakerDAO governance proposed an executive vote to increase the ETH debt ceiling from 420 million to 540 million. This would effectively enable more Dai to be minted for use in the DeFi vaults.
Management consultant and twitter user ‘DCinvestor.eth’ [@iamDCinvestor] commented that it is bullish for Dai in addition to ETH.
“This sort of thing may actually be what allows DAI to compete head to head with custodial stable coins, and over time could be preferred to deep liquidity and no off-chain trust requirements (aside from oracles). This could be DAI fulfilling its prophecy.”
The naturally curious crypto community also took a potentially negative view of these liquidity vaults with Arcane Assets CIO Eric Wall suggesting that yETH vault administrators may end up controlling enough Ether to theoretically launch an attack on Ethereum 2.0.
Ethereum co-founder Vitalik Buterin quickly downplayed the risks associated with 51% attacks targeting ETH 2.0 stating that, unlike in proof-of-work, a malicious actor could attack once, but would be quickly ‘slashed’ or ‘soft-forked’ and lose control over the coins needed to maintain the attack.
We need to get past the myth that it's *fatal* if one entity gets enough to 51% attack PoS. The reality is they could attack *once*, and then they either get slashed or (if censorship attack) soft-forked away and inactivity-leaked, and they lose their coins so can't attack again. https://t.co/utash1hUDU
— vitalik.eth (@VitalikButerin) September 2, 2020
The latest opportunity in DeFi has been wildly popular and although there are still risks involved, it appears far safer than dealing with Sushis, Hotdogs, Pizzas or Kimchis.