Like with many other DeFi tokens in recent weeks, CORE is inspired by YFI especially the vaults feature. While YFI had the lead for a couple of months after launch, newer projects like Core and Pickle are nibbling at its heels. This is not surprising since the rewards are high – after all, YFI is close to a billion dollars in marketcap and even if a new project can get 1%-10% of that market, it is worth a try.
CORE has strategy contracts similar to YFI. These charge a 5% performance fee. This fee is used to auto buy the CORE token. There does not seem to be any withdrawal fee from these vaults.
CORE however goes beyond just a usual clone. It has a funky UI which has become the norm after Curve. More interestingly though, it is a deflationary token unlike YFI which is a fixed supply token. The number of CORE tokens is capped at 10,000 but that number will only go down over time.
How to Buy CORE
Currently the best way to buy CORE with ETH is on Uniswap. If you’re starting from a non-ETH token – say you want to diversity from YFI, make sure to first convert to ETH on an aggregator like 1inch so you get the best rate.
As you can see, CORE has healthy trading volume. Over the last 24 hours, the trading volume of CORE on Uniswap is over $70 million. This is pretty impressive by itself. This is almost 3 times as high as YFI in the same time frame.
This guide will help you buy PICKLE from pickle finance and understand the value of the PICKLE token in the DeFi ecosystem.
While the ‘food farming’ craze continues unabated, projects like pickle finance bring more to the table than just a useless token. PICKLE is an interesting project that combines elements of YFI and elements of traditional yield farming like SUSHI to create a real financial product for users, all the while accruing value to PICKLE token holders.
The original concept of Pickle was simple, interesting, and valuable to the entire space: Incentivize bringing stablecoins to their $1 peg. They do this by providing higher rewards to lower priced pairs, and lower rewards to higher priced pairs. For example, if DAI is currently trading at $1.02 but USDC is trading at $1.00 then the rewards for DAI/ETH will be lower than the rewards for USDC/ETH liquidity pairs.
How to Farm PICKLE
There are currently 5 pairs with which you can farm PICKLE. The first one is the PICKLE/ETH Uniswap LP pair, and the other 4 are ETH/USDT/SUSD/USDC/DAI Uniswap ETH pairs respectively.
The PICKLE holders seem to prefer a low terminal inflation in order to keep yield farming going for a long time. However, they also keep inflation in check with reducing rewards over time. The idea seems to be that if you were in one of those Uniswap pools anyway, might as well stake them on Pickle to get some PICKLE tokens. This may not prove to be true with the launch of UNI from Uniswap.
Still, even the PICKLE/ETH Uniswap pair provides good PICKLE returns if you were bullish on PICKLE. However, do be aware that this is an extremely risky pool due to high risk of impermanent loss.
How to Buy PICKLE
In order to buy PICKLE token, you are better off using decentralized exchanges since the larger centralized exchanges haven’t listed it yet. Currently, due to the incentives, Uniswap has the best liquidity. On that link, click on ‘Trade’ to buy PICKLE with ETH, or ‘Add Liquidity’ to add liquidity to this pool and get your Uniswap V2 LP tokens. Make sure you are staking these tokens back into pickle finance for that juicy APY.
As a matter of best practice, we always suggest using 1inch to check the prices first. This is because 1inch aggregates prices from all over the DEX space and gives you the best pricing. For example, a 0x relayer might have better pricing for one of the legs of the trade. 1inch is also more flexible in finding the best price for the exchange of any one token into PICKLE, so for example you can start with YFV and end with PICKLE.
Pickle finance recently announced Pickle Jars, modeled after YFI’s y-vaults. Here, you deposit LP assets like DAI/ETH into the jar (vault). There are automated strategies that use this LP token to farm other tokens, convert these farmed tokens into the underlying (DAI/ETH in this case) token, and distribute to users of the jar (vault).
The first strategy they will implement is farming CRV and UNI and selling it for the underlying LP tokens. There are also leveraged stablecoin strategies in the future, given the original premise of Pickle finance.
This is an interesting product development because it provides value to PICKLE holders immediately, similar to how YFI accrues value. It remains to be seen how much AUM pJars can attract.
This is a guide on how to buy UNI token – the “governance” token of Uniswap. The long-awaited moment has finally arrived. After months of speculation about when Uniswap would release a token, especially after the ‘vampire attack’ of Sushiswap last month, it was only a matter of time. Now it is official – Uniswap has a native governance token, UNI.
UNI has one of the best distribution you could think of – it rewards all past users of Uniswap v1 and Uniswap v2, along with retroactively distributing UNI to liquidity providers. For all the distribution details, you should read their blog post on the same topic.
Update: UNI has caused gas to spike to unprecedented levels. If you are looking to get your transaction through, make sure to read how to set nonce manually in MetaMask and the right gas price estimation for transactions.
How to Farm UNI
Firstly, the team also announced a way to farm UNI tokens, so instead of buying UNI you could simply provide liquidity to a select few Uniswap pools and earn UNI.
As of now, for the first 1 month, there are only 4 pools where you can farm UNI. These liquidity mining UNI incentives are for the following pools:
5,000,000 UNI will be allocated to each pool above, which comes out to 54 UNI per block per pool. If you want to farm UNI, hurry up and add liquidity to one of these pools, since the amount of liquidity and hence your share of UNI will only go down.
How to Buy UNI
As you might expect, UNI has the most liquidity on Uniswap among the decentralized exchanges (DEXes). This is the UNI-ETH pool to buy UNI with ETH or sell UNI for ETH.
As a general rule, if you are trading UNI, first head over to 1inch to check the prices for the token pair. This is especially true if you want to start from a different token than ETH, say LINK, MKR, BAT, REP, YFI, etc. but even for ETH. 1inch now has private market makers who may be able to give you better prices than Uniswap. If 1inch suggests 100% Uniswap, then head over directly to Uniswap to trade. Otherwise, execute the trade on 1inch.
Also, Binance has already listed UNI. Given the gas prices on Ethereum and the expected increase in gas prices with UNI trades going on in full swing, Binance might just be the more economical option.
In case you’re looking to buy UNI with fiat, you can first get some ETH on Coinbase and then follow the steps above.
Update: Not to be left behind, Coinbase Pro has announced they will start trading UNI as well. You can now simply go to Coinbase and buy UNI
This is a comprehensive guide to understanding what is yyCRV and its relationship to the underlying yCRV LP tokens. In addition, we’ll talk about how to buy yyCRV or create this wrapped token yourself by using the yearn and curve ecosystems. We will also discuss why yyCRV is becoming a standard “yield maximized stablecoin” that is sometimes being referred to simply as yUSD instead of yyCRV for this reason.
Before we dive in, this is a post on yyCRV. If you are unfamiliar, make sure you read our guide on what is yCRV first. Also, we only talk about yCRV and yyCRV here, not CRV which is a native governance token of Curve Finance.
Recap of Basics: yTokens and LP Tokens on Curve’s y Pool
Quick recap of the basics – Yearn created yTokens, which are stablecoins that automatically seek the highest yield from various lending protocols. Curve then created a stablecoin pool, “Y” pool, consisting of yDAI, yUSDC, yUSDT, and yTUSD. If you contribute liquidity to this pool, then you get the liquidity provider (LP) tokens from Curve called yCRV.
Therefore, by the time you come to yCRV, you have already combined stablecoin protocols like Maker for DAI, Yearn’s yield maximizing yTokens, and Curve’s AMM and LP tokens. Remember also that yCRV retains its value as long as all the stablecoins in the y Pool are close to their $1 value. If say one of the crashes, then yCRV token will be worth much less.
If you want to learn more about the full history, read our guide on yCRV.
y-Vaults and Depositing yCRV into y-Vaults
Yearn is an entire ecosystem of DeFi products. That is one reason we are bullish on YFI. In addition to the yTokens above, Yearn has also built what is called a “y-Vault” for various crypto assets.
When you deposit an asset into a y-Vault, you get more of that asset back. How? You simply yield farm the most profitable strategy out there as a collective.
For example, the current strategy of the y-Vault for yCRV is to farm for CRV, the native governance token of Curve Finance. Then the vault will automatically sell the CRV for more yCRV. Therefore, if you deposit $1000 into the y-Vault for yCRV today, you can withdraw around $1100 a month from now.
What is yyCRV
yyCRV is the token that you get when you deposit yCRV into Yearn’s y-Vault. This token gives your proportional rights to the vault, so you can withdraw all your yCRV (the underlying token of the vault) at will.
This token is liquid, so you can find yyCRV in your wallet when you check on MetaMask or Etherscan. This fact is very important because you can now buy, sell, trade, or spend your yyCRV.
Since the underlying assets of yyCRV are stablecoins, it is sometimes pitched as yUSD to be easier to people new to the space. This is the right marketing. The hope is that yUSD or yyCRV will replace market pairs against DAI or USDC and will become the standard. This way, traders and investors get exposure not just to a single stablecoin but to a yield-maximized stablecoin that also yield farms the best DeFi farms!
How to get yyCRV (create yyCRV)
If you want to get yyCRV starting from a stablecoin, you can simply follow these steps:
Go to Curve finance and enter the “Y” pool. Then go to Deposit. This is the direct link. You now have the option to deposit any stablecoin from DAI, USDC, USDT, and TUSD.
Behind the scenes, Curve converts the stablecoin that you supplied into all the other assets in the pool. Once your transaction succeeds, you will be issued Curve Y Pool’s LP tokens, yCRV.
Once you have yCRV in your wallet, head over to Yearn’s y-Vault and look for the yCRV vault (it is labeled as yDAI/yUSDC/yUSDT/yTUSD showing the underlying assets). Then deposit your yCRV into this vault.
Congratulations! You should now have yyCRV in your Ethereum wallet.
How to Buy yyCRV
Since yyCRV is an ERC20 token, it can trade on decentralized exchanges like Uniswap, Mooniswap and others. Some exchanges have provided liquidity to this pair so you can simply buy yyCRV with ETH or another token that you might hold.
The simplest way to do that is to go to 1inch and select which token you’d like to exchange for yyCRV (e.g. ETH or non-ETH tokens like YFI, LINK, SNX, LEND, etc.)
Note that yyCRV tends to have fragmented liquidity – for example Balancer, CREAM etc. have better liquidity than Uniswap, so it is best to go through an aggregator like 1inch, otherwise you’ll end up paying more.
This is a comprehensive guide on what is yCRV and how you can buy yCRV or acquire yCRV directly from Curve Finance. yCRV is used in a number of other DeFi protocols, including the popular yearn finance or YFI and some emerging DeFi protocols like Cream Finance. This post will help you understand yCRV and why it is used in so many DeFi applications, and finally how you can get some yCRV yourself.
Before we go further, it is important to note that yCRV is different from CRV. CRV is the native governance token for Curve Finance. However, yCRV as we’ll see is a liquidity provider or LP token. This post is about what yCRV is, and not CRV.
Understanding yTokens: What are yDAI, yUSDC, yUSDT, and yTUSD
Before we understand yCRV, we need to look into what yTokens broadly are. For example, what is yDAI or yUSDC? DAI is an algorithmic stablecoin from Maker (MKR) and USDC is a dollar-backed stablecoin from companies like Coinbase. These stablecoins have a corresponding “yToken” i.e. yDAI and yUSDC.
Simply put, yTokens are yield-enhanced (or yield-maximized) stablecoins. What this means is the yToken version of a stablecoin actually pays you interest! And not just any interest – it pays you the most interest in the safest possible way. Let’s dig further.
There are several DeFi lending protocols out there, such as Compound. (COMP) and Aave (LEND). If you deposit stablecoins into these protocols, you get some interest on your deposit – currently anywhere from 2% to 15% depending on the protocol, stablecoin, and market demand.
The lending protocols function similar to a bank in that they take deposits from depositors and lend them out to borrowers who want to borrow your stablecoins. You as a lender are protected because the loans are overcollateralized i.e. the borrowers are putting in assets more than they borrow.
yTokens are essentially wrappers around these base stablecoins, so they increase in value over time. For example, yDAI is currently around 1.05 DAI and goes up in value each day. The holder of yDAI doesn’t need to do anything or interact with the lending protocols at all – all that is abstracted from the end user.
The best part about yTokens is that it is not tied to a single lending protocol but instead will move your money around the best possible lending protocol maximizing your returns. This is what makes them “yield enhanced”.
In an ideal world, all DeFi protocols would simply interact with the yTokens instead of the native stablecoins since they accrue value over time.
What is Curve Finance
Curve finance is an automated market maker (AMM) specially for stablecoins. The way it is designed is that unlike a regular AMM like Uniswap, the slippage is very low around the stable price point and higher elsewhere. Assuming the stablecoins don’t deviate too much from their $1 price, Curve offers by far the best trading price. This makes curve very attractive for stablecoins and it has trading volume of billions of dollars a month currently.
Curve finance uses the wrapped versions of stablecoins since they are yield accruing. Therefore whenever your deposit DAI or USDC into the “Y pool” in Curve, it automatically converts it into yDAI or yUSDC. If you hold them for the long-term, you can earn 10-15% on your money simply by holding the yToken version of the stablecoin.
What is yCRV
Curve finance has a y Pool that trades yTokens against each other. The liquidity provider, or LP tokens of this y Pool is called yCRV.
When you hold yCRV, you get returns in three distinct ways:
By using yTokens, you get enhanced yield as explained above. This can by anywhere from 2-20% a year in the current market.
By providing liquidity to the pool, you earn fees (fee on Curve is currently 0.04%, split among the LPs). This is currently anywhere from 2-5% per year on an average.
CRV, the governance token of Curve, is also distributed to the LPs on Curve, which currently provides a yield of anywhere from 80-200% a year on average.
As you can see, yCRV is an attractive token to hold.
How to get yCRV
There are a few days in which you can get yCRV. They are described below.
Method-1: Directly from Curve Finance
Go to Curve Finance and enter the y Pool, then click Deposit. Here is the direct link. Now supply any of the following assets: DAI, USDC, USDT, or TUSD.
Curve will automatically convert this into the LP token by buying the rest of the tokens at the current price on Curve. After you have approved the final transaction, your wallet will have yCRV.
If you don’t have the assets above, the easiest way would be to buy USDC from Coinbase and withdraw them to your Web3 Ethereum wallet like MetaMask. Alternately, you can trade your crypto for DAI or USDC on 1inch, which aggregates the best price for you via all Decentralized Exchanges (DEXes) on Ethereum.
The downside of this method is that gas for this transaction can be very expensive.
Method-2: Buy yCRV from the Market
You can also buy yCRV directly from the Decentralized Exchange ecosystem on Ethereum. To find the best prices, go to 1inch and check their execution. You can also start from a non-ETH token, so if you have say LINK, YFI, LEND, SNX, MKR, etc. and want to buy yCRV with that, 1inch will take care of the best conversion for you. You don’t need to check all exchanges like Uniswap, Mooniswap, Balancer, Dodo, etc. manually anymore.
If you prefer Uniswap, this is the pair on Uniswap to buy yCRV with ETH. Note that Uniswap calls this pair by its “full name” i.e. Curve.fi yDAI+yUSDC+yUSDT+yTUSD. Now you know why yCRV was adopted!
This is a guide on how to buy SAKE from Sakeswap, the newest Automated Market Maker (AMM) on the block with an extensive initial farming period to distribute the SAKE token to yield farmers and the broader community.
The idea behind SAKE is very similar to SUSHI – as you might have guessed, with the success of SUSHI, a lot of clones are coming into the market that promise something similar or a better version of the AMM on their Decentralized Exchange (DEX).
The SAKE team, based out of Asia, is promising an AMM with better fee capture for liquidity providers (LPs) on their exchange. The design follows in the footsteps of Mooniswap from 1inch team which was the first to implement this design and help capture more of the value to LPs away from the arbitragers who trade on these exchanges. This means for the same trading volume, you will earn a higher LP fees on Sakeswap than Sushiswap, all else being equal.
The Sakeswap team is yet to launch their AMM, but the idea would be similar to Sushiswap in that they would migrate the LP tokens to their new exchange. This is a risky endeavor. Yield farmers should make sure they are aware of these risks and unstake their LP tokens before migration if they are unsure of the risks.
How to Buy SAKE
Currently, the best place to buy SAKE is from Uniswap. Uniswap has the highest liquidity pool for SAKE. However, ultimately how you buy SAKE depends on which currency you are starting with.
Follow this guide to make sure you get the best price when buying SAKE:
If you already have ETH in your Web3 wallet like MetaMask, simply go to Uniswap and convert your ETH to SAKE.
If you want to start with a non-ETH token like LINK, SNX, LEND, YFI, etc. and convert that to SAKE, make sure to go to 1inch first and convert this token into ETH (you’ll get the best price execution there), then follow the step above for Uniswap. If in the future 1inch team integrates SAKE natively, you do not need to do the above step at all, i.e. you can execute everything from 1inch itself.
If you are starting from BTC or a non-ETH token, first go to Binance, convert this into ETH, then follow the first step (Uniswap).
If you are starting from fiat, first go to Coinbase, buy ETH and then follow the first step (Uniswap)
How to Farm SAKE
In the first few weeks since launch, you can simply farm SAKE instead of buying it from an exchange. This will help you earn SAKE without spending ETH.
Note that as with most yield farming, the SAKE-ETH pool has the highest rewards but also the riskiest due to impermanent loss. Make sure you understand this before farming in this pool. If you want to, then you can first buy SAKE based on the guide in the previous section, and then become a liquidity provider in this pool.
The image below shows all the pools that are available.
SAKE farm has many exchange pairs as you can see above. This reduces APY for farmers, but gives them more options. If you are farming SAKE, make sure you compare the yields to SUSHI as well for highest profitability.
One interesting thing with SAKE farming is that they started with a shorter 5 day “beta” period where the rewards were 0.5x. However, after this period, the rewards will go 10x so that is a drastic increase in APY and returns.
If you want to farm SAKE, keep an eye out on any changes in the pools over time. You can join their Discord for that.
This is a guide on how to buy YFV, a clone of the popular YFI project from Andre. YFV, also called YFValue, is a suite of DeFi financial products, very similar to YFI. The main appeal of YFV is that it is still farmable, unlike YFI, and that it is considered a “cheaper” version of YFI given its lower valuation.
Whether that ends up being the right investment decision against the backdrop of YFI of course remains to be seen. However, as of now, YFV is mostly a YFI clone but may chart its own path in the future in terms of the products it offers.
One big difference currently with YFV vs. YFI is that YFV is still farmable. However, the farming pairs all have YFV as well, so it is risky. There are some Balancer pools, however, that only have 2% of YFV so the impermanent loss risk is much lower than 50% in Uniswap pools but you are still buying YFV to farm YFV.
At the end of this post, we’ll discuss how to farm YFV as well.
How to Buy YFV
YFV currently has liquidity in a number of decentralized exchanges (or DEXes as they are called). This means you need to make sure you are going to the right exchange to buy YFV in order to get the best price execution. This is doubly important for YFV because there are many YFV pairs against other DeFi tokens not just ETH.
For example, there are Balancer pools of BAT and YFV. Sometimes, the execution is better if you are able to convert your ETH to BAT, then use that BAT to buy YFV. This gets complicated to do yourself.
Luckily you can simply use the aggregator 1inch. This will do all the calculation for you and present you a price that finds the best execution in a single transaction. Best of all, it is able to split your order up between the different exchanges.
In the example above, we are trying to buy YFV from YFI (i.e. trying to get as much YFV by selling YFI). You can see that on Uniswap you get 1473.7 YFV and on Balancer you get 1492.1. However, if you use 1inch, it will split the order up for you so you get 1528.6 YFV instead, higher than any individual exchange.
We therefore suggest going through 1inch to buy YFV instead of directly buying on Uniswap or Balancer.
If you want to farm YFV, you will first need to buy YFV as described above. Then, go to Balancer and add liquidity to one of the supported pools. You will get “BPT” tokens that you can stake to earn YFV.
As of this writing, the active pools are seed pool (USDC, DAI, USDT, TUSD) and BAL, YFI, BAT, REN, KNC, WETH, and LINK. You can find the full list on the YFV site. Remember impermanent loss if you want to farm YFV, or any other token for that matter.