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Yearn.Finance (YFI), one of the most technically advanced decenytralized finances protocols, announces its expansion into Ethereum-based Layer 2 solution Arbitrum.
Yearn.Finance (YFI) explodes onto Ethereum scalability networks, starting with Arbitrum
According to the official statement shared on Yearn.Finance's main Twitter account, its first instruments are deployed to Arbitrum, a manstream Ethereum (ETH) scalability solution.
Drumrollup please… 🥁
— yearn.finance (@iearnfinance) February 23, 2022
Yearn has launched on Arbitrum.
Just four months ago, Yearn added support for its second blockchain: Fantom.
Today, Yearn adds its first Ethereum L2: @Arbitrum.
🧵👇 pic.twitter.com/iezd6durE2
Arbitrum is an inaugural Ethereum L2 solution to be added by Yearn.Finance (YFI). Its integration comes weeks after the release of Yearn.Finance's vaults on Fantom.
The team of the protocol announced that Arbitrum was chosen due to its very low fees and wide integration range: Arbitrum's deposits are enabled by crypto exchange majors FTX and Binance.
In its inaugural release on Arbitrum, Yearn.Finance (YFI) offers a single vault dubbed Curve's triCrypto. It accepts liquidity in three tokens: WBTC, WETH, USDT.
More Arbitrum-based tools to come
Yearn.Finance (YFI)'s devs released a detailed instruction on how to utilize Arbitrum for yield farming. In future, Yearn.Finance (YFI) is going to add more Ethereum-based scalability instruments:
This is merely the beginning. More Arbitrum vaults, L2 roll-up and sidechain vaults are planned as contributors look to expand Yearn’s perpetual yield machine across all of DeFi.
Yearn.Finance is one of the most popular and technically sophisticated yield farming protocols of the 2020 DeFi Summer. As covered by U.Today, recently, a critical bug was disclosed in Yearn.Finance by a white-hat hacker.
A $2 million bounty premium was paid to Mr. Jay Freeman, who detected the vulnerability.