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The notorious creator of yEarn.Finance André Cronier presented new DeFi project – yCredit.
The platform allows you to deposit ERC-20 tokens and receive credit funds in yCredit coins for 99.5% of the deposited amount. For example, if a user deposited Ethereum worth $ 100, they will receive $ 99.5 worth of yCREDIT coins. To return the deposit to Ethereum, yCREDIT tokens are burned.
At the time of writing, yCredit supports AAVE, BNB, BUSD, CRV, COMP, DAI, ETH, LINK, MKR, REN, renBTC, SNX, SUSD, TUSD, UNI, USDC, USDT, wNXM, wBTC, and YFI.
A commission of half a percent of the deposit is provided for each operation. These commissions will be distributed by the protocol among the users staking yCREDIT.
Cronje emphasized that the protocol is still in an experimental stage and that users should use it at their own risk.
We will remind, recently André Cronier presented DeFi-protocol Deriswap, combining swaps, futures, options and loans on a single platform.
Also previously creator of yEarn.Finance announced takeover of Uniswap’s perennial rival, the SushiSwap decentralized exchange. Before took place integration of yEarn.Finance with Cream landing protocol, project Pickle Finance and Argent wallet, Akropolis project and peer-to-peer insurance market Cover Protocol.
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