Linkmarines. This is bigger than staking
>use LINK for everything apart from what is actually intended to be used for - penalty payments on nodes
The absolute state
nice just bought 100 yfi
It really is. Especially if it’s more profitable than staking which looks likely.
Someone explain this to a brainlet please. Why is this not a Ponzi
This is fucking hilarious
Its intrinsic value is seen as so important that all fucking DeFi aberrations use it as fiat currency, in the literal sense: a currency built on the faith you have in its value
In this case LINK is more worthwhile than BTC or ETH because its potential energy is much greater.
this, what a mess these scammers are making of ourcoin
>tfw you realize 81k is not a meme
all of this defi shit is such a sell signal. What’s funny to me is that it’s all an inception of interest rates on internet pretend money. Shitcoin wrapped in shitcoin hedged against shitcoin by borrowing another shitcoin from a pool of shitcoins insured by another pool of shitcoins.
This is actually a ponzi scheme. Anons aren't really going to do this with their linkies, are they?
how does the yVault earn the money to buy Link with?
Yeah haha we should just go back and beg our Jewish masters for .05 % yearly interest haha you’re right
Fuck off
>Why is this not a Ponzi
because there are no guaranteed returns
It is, they've seen a coin with a good record, but as soon as someone calls them and tries to liquidate it'll all fall down like a house of cards
Ahem, my bank currently offers 0.10% thank you very much
good god... chainlink is the new fiat
>Shitcoin wrapped in shitcoin hedged against shitcoin by borrowing another shitcoin from a pool of shitcoins insured by another pool of shitcoins.
Spot on. Can you faggots put disclaimers on your OP with warnings instead of shilling it so hard? This is screaming for a group of whales to exploit.
imagine posting this shit unironically
No more so than what traditional markets are doing
Market making fees via stable coin pool. To all the people that think this is a ponzi I'd suggest you educate yourself on the YFI protocol and Curve. This is ironically more bullish than actual staking right now. It will lock up supply much faster with better APR. The only issue the is the inherent protocol risks in the smart contract code as its all incredibly new. There are insurance contracts being formed to hedge against failure though. Once all of that is live it will be legit retarded. Thousands of dollars of buy pressure on LINK everyday compounding simply by using it as collateral for stable coin(USDC) liquidity. The AAVE contracts will be rebalanced every second basically to prevent liquidation.
I'd suggest you don't go full retard right away and make sure the vault protocol is safe but I'll probably do like 10% of my stack as soon as its open to everyone.
Another user said it’s in a closed beta , anyone know when it opens to the public?
lol it's an erc20
making a vault for it is trivial
and a chainlink VC holds a fuckton of YFI
not hard to connect the dots
Do you know how will this influence the price of YFI? Will I be better off holding and staking link or holding YFI?
LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM LINK IS A SCAM
While user you've replied to was probably ironic, nonetheless DeFi is essentially lending each other money through programmed bridges. It's almost like socialism, fueled by wealthy and (their) bots.
Shit that's chump change. My Robinhood account is 0.30
>This is ironically more bullish than actual staking right now.
smelly dumb newfag scum
or YFI miner in which case pretty clever
redpill me on this yVault thing
>Commie ponzi scheme
Sounds fucking retarded honestly
... but the stablecoin is borrowed in the first place. Obviously interest rates are higher than market making rates
thanks for confirming it's a ponzi
>When Binance and Coinbase and Bitmex make money it makes sense but when you can do it yourself it's a Ponzi
Why did you even buy assets on a decentralised ledger in the first place?
>Obviously interest rates are higher than market making rates
Is that obvious?
zero audits. you've been warned.
I don't own any YFI and you don't need any YFI in order to use their protocol. The most important thing is not losing your LINK, that being said its going to be incredibly lucrative but high risk at first. YFI doesn't have a value capture method yet. I don't believe a vote has went through but there was a couple models being discussed. YFI techinically has zero value currently but will probably be quite valuable once it adopts a decided model.
It is more bullish than staking. Either you are new and projecting or don't understand how yield farming/liquidity pools operate. As I said this will lock up LINK faster than actual staking will, produce higher APR, and apply constant buying pressure EVERY SINGLE DAY.
You can't mine YFI anymore the entire supply has been mined and I don't own any. You really need to educate yourself. Youtube "YFI explained" along with Curve explained. YFI ISN'T NEEDED TO USE THE PROTOCOL AND CURRENTLY HAS NO VALUE CAPTURE MODEL. All you can do is vote with it, which eventually the community will vote to extract some of the fees in the yearn protocol for value.
FFS people this is so bullish its unreal. Never sell your LINK ever in a million years
It's not ponzi if you can basically, more or less lawfully, generate liquidity so participants can cash out whenever.
>but muh block stacking, cost averaging, neverending upwarding bidding and bull trend
This is were I will go up in ranking because you dumb faggot will be raped in a smart contract failure, it's going to be poetic
Yikes man no its not even close. You really need to research Curve and YFI protocols.
Seriously this isn't a joke.
Is this Chainlink's version of Ethereum's ICO craze?
Imagine putting money in something sounding like YIFF
You don't understand what you're talking about. There's additional risk associated with the contracts and the requirement that stablecoins remain stable. But the APR is generated from traders and gamblers.