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Decentralized Finance, or DeFi, has taken the crypto world by storm in 2020. DeFi applications that reward users, such as Yearn Finance, have been favorites among new investors and activities like yield farming have proven to bring healthy profits.
With new DeFi opportunities popping up every month, taking advantage of these applications is a necessity for some. While these applications bring massive profits, a majority of DeFi products are stuck in the Ethereum blockchain which clearly needs to change. A new DeFi ecosystem, Yield By Yield, known as YxY, aspires to become the doorway for DeFi products across multiple blockchains throughout the year of 2021.
YxY will introduce 3 different dApp(Decentralized Application) protocols which will allow the development of Insurance, lending and yield farming dApps that are interconnected for easy asset transferability. The protocols are known yxyLEND, yxyINSURE and yxyFARM.
These 3 protocols can also be used to develop multi-functional financial tools that could provide extra security for assets and even produce higher yields. All of these dApps must be approved by YxY governance which ensures everything added to the ecosystem is of high quality.
One of the unique things about the YxY ecosystem is the bYxY bidding token. The bYxY bidding token is used in competitive bidding sessions after governance has approved of a new token addition. These bidding sessions could be for shares of a newly added token or the rights to develop a dApp for the ecosystem. If governance were to approve of something other than a new token or plans to develop a dApp, a bidding session wouldn’t be needed. These bidding sessions aim to provide further incentives to governance as the bYxY bidding token can only be obtained by swapping YxY governance tokens at a 1:1000 ratio.
The YxY ecosystem will launch in 4 separate phases throughout 2021. In the first phase which starts in January, the governance and treasury vaults will go live which brings long-term value to the YxY governance token as well as the entire ecosystem itself. The second phase will bring about beta dApp development for all 3 protocols. The third phase will introduce hybrid dApps and the fourth phase will include cross-chain testing. Every launch phase will introduce a newly updated version of the YxY white paper to reflect on changes and updates that are taking place.
The role of DeFi in bringing decentralized tech to the masses is astronomical. DeFi is still extremely young but has a promising future. The YxY ecosystem strives to thrive for years to come as the world of DeFi keeps on growing. As 2020 comes to a close, we’ll begin to see true DeFi applications come to fruition which, hopefully, can be brought to the masses within just a few years.
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