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Let& #39;s talk about the different wrapped versions of $LINK
With #DeFi composability, dApps can be plugged together like money Legos by tokenizing user deposits
There& #39;s so much being built using $LINK for both collateral and price feeds, but let& #39;s start from the beginning
With #DeFi composability, dApps can be plugged together like money Legos by tokenizing user deposits
There& #39;s so much being built using $LINK for both collateral and price feeds, but let& #39;s start from the beginning
First we had $iLINK, a wrapped interest bearing version of LINK on @bZxHQ Fulcrum
Then $sLINK, a synthetic form of LINK from @synthetix_io, overcollaterlized by $SNX
Confusingly there& #39;s also an $iLINK inverse synth from @synthetix_io, a short position, very different than bZx
Then $sLINK, a synthetic form of LINK from @synthetix_io, overcollaterlized by $SNX
Confusingly there& #39;s also an $iLINK inverse synth from @synthetix_io, a short position, very different than bZx
Then we got $aLINK, a wrapped interesting bearing version of LINK on @AaveAave
It was just those for a while, but now we& #39;re seeing a new wave
$yLINK, which is an interest bearing version of LINK on @iearnfinance yVaults, but essentially it& #39;s a wrapper for $yaLINK
It was just those for a while, but now we& #39;re seeing a new wave
$yLINK, which is an interest bearing version of LINK on @iearnfinance yVaults, but essentially it& #39;s a wrapper for $yaLINK
$yaLINK is created by depositing Aave& #39;s $aLINK into @iearnfinance
Yearn contracts use that $aLINK as collateral in a loan on @AaveAave to borrow stablecoins (USDC/DAI/USDT/TUSD)
Those stablecoins are then deposited into back into @iearnfinance yVaults to yield farm
Yearn contracts use that $aLINK as collateral in a loan on @AaveAave to borrow stablecoins (USDC/DAI/USDT/TUSD)
Those stablecoins are then deposited into back into @iearnfinance yVaults to yield farm
The most profitable strategy for this is $CRV farming
So first the borrowed stablecoins are deposited into @CurveFinance Y pool to get $yCRV, a tokenized liquidity pool share of $DAI $USDC $USDT $TUSD
Curve is a stablecoin AMM DEX, you earn trading fees anytime the pool is used
So first the borrowed stablecoins are deposited into @CurveFinance Y pool to get $yCRV, a tokenized liquidity pool share of $DAI $USDC $USDT $TUSD
Curve is a stablecoin AMM DEX, you earn trading fees anytime the pool is used
But the magic doesn& #39;t stop there, the underlying stablecoins within the Y pool are then deposited back into @iearnfinance yVaults $yDAI $yUSDC $yUSDT $yTUSD to earn the best interest rates across DeFi
Usually those funds get lent on @AaveAave as $aDAI $sUSDC $sUSDT $yTUSD
Usually those funds get lent on @AaveAave as $aDAI $sUSDC $sUSDT $yTUSD
$yCRV, the tokenized Y pool shares I described above is then be deposited on @CurveFinance to get $yyCRV which farms $CRV, the governance token of Curve
The $CRV is then sold for stablecoins when is then deposited back into the Y pool to compound returns for more $yCRV
The $CRV is then sold for stablecoins when is then deposited back into the Y pool to compound returns for more $yCRV
Still following me so far? 
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Okay let& #39;s zoom back out to $yaLINK, the profits (AMM fees + lending interest + CRV farming) generated from $yCRV is used to market buy $LINK on Uniswap regularly, compounding returns
Okay let& #39;s zoom back out to $yaLINK, the profits (AMM fees + lending interest + CRV farming) generated from $yCRV is used to market buy $LINK on Uniswap regularly, compounding returns
Essentially what this means is that you can deposit $LINK to yearn& #39;s $yaLINK and earn more $LINK over time from the best yield across DeFi
There is a 0.5% withdraw fee and a 5% fee on the profits, but at currently ~100% APY, this hardly matters in the long run
There is a 0.5% withdraw fee and a 5% fee on the profits, but at currently ~100% APY, this hardly matters in the long run
But again it doesn& #39;t stop here either, those yield earning $yaLINK tokens can then deposited in the food tokens like @SpaghettiMoney to earn $PASTA
Was this a long drawn out thread to shill you $PASTA? No, please don& #39;t buy it, just farm
The yield farming continues ad infinium
Was this a long drawn out thread to shill you $PASTA? No, please don& #39;t buy it, just farm
The yield farming continues ad infinium
Yield Farming seems to be working well
Is it sustainable? Yes but not at this APY, that& #39;s bull market euphoria, but it is a good way to distribute tokens in a fair manner and bootstrap liquidity
It& #39;s basically a DeFi cheatcode for TVL at this point
Not all are audited however
Is it sustainable? Yes but not at this APY, that& #39;s bull market euphoria, but it is a good way to distribute tokens in a fair manner and bootstrap liquidity
It& #39;s basically a DeFi cheatcode for TVL at this point
Not all are audited however
Anyways enough rambling
I think you get the point
#DeFi is here to stay and it& #39;s being powered by $LINK (Synthetix, Aave, Yearn, etc all use chainlink oracles)
Don& #39;t forget to take profits if you& #39;re yield farming, you may regret it like $YFI or may not like $YAM, time will tell
I think you get the point
#DeFi is here to stay and it& #39;s being powered by $LINK (Synthetix, Aave, Yearn, etc all use chainlink oracles)
Don& #39;t forget to take profits if you& #39;re yield farming, you may regret it like $YFI or may not like $YAM, time will tell
Lastly there is $wLINK, a blockchain agnostic version of LINK
By depositing the Ethereum-based $LINK token into a smart contract, you can mint a 1:1 representation on another blockchain ( @Polkadot @Cosmos etc)
You can then burn $wLINK to get the original $LINK on Ethereum back
By depositing the Ethereum-based $LINK token into a smart contract, you can mint a 1:1 representation on another blockchain ( @Polkadot @Cosmos etc)
You can then burn $wLINK to get the original $LINK on Ethereum back
In summary,
$LINK ( @chainlink)
$iLINK ( @bZxHQ)
$sLINK ( @synthetix_io)
$iLINK ( @synthetix_io)
$aLINK ( @AaveAave)
$yLINK ( @iearnfinance)
$yaLINK ( @iearnfinance + @AaveAave)
$wLINK ( @chainlink)
This is only the beginning my frens, if I missed any version of LINK, pls let me know!
$LINK ( @chainlink)
$iLINK ( @bZxHQ)
$sLINK ( @synthetix_io)
$iLINK ( @synthetix_io)
$aLINK ( @AaveAave)
$yLINK ( @iearnfinance)
$yaLINK ( @iearnfinance + @AaveAave)
$wLINK ( @chainlink)
This is only the beginning my frens, if I missed any version of LINK, pls let me know!
