There’s a dark horse in the decentralized finance space. It’s called Yearn, and it’s quickly hoovering up partners in an effort that some analysts believe will vault it to superstar status in this brand-new part of the fintech industry.
Reports today show Yearn picking up entities like Pickle Finance as well as Cream, a firm handling money market services, and Akropolis, a yield aggregator.
In addition to on-chain practices like swapping earns tokens for native tokens, Yearn is reported to be working on a YETI token that would facilitate the transfer of digital assets based on this wider ecosystem.
Then there are services like Keep3r Network, Yearn’s job search network currently in beta, and yGift, a digital gifting system: at Coindesk, Brady Dale likens these in-house features to Amazon Web Services in looking at how Yearn could become the “Amazon of decentralized finance.”
All of this, Dale writes, is leading to “many happy returns” for Yearn and its user base.
“So far, Yearn is going extremely well, proving out the model of an organization running on the blockchain without any formal structure,” Dale remarks. “The organizational team just released its first financial report on GitHub, for the third quarter of 2020, showing that Yearn generated $3.8 million in net revenue over the quarter.”
Dale also points to accolades that Yearn has garnered, for example, in Electric Capital’s 2020 developer report.
“DeFi was the standout category, and Yearn was the standout within the standout (in the EC 2020 report),” Dale writes. “DeFi’s developer pool is up 110% since 2019, according to the report…Yearn is the largest of the ecosystems that were new for 2020, already joining the relatively small cadre of DeFi projects with more than 25 developers. In fact, Yearn has more developers at this point in its life cycle than any other project so far…Yearn is about to get far more complex. It is also likely to continue to attract coding talent. The real question then becomes whether a user will be able to open the portal and make its many new and more complex opportunities comprehensible.”
Keep an eye on this one as defi makes its way into our common vocabulary.
