/biz/ - Business & Finance

Link marines it is almost time to start making money from your staked link with YFI


Some of you were asking for extra details check out this article to see how it works on a deeper level, we’re going to the fucking moon boys

“ The vault becomes a LONG whale with enough LINK capital. Consider the vault has $1m worth of LINK, which at health factor 4 (assuming 100% LTV) is $250k worth of USDC, earning ~20% APY. That’s $136 worth of LINK purchased off the market, every day. Aave currently has $106M worth of LINK, if that migrates to the vault, it would translate to $14,520 worth of LINK purchased off the market, every day.”

Andre the Profit

>>20985173
JESUS FUCKING CHRIST THIS IS SO UNFATHOMABLY BULLISH

>>20985173
sounds complicated and I have to do that all manually?

>>20985173
FUCKKKK IM GONNA CUM

>>20985496
please anon what does all of that mean?

andre is by far the most interesting person in crypto this year.

>>20985359
>>20985496
>>20985544

WE FUCKING MAKING IT IN REAL TIME OUT HERE

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

SO FUCKING BULLISH

>>20985459
Literally the site is about three clicks and you start making money from your staked LINK

Works for any other ERC 20 tokens, there are also sites like Zapper, That make it even easier to

>>20985173
Why can I not wrap my head around this

>>20985544
Every 10 years a new generational figures brought up, from Jordan to LeBron and from Satoshi to Andre

>>20985596
so is it like yfi?

>>20985623

you dont have to anon

its simple af

deposit link - get paid in link

thats it

the protocol does the rest

the extra reading is just homework

>>20985623
He’s just automating things you can do manually now.

It’s true that you could trade your link for a stable coin correct?

And then you could use that coin on something like curve.fi to make 20% interest too, and with the profits, buy more LINK

The only problem is this cost a lot of gas fees, this guy Andrea’s figured out how to put all of that logic into a smart contract it’s genius

Is it safe? I've seen a lot of scams over the years

is it worth staking yfi at the moment?

>>20985630
Yep both LINK and YFI are ERC 20 tokens that can be exchanged for a stable coin

>>20985693
and I get paid in LINK?

>>20985683
Staking? Maybe maybe not until cooler products like leveraged stable coin or LINK vaults are ready


Speculating on buying a YFI? Only if u like money

>>20985711
Yep, put link in, get more link out

At the same time your fucking Zeus capital Because the new link is purchased from the open market

>>20985774
and I can stake as much LINK as I want?

>>20985672
It’s still a couple weeks old only so used with caution.

They are working on a solution to have insured contracts which is something that I never thought would happen. Insuarance would help ease our worries

>>20985537
Put Lincoln get more link out.

Also screw over Zeus capital at the same time, because the smart contract is buying at market rates

<<<<<< this

>>20985459
Nope 3 clicks and your back to jerking of to traps on /gif/ Danny

>>20985672
I don't believe it's malicious, but you're still trusting your keys to someone elses code. wait a week or two until more people have looked over it.

>>20985834
>>20985854
sounds good
you guys gonna do it?
how much profit would I get if I stake 10k Linkies?
how to calculate that?

Wow bullish for scams. I'll just keep my linkies thanks

>>20985922
thats not a scam its from the same guy that made the yfi pool and that worked

>>20985903
Maybe close to a couple hundred bucks a day based on the article.

80 K is about 12 times less than 1 million, and I think 1 million would generate 15 K in fees so 15 K divided by 12 is over a Grand broski

>>20985922
It’s OK there’s no rush to stake.... wait and see if it’s a scam and then come back with fresh eyes.

>>20985903
Complete disclosure I only have YFI and ZRX As a closet bitcoin maximalist that’s all I’m allowed to carry on my persons in the citadel

>>20985903
10k=$96,000
25% collateral: $24,000
@20APY=$4,800 per year
Probably a lot more than this as you are rebuying link with the profits every day, and the price of link is still going to rise a lot more.

>>20986119
a couple hundred every day?
sounds awesome
and party wont stop this time because like yfi there wont run anything out right?
>>20986162
I have 99% chainlink
>>20986206
thanks

>>20985853

>>20986298
Sorry my math was way off I dropped out of college

>>20986298
Yup limited supply of 30,000 YFI


I respect and dedication to a 99% portfolio concentration

>>20985986
Two wongs make a chyna flooded my fellow nog. BLM

this screams ponzi scheme

Why are we dumping, frens? I failed completely last month and bought YFI hoping to be able to make gains to buy back my link and maybe more. Aren't these news extremely bullish?

>>20986634

I’ll only get worried about the price if we go into the mid twos even then I might buy some more

>>20986589

Yeah I’m sure everyone was convinced link was a good idea when it first came out too right?

Your friends and family said, “yeah that makes sense I’m so proud of you”

But like I said no need to rush, they are working on insured smart contracts with Nexus

i have no fucking idea what I just read

say goodbye to your linkies

>>20987076
same here

>>20987076
>provide liquidity with your LINK
>get paid hundreds of dollars in LINK every day

assuming this isnt a scam, how much link do i get for 40k staked?

take a few days to study yfi. worth it.

>>20987036
insurance against what? theft? hack? You could still get liquidated if the price of LINK crashed as you are still borrowing a stablecoin using your LINK as collateral. Is this not correct?

>>20987565
sure, I get that part. but now why or how it works. where are all this magical farm stuff coming from?

>>20986634
Lot of swings with yfi as it’s low liquidity. Big chunk is locked up in staking contract. It bounces between 3500-4500 for last several days. Potential to increase stack if you swing trade although may miss the last ride up

>>20987769
you provide liquidity and you get paid for that

doesnt this thing treat usdt as a stable coin?
no thank you

>>20987837
what is the worst that can happen to thee lended liquidity?

>>20987837
so what happens when people default on your liquidity?

CAN SOMEONE WRITE AN EXPLANATION FOR RETARDS LIKE ME?
A STEP BY STEP GUID TO FUCKING DO THIS SHIT THE RIGHT WAY?
WHEN I VISIT THIS SITE YEARN.FINANCE I DO FUCKING WHAT????

>>20987837
this is deceitful. The returns are fed by the reward mechanisms some projects put in place to advertise their shitcoins (MTA, COMP, SNX).

Once the reward periods end, the party stops and the last one out will get fucked. So literally a ponzi scheme.

>>20987901
its all secured by smart contracts, nobody can fuck you over.
>>20987895
worst that can happen is that the smart contract behind it is somehow fucked
>>20988011
but here you get paid in LINK for providing LINKquidity to the market

>>20988011
This is only true if you deal with balancer pools containing non pegged assets. Not sure about the yUSDC vault, but Andre is avoiding these with the yCRV vault which has been farming yfii and yffi lately. It’s a “parasitic vault” in that it sucks the value out of these clones by farming and dumping. The link yvault will be the first “beneficial” vault as it builds link value. A “beneficial” snx vault is also in the works to allow small holders to effectively mint snx tokens from staking without destroying profits with gas fees

>>20985774
How do I get started anon?

fuck it
i'm gonna but like 15% of my link into this

Just by YFII anons..
https://gov.yfii.finance/t/to-make-yfii-decouple-from-yfi-yfii-yfi/194

what will be the yielding strategy?

looks solid and incredibly bullish but i'm going to wait for post beta.

>>20988011
>So literally a ponzi scheme.
Checked, but it's not a ponzi
When the reward mechanism only the crazy %APR stops, but your original deposit + gains accrued to date are safe. Very different from a ponzi where your deposited is gone because it was used to pay off the crazy return to an earlier user.

>>20987754

I suppose its possible but the contract is automatically factoring in the liquidation point and preventing that from happening as the price changes. They have a small insurance fund to help that as well but I also want insurance for all failure. Either way I'll probably put in 1000-2000 LINK to start.

>>20985173
How safe is this? I'm not about to stake my 10k stack without some massive security guarantees.

>>20990246
put in some percentage you're comfortable with to start
10-15

Its using LINK to collateralize into USDC and then use that to generate market making fees which is then used to pay off the loan and the rest is used to market buy LINK to add to vault. Why is this more bullish than actual fucking staking. My cock is so rock hard right now I should probably go see a doctor

>>20990323
0% without a detailed security breakdown. At the very least I need to be in complete control over the address that stores my LINK while it's in a vault.

>>20990246

Its not 100% safe yet although once the insurance contracts are finished there will be no reason to not go all in. I'm sure they will just steal a small percentage of your APR to hedge against any failure.

>>20990246
its still in the beta. i dont feel comfortable depositing anything this early as well

a lot of these new defi yield farming products (actually, most of them) just kinda seem like system exploits

how long can a market survive on exploits?

>>20990527
pretty fucking long if ((they)) allow it

>>20990588
checked and am aware of (((their))) games but this just kinda seems like it’s going to be the hill that Defi dies on. Almost feels dirty and irresponsible, a system of excess destined to burn out as fast as it came, because of this type of shit.

Don’t get me wrong, Defi is great. This seems like a jew trick on the level of usury, enough exploitation to bring an otherwise great system down.

>>20990527
>>20990694
read this >>20990035
it's just reaping incentives, the crazy APR will cease eventually but it won't crash the system

is the vault ready now to deposit LINK?

this is available now bros?

This is seriously not worth it. It's going to be just like AAVE-- to earn interest you need borrowers, which is effective a short link position-- and nobody with a brain is shorting link. So you take on all the smart contract risk from 'i test in prod' Cronje for very little relative returns and super high gas fees.

This is another framework scam to get retarded linkies to shill their YFI bags.

>>20990921
>>20991118
It is, but it's only available to invited people although if you can find out the contract address then you could also deposit, it's just that the UI is locked so you have to send it to the contract address manually. I got the invite and currently deposited 5k LINKs.

>>20991305

You didn't read the article at all did you? Its not how they are monetizing the LINK collateral.

>>20991311

How did you get an invite?

>>20991305
kek this brainlet comment made me even more bullish on the LINK delegated vault

>>20985290
HHHNNNNNGGGGGGGGGGGGGG

>>20991381
It is exactly how it works. The vault gives you aLink and then swaps into the ypool.

BUT, the larger the pool gets, the lower the APY goes. There's fucking 1billion worth of link on AAVE already. That will smash the shit out of yields on any pool it goes to--- and now you have protocol risk from AAVE and Curve... so if the Dai peg breaks for some reason you're SOL.

Shilling this shit to retards is just plain irresponsible. We've got a golden ticket-- no reason to bet it ill on Mana being suitable collateral, and if you have no idea what I just said you have no business dabbling in this shit.

>>20991524
>There's fucking 1billion worth of link on AAVE already.
https://www.coingecko.com/en/coins/aave-link

>>20991417
I have helped with Ethereum developments. I could give you the contract address, but personally I wouldn't trust an anon on 4chan.

>>20991524
>so if the Dai peg breaks for some reason you're SOL.

Well they are having insurance contracts made for a reason. So its getting put into the ypool on Curve, DAI only makes up 3.5% of the pool. Idk where you are getting 1 Billion worth of LINK on AAVE? The only thing you said that makes sense is the protocol risk which is high as of now. Risk is high in crypto in general. Sure the APY goes down the larger the pool but the asset price will go up from being pulled out of circulation. This is only bullish for LINK. Maybe you wait until complete insurance contracts by Nexus are created or you only do a small portion of your stack.

If its proven safe this is like staking for LINK before actual staking is even announced.

>>20992584

Yea I don't want a random address thanks though

>>20991305
You stupid fuck

>>20992653
Yeah i added a 0 but the point still stands.... more collateral= lower yields. This is why AAVE paid 0% interest for the better part of this year.

Actually I don't give a fuck what you guys do. Risk your whole fucking stack for 30 BP + insurance see if I give a fuck

>>20991417
Can you send one on the yfi message board? Happy to provide 5-10k link.

>>20991524
do you use AAVE, anon?

not even audited. greedy retards are gonna get drained on the biggest hack in defi history.

>>20993495
>more collateral= lower yields. This is why AAVE paid 0% interest for the better part of this year

Yes that is for the interest on AAVE but aren't you discounting the marketing making fees from the actual stablecoin ypool that the USDC will go into from the collateralized LINK?

Sure even that will pay lower APY as the pool gets larger but only if the MCAP of stable coins stays the same and doesn't grow along side with it.

You are right anyone deciding to do this should only do it with LINK they are technically okay with potentially losing but the scope of how bullish this is incredible. The vault will be market buying LINK every single fucking day and then pulling it from circulation. It will snowball so quickly. How long until all the AAVE LINK is in the pool? It could be a matter of weeks to a couple months given how fast the pool has grown previously and people are aware of it the YFI protocol now. You don't even need to buy YFI just utilize the smart contracts. People will look back at this as a defining moment for LINK imo. Again assuming security of funds can be assured or hedged.

>>20993712
yeah, it has a lot less risk than curve pools do

to anons point above about DAI being 2.5% of the pool, if the peg breaks downward, it will end up being 100% of the pool. So instead of trusting AAVE, you're now trusting AAVE, TUSD, USDT, USDC, and DAI to maintain their pegs lest you lose all of your link.

>>20993699

I thinking I'm just going to have to be patient. I wouldn't even trust it being posted there. Once the vault is open to everyone I'm in.

>>20993791
>not even audited.

>>20993815

What is the risk of DAI failing? Aren't there LINK price feeds for DAI? I do remember on Black Thursday Maker was real fucked up while Chainlink feeds performed incredibly well during the chaos.

It might be the largest point of failure besides the risk spread across multiple protocols, I'll give you that.

Is there any posibility of losing my stinky linkies?

>>20994000
its all fun and games until you get fucked.

>>20994043
Dai is a scam basically
VCs bought enough maker to control governance, and then voted to allow shitcoin collateral--BAT, MANA, etc..... so that they could borrow against their massive bags without crashing the market. It's backed by fucking USDC for god sakes.

I would not trust my link on them maintatining the peg.

>>20993800
Whatever the APY ends up being it won't be worth it to me. Even 20% isn't worth the overhead risks, especially when stuff like bancor v2 exists (still wouldn't do that but it's obejectively safer than this). I'm waiting on synthetix to make a Link;sLINK pool-- i'd probably be a provider for that but honestly swinging is much safer and more profitable than this meme shit. Framework proposed this YIP in order to get the fucking retards on LINK twitter to spread awareness about YFI so they could dump. There is levels to this shit afterall.

>>20985173
Finally a usecase for Link.

>>20994071
always.

>>20990035
bro when the apr ends you can bet your ass I'm dumping my link and moving on the next thing and so will everyone else. Last one to sell will have gained 20 extra link worth shit at that point

>>20994223
>'d probably be a provider for that but honestly swinging is much safer and more profitable than this meme shit. Framework proposed this YIP in order to get the fucking retards on LINK twitter to spread awareness about YFI so they could dump. There is levels to this shit afterall.

This is where you lost me. Swinging is much worse than staking a portion of LINK in a liquidity pool. The risks are much higher with swinging and require much more understanding of the markets. Even then you won't always be right and you will get left behind eventually or make an emotional trade and lose money.

Again it might have raised some awareness to YFI but you don't need to spend a single cent on YFI to use the protocol and acquire more LINK. They didn't even vote on a value capture model yet from my understanding for YFI. There is zero reason to buy it at all currently. It would have been worth mining but that is over now

>>20990694
and ETH will crash with it unfortunately.

>>20993800
Checked
Also, think about it, Simeon borrowed from AAVE's LINK pool to short it
If the rest of the pool gets sucked out, the interest rate goes thru the roof, thus making the clock tick so much faster on Simeon's sort

>>20995193
A new strategy would just be voted in when better gains can be had. That's literally the whole point of the yVaults is that you don't have to pull out when something better comes along, the governance just moves the vault to it for you.

>>20995193
But will have lost nothing

>>20995730
>>20995700
until the next strategy is andre siphoning off the vaults

>>20995862
You do realize ownership is publicly verifiable, right? You just look like a dumbass. But sick ID though.

be careful. you can, unironically, lose all your linkies with this. yfi is legit, but this is extremely experimental.
risk and reward is completely disproportionate right now.

>>20995935
>You do realize ownership is publicly verifiable, right?
I read the contracts, have you?
Andre still has the keys to change the controller. All he has to do is direct it to move funds to his wallet and claim he was hacked.

>>20995995
>i test in prod

>>20996025
I'll eat my words.
Here's the USDC yVault: https://etherscan.io/address/597ad1e0c13bfe8025993d9e79c69e1c0233522e#readContract
The controller: https://etherscan.io/address/0x31317f9a5e4cc1d231bdf07755c994015a96a37c#readContract
And that "governance" address is indeed an external account, the yearn Deployer: https://etherscan.io/address/0x2d407ddb06311396fe14d4b49da5f0471447d45c

This is going to be the time where the smart contract will be attacked and millions of linkies will be gone. it's so easy to predict.

>>20996345
big if true.

when a hacker finds a bug in a DeFi smart contract shits gonna hit the fan

>>20997409
Yep. After the Statera balancer pool fiasco I will never risk my shit in pools again.

>>20985359
The last interaction, I find most fascinating;
The vault becomes a LONG whale with enough LINK capital. Consider the vault has $1m worth of LINK, which at health factor 4 (assuming 100% LTV) is $250k worth of USDC, earning ~20% APY. That’s $136 worth of LINK purchased off the market, every day. Aave currently has $106M worth of LINK, if that migrates to the vault, it would translate to $14,520 worth of LINK purchased off the market, every day.

Holy fuck we literally just made it.Link staking isnt even out yet

>>20997773
This is better than staking

>>20987565
>>provide liquidity with your LINK
>>get paid hundreds of dollars in LINK every day
checked

>>20996025
The Xitac speaks

>>20985173
I'm a /biz/ tourist who only shows up to celebrate with my bros when one of my investments are doing well. As such, I feel like this article is answering a question I haven't asked. Could you (or anyone else) give me a link that explains YFI better so that I have some context to understand this article?

>>20998922

Type in "YFI explained" in Youtube there is a video by DEFI Weekly I think it is that explains well. Also look into Curve as well because its part of the equation to understanding. There is another video about Curve on Youtube as well. They are both around 15 minutes each.

>>20999479
Will do. Thanks.