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Minted on 15 Sep 2020
Marco Worms
Marco Worms
Answering the public questions about Yearn Finance
about 2 months ago

In a recent turn of events, decentralized finance protocol Yearn Finance encountered a major setback as a faulty multisig script caused a substantial loss of 63% of its treasury’s position. This incident, detailed in a disclosure post on Github, occurred during a routine fee token conversion process on behalf of Yearn’s treasury. The flaw in the script triggered the swap of the entire balance of 3,794,894 lp-yCRVv2 tokens, constituting strictly protocol owned liquidity (POL) within Yearn’s treasury. Notably, no user funds were implicated in this incident, as the affected amount solely belonged to Yearn’s internal liquidity. The consequence of this script malfunction was significant slippage, resulting in the loss of approximately 63% of the LP value, valuing the lp-yCRVv2 tokens at the time of the trade. The affected tokens, critical to Yearn’s yCRV liquidity, prompt a plea from Yearn Finance to those who may have lucratively profited from this mistake. They’ve requested a return of a reasonable amount to Yearn’s primary multisig ychad.eth, aiming to recuperate from the error. This mishap is traced back to the inadvertent movement of the entire POL amount to the trading multisig, erroneously treated as fees. The transaction included multiple orders, among which was the swap of the entire lp-yCRVv2 balance, exacerbating the issue. Two critical oversights compounded the problem: The mistaken transfer of the entire lp-yCRVv2 treasury balance instead of the anticipated smaller fees portion.Insufficient checks and a logical error within the trading multisig’s token swap script that should have limited the trade size. Swift corrective action by arbitrage bots and market actors rectified the price deviation shortly after the erroneous swap. To fortify against similar mishaps, Yearn Finance is implementing additional safeguards: Segregating POL funds into dedicated manager contracts.Improving readability of output messages on trading scripts.Enforcing stricter price impact thresholds. The losses incurred by Yearn Finance before any returns totaled $1.4 million, representing approximately 2% of the entire treasury. This incident highlights the challenges and risks inherent in decentralized finance operations. Notably, Yearn Finance previously encountered vulnerabilities, such as the $11.6 million damage from an exploit in an early version and a $11 million loss resulting from an exploit in one of its vaults in February. As Yearn Finance endeavors to fortify its security measures, the incident serves as a pivotal reminder of the ongoing need for robust risk management in the evolving landscape of decentralized finance. Source:

2 months ago

As users seek to navigate and capitalize on the potential returns of the crypto market, the fluctuations in YFI’s value underscore the inherent volatility and complexity of DeFi environments.Specifically, YFI plummeted from $15,450 to $8,950 within a mere 24-hour period.This sharp and rapid descent represents a substantial loss of $6,510 in the value of YFI.The price of YFI has seen a noteworthy rising trend during the last seven days.The asset was trading at almost $9,000 just a week ago.But it quickly gained momentum and by Friday, it had reached its highest price point in more than a year—above the $15,000 level.A Tweet By: WhaleWire (@WhaleWire) on November 18, 2023JUST IN: Yearn finance ( $YFI ), one of the biggest platforms in the DeFi ecosystem, has just plummeted over -45% in an apparent exit scam by insiders.Nearly half of the entire supply for YFI is held by 10 wallets, and over $250 million in market value has vanished in minutesIn a matter of hours, the market capitalization experienced a significant decline, with almost $250 million disappearing.The market cap plummeted from $525 million to $275 million. It is once again seeing an upward trend; however, investor sentiment has been negatively impacted by the abrupt decline.The recent sell-off has incited a weekend characterized by fear, uncertainty and doubt (FUD) among members of the YFI cryptocurrency community.According to certain users on X (formerly known as Twitter), there are assertions made regarding the distribution of the token supply, suggesting that 50% of the tokens were held within 10 wallets under the supervision of engineers.A Tweet By: Solid 堅固 (@SolidTradesz) on November 18, 2023It appears that Yearn Finance $YFI was rugpulledOne of the biggest DeFi platforms plummeted over -50% in an exit scam by insidersApprox half of the entire supply for YFI is held by ~10 wallets.Over $250 million in market value has vanished in a few hoursNevertheless, according to data from Etherscan, it is indicated that a portion of these holders could potentially be wallets associated with cryptocurrency exchanges.The rollercoaster ride in YFI’s market hasn’t just been a wild descent; it’s been a game-changer for crypto traders riding the waves of this digital asset’s fortune.Crypto Holders Lose Nearly $5 MillionAccording to insights from derivative market tracker, CoinGlass, the recent nosedive in YFI has left crypto enthusiasts nursing a whopping $4.99 million in losses through liquidations.Those traders who wagered on YFI’s upward trajectory found themselves taking the most substantial hit in the aftermath of the digital asset’s dramatic crash.It’s not just numbers on a chart; it’s a tale of high-stakes bets and unforeseen twists in the ever-unpredictable world of crypto trading.Zooming in on the details, according to CoinGlass data, the brunt of the blow in the near $5 million total liquidations is borne by long positions, tallying up to a substantial $3.5 million in losses.The majority of these traders find themselves navigating the aftermath on platforms such as the giant Binance, alongside participants from Bybit and OKX.It’s a vivid snapshot into the crypto battleground, where the casualties of this YFI market turbulence are felt by those who took bullish positions, and the ripples extend across some of the most prominent exchanges in the digital arena.My Opinion:This article content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk. #BinanceTournament #YFI #BTC #ETH #etf $YFI

3 months ago
Yearn Classic Finance(EARN)



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Released on 03 Nov 2020