Arbitrum becomes the first Ethereum L2 to be integrated by top DeFi protocol Yearn.Finance
Yearn.Finance (YFI), one of the most technically advanced decentralized finance protocols, announces its expansion into Ethereum-based layer 2 Arbitrum solution.
Yearn.Finance (YFI) explodes onto Ethereum scalability networks, starting with Arbitrum
According to the official statement shared on Yearn.Finance’s main Twitter account, its first instruments are deployed to Arbitrum, a manstream Ethereum (ETH) scalability solution.
Arbitrum is an inaugural Ethereum L2 solution to be added by Yearn.Finance (YFI). Its integration comes weeks after the release of Yearn.Finance vaults on Fantom.
The team of the protocol announced that Arbitrum was chosen due to its very low fees and wide integration range: Arbitrum’s deposits are enabled by crypto exchange majors FTX and Binance.
In its inaugural release on Arbitrum, Yearn.Finance (YFI) offers a single vault dubbed Curve’s triCrypto. It accepts liquidity in three tokens: WBTC, WETH, USDT.
More Arbitrum-based tools to come
Yearn.Finance (YFI)’s devs released a detailed instruction on how to utilize Arbitrum for yield farming. In future, Yearn.Finance (YFI) is going to add more Ethereum-based scalability instruments:
This is just the beginning. More Arbitrum vaults, L2 roll-ups and sidechain vaults are planned as backers look to expand Yearn’s perpetual yield machine across DeFi.
Yearn.Finance is one of the most popular and technically sophisticated yield farming protocols of the 2020 DeFi Summer. As covered by U.Today, recently, a critical bug was disclosed in Yearn.Finance by a white-hat hacker.
A $2 million bounty payout was paid to Mr. Jay Freeman, who detected the vulnerability.
