New DeFi gameplay丨YFI will split 1,000 times, or transform into a stable currency protocol

Today, the founder of yearn.finance (YFI) revealed some important information about his new product Stable Credit. He stated that the token of Stable Credit is wYFI, and holders can get 50% of all fees generated by the system.

In response, Netizen Future Fund commented:

“It looks like Stable Credit will be an evolution of the current algorithmic stablecoin. The question is: will wYFI be a brand new token?”

YFI core developer banteg then replied:

“It’s not clear. The current version allows users to deposit YFI and mint 1000 times the amount of wYFI, but there will be no withdrawals, so YFI will basically stop circulating forever.”

Affected by this news, the price of YFI tokens rose by 28% in a short period of time, tentatively reporting $30,302 as of press time.

Conjecture about wYFI

However, the current information about wYFI is still very limited. No wonder someone commented:

“About wYFI, few people know what it is, really very few, maybe only Andre knows, what’s the matter?”

It is also speculated that:

“It looks like wYFI is an algorithmic stablecoin. It can get 50% of the cost of the platform. The only way to get it is to burn your YFI. The demand for wYFI = the demand for YFI, which means that the supply will cut back.”

Someone added:

“And it will be used together with stable credit, which means that stablecoins will be fully collateralized instead of printing money out of thin air like DSD and ESD.”

What do you think?