Yearn Finance, a DeFi protocol that provides yield farming, loan aggregation and other services, has announced its launch on the Arbitrium blockchain.
Arbitrium is Ethereum’s largest layer 2 blockchain, with around $3 billion in total locked-in value. It also has much lower fees, up to 10 times lower than ETH. Additionally, popular cryptocurrency exchanges Binance and FTX support ETH deposits and withdrawals for Arbitrium.
Initially available on ETH, the protocol has been expanded to Fantom and now to Arbitrium.
According to the announcement, Yearn will launch on the platform with a single vault, Curve’s triCrypto, which will contain BTC, ETH, and Tether.
About yield farming
Yield farming allows users to provide the necessary liquidity for the protocol. In the meantime, they receive income for their provision of liquidity.
For liquidity providers, the process gives them access to a relatively secure income stream. For traders, yield farming provides the liquidity needed to make trades.
To access the service, users first need to add Arbitrium to their wallets. Then they must bridge the gap between ETH and Arbitrium. After that, just deposit the cryptocurrencies you want to provide liquidity to.
Yearn Finance promises more expansion on Arbitrium and other blockchains in the future. They promised, among other things, more tier 2 roll-ups, sidechain developments.
The team behind Yearn calls the project “a radical experiment in decentralization”. This is because the cryptocurrency has no foundation or company behind it, no headquarters, not even a list of names and locations for its contributors.