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Yearn.Finance founder Andre Cronje releases new DeFi protocol yCredit

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Yearn.Finance founder Andre Cronje has released a new decentralized finance (DeFi) protocol called yCredit.

It allows users to deposit ERC-20 tokens and receive 99.5% worth of deposits as a credit line in the form of yCREDIT tokens. For instance, if a user deposits $100 worth of ETH, they will receive $99.5 worth of yCREDIT. If they burn $100 worth of yCREDIT, then they will receive their ETH back.

Cronje said the protocol is still "experimental" and can be "economically exploited," meaning users should use it at their own risk.

With yCredit, users can borrow or purchase any ERC-20 token that is supported as collateral in the system. The currently supported tokens are AAVE, BNB, BUSD, CRV, COMP, DAI, ETH, LINK, MKR, REN, renBTC, SNX, SUSD, TUSD, UNI, USDC, USDT, wNXM, wBTC, and YFI.

yCredit will charge a 0.5% fee for every deposit, trade, swap, borrow, or repay. The collected fees will be distributed to users that stake yCREDIT in the yCredit contract, said Cronje.

yCredit is the latest DeFi project by Cronje. His other projects include Deriswap, Keep3r Network, StableCredit, yInsure.Finance and ySwap.Exchange, among others.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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