YFUNI: A Yearn Inspired Suite of Next-Gen DeFi Products

Yearn Finance protocol was one of the largely successful Defi protocols on the Ethereum blockchain. YFUNI aims to innovate on the highly successful Yearn products for the Binance Smart Chain network’s growing users.

By
Wilfred Victor
on
March 30, 2021
Category:
Project Insight

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Introduction

Yearn Finance is part of the top crypto projects that grew exponentially with the decentralized finance(Defi) ecosystem on the Ethereum blockchain. Yearn.finance is one of the leading yield optimizers who first introduced smart vaults. Recently, there have been calls for a Yearn Finance-like concept/project on the Binance Smart Chain (BSC) network due to its increasing adoption, cheap fees, and fast transactions. YFUNI is thus providing a Yearn Finance-inspired project to the BSC ecosystem.


What is YFUNI?

YFUNI Finance is a Yearn inspired project that serves a next-generation product suite revolutionizing the Decentralized Finance ecosystem. The project aims to provide innovation, yield farming aggregation, lending aggregation, and crypto banking, all on the BSC network.

The project will adopt all of the first Yearn Finance features on the Ethereum chain and implement even more financial products. It aims to introduce an innovative banking system on the Defi ecosystem and power a decentralized saving and multi-level interest generation protocol. The ecosystem guarantees equality, equity, and security for users in staking cryptocurrency assets while improving user experience through its simplified Defi smart portal.


Key Features

  • Lending
  • Crypto Banking
  • Yield Farming
  • Staking
  • Governance
  • Mortgage
  • Barter (peer to peer transactions)


Project Components

uEarn is the Auto Yield Farming Aggregator with smart Robo advisors that strive to achieve the yields for supported assets (YFUNI, UNICORD, BAKE, CAKE, BURGER, and WBNB). It carries out these activities by pooling funds together and allowing for secure distribution through smart contract execution.

uVault: is the platform in which users can deposit YFUNI, stablecoins, and earn passive income without high risk in addition to a flexible APR.

uBarter: YFUNI finance will be the first to provide a peer-to-peer barter system within the decentralized finance space. Users will be able to swap crypto assets in a peer-to-peer manner.

uBorrow and uMortgage: Get access to loans with competitive rates and no KYC needed with the uBorrow feature. Users will also have special access to the YFUNI pawn system that provides more benefits for customers.

uGov will function as the governance protocol where YFUNI holders can participate in the YFUNI revolution through governance. The governance model will be the first of its kind and allows for cost-free voting publicly verifiable by YFUNI holders. To provide a healthy ecosystem, YFUNI will incorporate a unique onchain voting mechanism to introduce flexible parameters. Users can vote for:

  • Launch of new pools (new tokens, different lock-up periods)
  • Proposals related to future developments within the YFUNI ecosystem

The platform is still early in its development phase, with more features planned in the future, including NFTs, Swap, and Insurance. Some of the project components are yet to go live since the project launch is around 30 March-1st April, some few days left, so attempting them may return an error at the time of this review.

Critical timelines, project updates which include a new audit from a reputable audit firm on the BSC ecosystem, Certik, are scheduled for the 29th of this month.

The project has entered several strategic partnerships with projects that further strengthen the vision of the protocol. Partnership with Accurate Capital, which took part in the private investment round, will help with community growth, advisory, and access to industry network and resources.

Partnership with LID Protocol, automated ILO platform, and Dextool, a crypto chart tool for Dex tokens, building on the YFUNI range of products and services.


Tokenomics

YFUNI is poised to be the next YEARN on the BSC network. The token is distributed in the spirit of YFI, no pre-mine, no VC interests. Just a simple equal staking distribution opportunity to attract a broad and vision-aligned.


YFUNI Token Profile

Token Allocation

Total Supply: 100,000 YFUNI (100%)

  • Ecosystem Fund : 95,000 YFUNI (95%)
  • General Reserve : 3,000 YFUNI (3%)
  • Marketing : 2,000 YFUNI (2%)
  • Liquidity : 1,000 YFUNI (1%)

Token Distribution


UNICORN Token Profile

Token Allocation

Total Supply: 50,000,000 UNICORN (100%)

  • Ecosystem Fund : 37,500,000 UNICORN (75%)
  • IDO : 4,000,000 UNICORN (8%)
  • Liquidity : 2,500,000 UNICORN (5%)
  • Marketing : 2,500,000 UNICORN (5%)
  • Team : 2,500,000 UNICORN (5%)
  • Private Sale : 1,000,000 UNICORN (2%)

Token Distribution


Roadmap

2021 Q1

  • Re-build YFUNI on Binance Smart Chain
  • Launch ecosystem Unicorn token
  • Token sale started
  • DEX listing
  • uFarming Launch
  • uStaking Launch
  • uInsurance Partnership
  • YFUNI hiring team
  • Creating more strategic partners

2021 Q2

  • Listing on a major exchange
  • NFT and Pool management partnership
  • uBarter Launch
  • uVault Launch
  • uBorrow Launch
  • uGov Launch
  • Social media marketing campaign

2021 Q3

  • uMortgage Launch
  • uBridge Launch
  • uAssets Launch
  • Mobile App interface launch
  • uNFT management and mining pool
  • FUNI NFT drop for holders
  • Expand the Network

2021 Q4

  • uSwap Launch
  • Mobile App Launch
  • More update release soon

Q1 2021 has seen the implementation of many of the products and planned roadmap into the protocol. NFTs, mobile launch, uMortgate, uSwap scheduled for the later Quarters of the year will bring much more attention to the Yearn-inspired protocol built for the BSC community. The team has also given use a timeline of events right before and upon launch:

  • #1 Burn UNICORN (29)
  • #2 Burn YFUNI (29)
  • #3 Buyback and Burn UNICORN (30) 
  • #4 Burn Team Fund UNICORN Token
  • uEarn Audit Result QuillAudits (30)
  • uEarn Launch + Article (30)
  • SSA, Strong Staker Airdrop (30)
  • Burn After Launch (30)
  • New Pool (April)
  • Partnership (April)


Concluding Thoughts

Yearn Finance protocol was one of the largely successful Defi protocols on the Ethereum blockchain. It’s one of the Defi projects that brought major attention to the Eth protocol and the Defi ecosystem in all of its fullness.

YFUNI will bring in the highly successful products and protocol of the original Yearn Finance for the Binance Smart Chain network’s growing users.

To learn more about YFUNI Finance, check out the following resources and media pages:

Website

Twitter

Telegram

Telegram Announcement

Medium

Github

BSC Starter Mentions about YFUNI on YouTube 

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.