This article was translated from Decrypt by YFII participant Cao Yin and YFII Chinese community volunteer Alan Tarjan.
YFII has passed the contract audit of Ambi Lab:https://decrypt.co/38067/can-chinas-great-defi-fork-yfii-escape-yfis-shadow
Translator's note:
Yearn Finance is a DeFi income aggregator. After launching the governance token YFI on July 17, it quickly detonated the liquidity mining market because of its novel distribution mechanism and governance scheme. YFII is a fork of the YFI project, following YIP-8 (Yearn Finance Improvement Proposal No. 8), implementing a Bitcoin-like halving mechanism.
Excluding the YFII and YFI projects, other projects called Y**I have nothing to do with the original YFI community, and have not undergone code audits, private key destruction/multi-signatures, and it is possible to pre-excavate and issue infinitely at any time. It is extremely risky, and someone has already been scammed, please avoid participating.
YFII has passed the contract audit of Ambi Lab:https://www.odaily.com/post/5154104
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along withalong withThe Forking Madness Is Over, CryptocurrencyThe world seems to be tired of copycats (andscamscam
), and gracefully move on to the next hot topic. After all, if there is less farming, what is the gain?
However, for many Chinese entrepreneurs, the formation and development of YFII is not an easy task. As Dovey Wan told reporters on WeChat, "I sincerely hope that this attempt is a good learning experience for the Chinese community to start an effective DAO, with bottom-up governance that truly comes from the masses." , a people's movement that serves the masses."
But what does it mean to create "truly a people's movement of the people, for the people" in a community with few people in control?
This week's da bing column will enter YFII's founding WeChat group, trying to understand the development direction of China's DEFI movement.
Helmsman turns to YFIIAlthough we reported last week
, but the real helm behind YFII is not just a group of young Maoists. Yes, nationalists did use patriotic rhetoric to fuel the initial surge of YFII. But after a week of community elections and development, actual leaders have emerged. As it turns out, YFII has gathered some of China's most famous DeFi veterans.David WhiteLaobai () is a Chinese cryptocurrency freelancer, entrepreneur, developer and investor, and a key member of YFII. (His nickname isLao Bai,Based in Beijing, "Old White" is an evolution of his original nickname "White Noise"), he worked as a data scientist for several years at Chinese tech giants such as Tencent and Douban. He is also an investor in SNX, KNC and LRC, while managingwrite
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David White (aka Old White) is the talent behind YFII.Yin Cao）YFII participants also include Cao Yin (, another cryptocurrency influencer and digital financial consultancyDigital Renaissance Foundation
Founding Partner. He switched from the original YFI to the forked YFII, and he found the community more equal. He told me that he likes YFII because “he is touched by everyone’s selfless volunteering, no matter their background.”
Another notable figure in the YFII movement is Dovey Wan, who is known as a DeFi skeptic as she is a leading representative of crypto in the West. She told me: “At first I thought it was a scam. Later, I found out that it seems to be reliable (when they voted to burn the owner key). Then, when Balancer even banned YFII arbitrarily without warning.” , YFII developers are very vulnerable and have no choice but to Fork Balancer, I think I can help."It's hard to say why so many reliable people suddenly joined YFII. But one factor is obvious: the love YFII's early contributors have for YFI, and more importantly for its foundersAndre Cronje
recognized.
“YFI is one of the very few projects recognized and supported by the overall crypto community in China (Grin was the last one). Everyone supports Andre and wants to see yearn do better. If YIP8 is approved, Then YFII will never be born." Lao Bai told me.
Indeed, the Maoists among YFII supporters were silent when the token price fell. This partly shows that they are only using nationalist rhetoric to promote the token, rather than actively participating in the development of the protocol.
"YFI is a company, and YFII is a community."
YFII claims to be more community-driven than YFI.
Lao Bai told me: “The YFI community is mainly composed of Western members.” “They want to run Yearn as a company and advocate elitism (because liquidity mining will be completed in 7 days). And YFII is a real community-based project, which uses the Bitcoin halving mechanism to allow more members to share tokens.”
As a member of YFII's founding WeChat group, I have witnessed how YFII operates day-to-day and understand its community aspect. However, it is unclear why YFII is more community-driven than YFI. Yes, there is no central figure like Andre behind YFII, but they all follow the same contract private key holder election process, almost half of the contract private key is allocated to the "early core group" and the rest to international community.But even if we set aside the ethos of the forked community, despiteCronje supports YFII, but YFII and YFI are not at peace with each otherget along
. The differences between the two projects are getting bigger.
Allies or competitors?
Both YFI and YFII provide liquidity to Yearn, so this shouldn't be an issue. Indeed, “we have talked to Andre, and Andre is willing to provide fee incentives for YFII in return for the assets under management it provides,” Lao Bai said.
However, the YFI community still seems hostile to YFII. Since the surge of YFII, the YFI community has adopted a strategy of reducing the price of YFII tokens. Specifically, users can deposit yCRV and put it in pool 1 of YFII for Farming. They can then withdraw YFII intermittently, exchange YFII for DAI on Balancer, and finally deposit DAI on Curve to obtain new yCRV.
“When you deploy a strategy like this over and over again, the YFII token goes from $600 to $120,” Bai explained.
The anger of the YFI community made Lao Bai reluctant to engage with the YFI community further, and instead focused his attention on product development.
Just a week ago, Lao Bai told me that the YFII community would be interested in finding a mechanism for YFII to also participate in YFI’s community governance, since both are linked to Yearn. However, after the ongoing attacks, Lao Bai told me on Saturday that for now, he would rather focus on deploying new yield farming strategies on YFII to attract Chinese users.
“Most Western DeFi Farming strategies are focused on USDC and DAI, which runs counter to the USDT strategy. However, the Chinese community has always expressed satisfaction with USDT. YFII can become a DeFi platform for these strategies,” he said.
If so, then YFII will not only become YFI's "branch" in China, but also a DeFi product known for its USDT-based strategy and east-facing friendly interface.
Translator's note:
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Translator's note:
The YFII community is putting a lot of effort into developing new strategies. The new strategy platform (YFII smart pool) will be released on Tuesday at the latest. The core development is deploying many innovative strategies. At the same time, liquidity mining cooperation with platforms such as ForTube is also advancing among.
Whether YFII can surpass YFI, both projects are still relatively early, no one can predict, as the power of Chinese DeFi, it is natural to hope that it can grow rapidly and become a backbone force in the world's DeFi.
In the recent surge of LINK, other oracles such as BAND and NEST are not to be outdone. With the launch of YFI on Binance, can YFII take advantage of the launch of Smart Pool to launch a beautiful attack like BAND and NEST?
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We will wait and see.
