André Cronje, founder of yEarn.Finance, unveils new DeFi project yCredit

The well-known founder of yEarn.Finance, André Cronje introduced the new DeFi project — yCredit.

The platform allows depositing ERC-20 tokens and obtaining credit in yCredit coins at 99.5% of the deposited amount. For example, if a user deposits Ethereum worth $100, they would receive yCREDIT coins worth $99.50. To redeem the deposit in Ethereum, the yCREDIT tokens are burned.

As of writing, yCredit supports tokens AAVE, BNB, BUSD, CRV, COMP, DAI, ETH, LINK, MKR, REN, renBTC, SNX, SUSD, TUSD, UNI, USDC, USDT, wNXM, wBTC, and YFI.

A fee of 0.5% of the deposit is charged for each operation. The fees will be distributed among users staking yCREDIT.

Cronje emphasised that the protocol remains experimental and that users should use it at their own risk.

Earlier, André Cronje introduced the DeFi protocol Deriswap, which combines swaps, futures, options and loans on a single platform.

Additionally, earlier the founder of yEarn.Finance announced the acquisition of the enduring rival Uniswap — the decentralized exchange SushiSwap. Prior to that there was an integration of yEarn.Finance with the lending protocol Cream, the project Pickle Finance and the Argent wallet, the Akropolis project, and the peer-to-peer insurance market Cover Protocol.

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