Yearn.Finance has launched a new liquidity vault called the yveCRV Backscratcher. The DeFi protocol mentions that this is a new kind of meta vault and that such kind of vault has always been the ultimate goal of Yearn. Hence, seeing it come to alive has been really exciting for the team. A new Zap has also been integrated into the user interface for the purpose of connecting the vault to the base version. Yearn.Finance’s yveCRV Backscratcher Crypto influencer Ceteris Paribus says that the new yveCRV backscratcher is much more than an ordinary vault. The vault’s Backscratcher feature restricts withdrawals for up to a four year period. However, the new yveCRV vault will provide a small percentage in an effort to pump up stablecoin and Bitcoin Curve vaults. Yearn.Finance added: “Optimal use of Curve remains the key yield farming strategy for several pools today. Yearn needs a huge and growing pool of locked yveCRV to support high yields across multiple vaults as deposits of stablecoin and bitcoin increase.” The yveCRV token is actually a governance token for Curve Fiance’s DAO protocol. The intention of the whole vault comes from the idea that the new pool will provide additional rewards for locking up in the longer term. Although a contradiction to this is that in the fast-paced world of DeFi, everything keeps changing every minute. Hence, locking a value for up to four years might be of a too long period. Yearn.Finance’s Price Shoots Up on New Liquidity Vault The launch of the new liquidity vault caused Yearn.Finance to spike up above $19,000 over the last 48 hours. YFI holders caused the token price to shoot up owing to receiving the new vault news positively due to the potential of earning fees higher than the base version, yveCRV. YFI rallied above $19,000 then forcing the bulls to confirm support at $17,800.
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