Crypto NewsAltcoinJUST IN: DWF Labs Proposes Collaboration with Yearn.Finance (YFI)

JUST IN: DWF Labs Proposes Collaboration with Yearn.Finance (YFI)

According to the last minute development, market maker company DWF Labs has offered a partnership with Yearn.Finance (YFI).

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DWF Labs, a leading cryptocurrency investment firm and market maker, has proposed a collaboration with Yearn.Finance (YFI).

The proposal aims to address the liquidity crisis faced by CRV, the native token of Curve Finance, a decentralized exchange for stablecoins and low-slip swaps.

According to the proposal, DWF Labs will support the CRV community with 12.5 million CRV ( 5 million dollars).

DWF Labs plans to use some of its CRV position to purchase Curve Finance's management token, vCRV, and distribute it to the vCRV-CRV pool in Yearn. This will help rebalance the pool and keep assets in Yearn for at least 12 months.

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In return, DWF Labs requests a 350 YFI ($1.95 million) loan at an annual interest rate of 1% from the treasury of the Yearn DAO. The borrowed YFI tokens will be used for market making for both the spot and derivatives markets, with DWF Labs claiming a 7.5% market share and a 30bps spread.

The proposal states that DWF Labs is a subsidiary of Digital Wave Finance, one of the world's leading high-frequency cryptocurrency trading firms, which was founded in 2018 and trades on more than 60 exchanges, both centralized and decentralized.

The proposal will be open to community discussion and feedback for seven days, after which a Snapshot vote will be initiated with voting options.

*Not investment advice.

Buradaki Yorumlardan Bildirim Al

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