Yieldification (YDF): DeFi Yield Farming with NFTs
Yieldification’s innovative use of NFTs as certificates of deposit that can be exchanged and moved on NFT exchanges, as well as how the platform’s native token, $YDF, can be staked to generate incentives and yield.
Introduction to Yieldification (YDF)
A fierce HEX rival, Yieldification (YDF), has recently made its debut as an alluring yield-earning platform, enabling 200% APRs with a novel combination of ERC-20 tokens and NFTs.
A DeFi platform Yieldification uses NFTs to offer yields in their own cryptocurrency, the $YDF. Additionally, perpetual futures trading, one-sided staking, and eventually lending and borrowing services will be available on the platform.
Yield Farming and NFTs
The platform has drawn inspiration from important DeFi projects, including Olympus (OHM), HEX, and GMX, to develop a unique yield idea that combines all the best features of earlier protocols into a single package.
In order to support the platform and its long-term strategy of facilitating yields for its users, the protocol is also trying to add more functionality on top of its NFTs. A crucial component of HEX, certificates of deposits (CDs), are used by the platform. In contrast to HEX, Yieldification started experimenting with CDs to let its users receive a set rate of interest on their staked tokens, establishing a reliable pathway for NFT holders to earn yields.
Utilizing NFTs as Certificates of Deposit
Staking NFTs from the platform acts as certificates of deposit that may be traded and transferred on NFT exchanges like Opensea and LooksRare. Each NFT’s metadata includes comprehensive information about the $YDF staked by its holders.
Staking $YDF Tokens
Built on the Ethereum blockchain, the protocol’s native token, $YDF, can be staked to receive $YDF rewards, locked up for a predetermined number of days to earn $YDF yield, and will eventually be utilized in Yieldifications’ lending and borrowing services.
Roadmap according to Whitepaper
- Q3-Q4 2022 — Index Perpetual Futures Trading
- Q4 2022 — Cross-chain support (Arbitrum)
- Q4 2022 — sYDL & slYDF NFT marketplace
- Q1 2023 — DAO Implementation
- Q1-Q2 2023 — Lending against the principal value of sYDF & slYDF
- Q2-Q3 2023 — OTC trading of ERC20, ERC721, and ERC1155
Where to Store Yieldification (YDF)
A user-friendly option to keep your $YDF secure can include MetaMask, a leading browser wallet extension popular among DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting their MetaMask wallet.
Yieldification (YDF) Resources
Block Explorer: https://etherscan.io/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.