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Today we continue our profile of the newest Curve pools with cyDAI/cyUSDC/cyUSDT, aka the Iron Bank from Yearn / CREAM.
What is the Iron Bank? For starters, a reference to Game of Thrones, where the Iron bank was an intercontinental power player with the ominous slogan “The Iron Bank will have its due”
More directly, it’s a product of last year’s merger of CREAM (Crypto Rules Everything Around Me) and Yearn, hence the “cy” in the token symbols. They were looking to facilitate the move from “peer-to-peer” lending to “protocol-to-protocol” lending and thereby create direct lending with credit limits and zero collateral for certain partners.
The team announced the launch of the Iron Bank just a few weeks back with Yearn and Alpha Homora:
The Yearn vaults currently support several different tokens…
Including several Curve offerings, some of which provide expanded utility for the token:
Yearn pushed their vaults live just a few weeks ago, and have been eagerly pushing users onto their v2 tokens, especially following the recent v1 hack.
The new pool on Curve mimics the Curve 3pool with the Yearn wrapped versions of the assets cyDAI/cyUSDC/cyUSDT. The pool already has $11MM deposited with an early trading fee APY of 40% (likely to come down). Plus rewards expected to come within the upcoming week:
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