February 6, 2021: The Iron Bank Will Have Its Due 🍨🏦

Keep Ahead of the Curve

Congrats to Curve becoming the #1 DEX in the world!

Yawar @Yawar_HZ

Alright we have a new leader folks. $CRV $UNI $SUSHI

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:

Cream Finance 🍦 @CreamdotFinance

Introducing The Iron Bank 🏦 - Zero collateral, protocol-to-protocol lending platform and liquidity backstop for the entire #DeFi ecosystem - Launch Partners: Alpha Homora V2 @AlphaFinanceLab & Yearn v2 leveraged vaults @iearnfinance Read more 👇 medium.com/@CreamdotFinan…

medium.comIntroducing The Iron BankWe’ve been hard at work since our launch in August to become one of the most innovative platforms in DeFi. Our last post looked back at 2020, shared more info on our merger with Yearn, and explained…

The Yearn vaults currently support several different tokens…

Including several Curve offerings, some of which provide expanded utility for the token:

Curve Finance @CurveFinance

Incentivized SushiSwap pool for yveCRV!

ツ @WrongNebula

Yabai! 🍣🌊 $ETH + $CRV = $SUSHI yveCRV-ETH rewards are live on Sushiswap Kamajī is sending his regards! https://t.co/K9EH5F9WLT https://t.co/3Hqu7s2QpQ

0xdef1.eth @0xdef1

In case you are wondering what this is. 1/ If you lock CRV tokens in the Curve DAO, you get back veCRV tokens. The longer you lock, the more veCRV tokens you get. Those veCRV tokens let you claim a portion of the admin fees generated by *all* Curve pools

yearn.finance @iearnfinance

yveCRV vault is back – this time with 🍣 on top. https://t.co/fNa5Et9ROK https://t.co/KFnDzPcFKm

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.

yearn.finance @iearnfinance

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:

---

For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice. The author performs development work for Curve compensated partly in $CRV, all content is otherwise independent.