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Decentralized finance (DeFi) protocol Yearn Finance has invited the world’s top hackers to have a crack at its vault. Furthermore, the DeFi lending platform provided its vault smart contract, which it has asked to be ‘rugged.’
On July 26, automated yield farming protocol Yearn Finance tweeted, “We want you to hack us. Yep, really.”
Yearn Finance Flaunts Security
The team at Yearn Finance said that its v3 vault “has gone through multiple audits and internal reviews.” It added that now was time for the real battle test—’Crypto Twitter.’
“If you can take the funds from the v3 Vault and strategy below, they’re yours.”
Yearn added that it has “even opened up almost all permissioned functions on the vault, sharing the contract. “See, we really do want you to rug us anon,” it reiterated.
Its most popular vault is the Curve TriCryptoUSDC vault which has $108 million locked and claims to yield 13.94%.
Additionally, Yearn was exploited in April through a ‘misconfigured’ yUSDT token which resulted in a loss of around $10 million.
From one of the most popular DeFi protocols a couple of years ago, Yearn has slumped to 24th position in the total value locked rankings. The platform fell out of favor due to its high fees and high gas costs, with some depositors losing money on its ‘yield opportunities’ before upgrading the fee structure.
According to DeFiLlama, Yearn’s TVL is just $431 million, and it has been a flat line for the past year. Furthermore, TVL has tanked 94% from its all-time high of just under $7 billion in late 2021.
YFI Token Outlook
The protocol’s native token, YFI, is not faring much better. The token was the hottest thing in DeFi in 2021, skyrocketing to prices higher than Bitcoin’s peak.
However, like most DeFi tokens, YFI now lulls 93% down from its all-time high.
The token was trading flat on the day at $6,541 at the time of writing. It has lost 6% over the past week, aligning with the broader crypto market retreat.
Yearn has a market cap of $216 million with just 33,000 tokens in circulation.
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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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