What's the next "fork +YFI" project?

Original title: "Fork +YFI=?"  

Source: Blue Fox notes

Since YAM's use of AMPL+YFI, there has been a growing trend in encryption in recent times, with bifurcated maturity projects giving YFI a mining allocation mechanism, rapidly spawning a new hot project. The so-called integration here does not mean that the new agreement or product integrates all THE YFI mechanisms, but just borrows its mechanism of exploding the community: there is no pre-excavation, no investor share, only the distribution mechanism of liquid mining.

YAM is a combination of AMPL+YFI

YAM was the first project to show the power of YFI+FORK. YAM forks AMPL and USES YFI's token distribution and governance mechanism.

YAM's mechanism is mostly forked AMPL, an elastic stabilisation currency that issues or reduces shares depending on the market price relative to its target price, while retaining the same proportion of holders. YAM also has its own features. One is that it has added to its reserve pool, transferring 10% of its additional issuance to it and converting it into the YCRV, a yield-bearing stabilisation currency. The use of the reserve pool is ultimately determined by the community. But it gives YAM room to do more.

The most important part of YAM is the adoption of YFI's distribution mechanism and community governance mechanism. All the YAM is distributed through liquid mining. All of YAM's major governance decisions are made through community discussion, governance by vote. You can see this in the rescue of YAM, in the migration from YAM V2 to V3. Please refer to the previous article of Blue Fox's notes,YAM:A new variation of AMPLYAM's road to revival, YAM V3 is coming.

In this sense, YAM is a very important future stabilisation practice, and whether or not it succeeds, it has won the support of the community and is an important part of the cryptographic stabilisation exploration.

Sushiswap is Uniswap+YFI

Sushiswap forked Uniswap and adopted YFI's token distribution and governance mechanism, which was similar to the Trojan horse in Uniswap, which directly wanted to leverage the liquidity from Uniswap.

Unfortunately, a few days ago, one of the main developers of the team sold its share of SUSHI in the founding team, which led to a sharp drop in the market and caused dissatisfaction in the market. Eventually, though, the founders passed the first hurdle by handing over control to the community.

The biggest risk for Sushiswap is not the founders, but whether it can successfully move the still-locked liquidity over the next two days. If it can be successfully migrated, even if it's only 20 percent of the original liquidity, more than $200 million of liquidity, then it has a chance to survive and grow. Never underestimate the power of community.

Whatever happens to Sushi's future. Sushi's combination of Uniswap fork and YFI is a clever trick in encryption. If the founders had not sold SUSHI, it would have been a classic case.

First, Sushiswap USES Uniswap's most important liquidity to provide liquidity for the future. Without liquidity, Sushiswap is not competitive. On the one hand, it wants to leverage the liquidity of Uniswap, and at the same time to win the liquidity for itself, which is two birds with one stone. Not only did it win itself the initial liquidity, it also hit Uniswap. Make it possible for your competition.

  (The pool of liquidity locked up on Sushiswap was $1.4 billion.)

In addition, the ETH/SUSHI liquidity pool was built to complete the price discovery of SUSHI, which promoted the construction of the community base. At its peak, Sushiswap locked in over $1.4 billion of liquidity. Among the liquidity of Uniswap tokens, Sushi once topped the list.    

 (Sushi liquidity was once at the top of Uniswap, TheBlock)

Judging by this process, Sushiswap has been successful, at least in the short term. From this perspective, the community is eager to have a DEX that is not run and driven by institutions, but is driven entirely by community governance. Here the user not only has the revenue expectation, but also has the expectation for the encryption spirit.

If Sushiswap can successfully leverage the liquidity of Uniswap, then Sushiswap is likely to become a significant project in the DEX field. Even if Sushiswap mobility fails, sushiswap-like projects or measures will continue. The entire encryption community will not give up.

Swerve is a Curve+YFI

In addition to YAM's bifurcation of AMPL, Sushiswap's bifurcation of Uniswap and the bifurcation of Swerve's bifurcation of Curve came the other day.

So, Curve+YFI= better stability coin DEX?

Curve is the main stabilizer of DEX. For details, please refer to the previous article on Curve in Blue Fox's notes. Curve is the second oldest in DEX, while Uniswap is the oldest.

Just three days after its launch, Curve has locked up more than $400m in assets and $4.1m in trading volume. Its current yield is not too high in the mining era, at around 300%.

(Swerve had over $400 million in liquidity in three days)

It is obvious that Swerve must play a role in diverting the Curve, which is also of certain threat. Since its tokens are released entirely through liquidity mining, and according to the current liquidity, the sliding point of users' transactions is not high, and there is room for its subsequent survival and development.

Bifurcation of the YFI self

And YFI itself has been bifurcated a lot, YFII, YFV... These branching explorations are all on the way, and some are also gradually forming their own community identity.

More FORK+YFI on the way

Who would be a combination of Maker+YFI?

Who's going to be a Compound plus YFI?

Who would be Synthetix+YFI?

Who would be the Nexus Mutual+YFI combination?

Who would be dydx plus YFI?

Who would be Opyn+YFI? .

The era of bifurcation, fluidity mining and DAO governance will accelerate the emergence of various innovative projects. Although most of the projects will be totally out of the water, few projects will stand out from them. The DeFi pattern is about to change.

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