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Cryptoknowmics 2022-04-09 09:48:50

DeFi Protocol Yearn Finance Adopts ERC-4626 Token Standard

Yearn Finance has become the first major protocol to support the adoption of a new Ethereum token standard called ERC-4626 that could help solve composability issues in DeFi and make yield-bearing tokens more secure. Meet the New ERC-4626 Token Standard ERC-4626 is a newly proposed Ethereum token standard that’s designed to resolve the varying types for tokens in decentralized finance. By adopting the ERC-4626 standard, yield-bearing tokens, for instance, can easily integrate into other DeFi platforms in a more secure way. ERC-4626 provides a standard so that all of these different tokens across multiple blockchains can talk to each other. Ultimately, ERC-4626 can revolutionize the way users and platforms stake their tokens and collect their yields. This will expand the possibilities of the cryptosphere and will become an incentive for financial innovation. According to a Twitter thread posted by Yearn Finance this week, several protocols, including Alchemix, Balancer, Rari Capital, Fei Protocol, and OpenZeppelin, are already planning to implement the finalized ERC-4626 standard. 6/ In a word, ERC-4626 will be the gold standard for any sort of interest-bearing token… from Yearn Vaults to AAVE deposits and Balancer linear pools — yearn.finance (@iearnfinance) April 5, 2022 Yearn Finance Aims to Promote the New Standard Yearn Finance is a popular yield aggregator in the DeFi space which maximizes profits for yield farmers by pla...

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