THELOGICALINDIAN - Copycat YFII bread divides the crypto association on whether a copycat decentralized agreement is a scam
A angle of YFI, YFII token, has popped up on the crypto bazaar this week, alms a account ROI of over 15% on yCRV staking with a 788% APY. While several absolute advisers are still auditing the protocol’s code, the actuality the protocol’s admin keys were destroyed makes YFII decentralized abundant to acreage it.
Runaway Success YFI Gets a Copycat on Balancer
YFII, badge artful the badly acknowledged YFI that’s been authoritative strides in the DeFi world, has popped up on Balancer and acquired a massive activity in the community. Launched on July 26, the agreement claims to be “a angle and bigger version” of YFI, currently alms a 10% account ROI in USD and a 532% APY for staking yCRV.
YFII is a angle of YFI with connected agriculture of its tokens, clashing YFI, which had alone one anniversary of administration to clamminess providers. YFII follows a Bitcoin-like halving access for crop distribution, with the barring that yields are bisected weekly.
Adding clamminess to the YFII and DAI pools while staking BPT tokens on Balancer will currently accommodate users with an 18% account ROI in USD, and a 962% APY.
YFII Splits the DeFi Community
The actuality that YFII angled from the badly acknowledged YFI and managed to accompany over $36 actor in its basin has pushed abounding to characterization the agreement a scam. The cogent amplification of the DeFi area has apparent in the accomplished several months has led to the actualization of abounding scam projects that impersonate added protocols on DEXs such as Uniswap.
However, several affecting developers in the DeFi amplitude accept gone through YFII’s cipher and begin no credible flaws or inconsistencies, claiming that the agreement was as decentralized as YFI and it’s awful absurd that its creators will be able to go off with all of the funds in its acute contracts.
After actuality appear abundant times for impersonation, Balancer removed YFII from its front-end. While users are still able to admission the protocol, abounding accept criticized Balancer for removing the badge after any association governance, accusing it of absorption and bias.
While YFII has the aforementioned acute arrangement as YFI, it lacks the basement and a arch aggregation to absorb the amount of the token.
