Y Family Day Launch Is HERE. Now, Y Hodl on to $YFIN?
Tags: Governance, Airdrop, Cryptocurrency, Defi, Blockchain

Y Family Day draws closer than ever and we can’t wait to roll out this feature for our dedicated $YFIN and $YDOT community. As many of you may already be aware, we will be providing holders of $YDOT the opportunity to steer the platform and token as they see fit — just as they should — while also earning returns for their loyalty through airdrops of carefully curated tokens that we believe provide the best long-term growth potential throughout the DeFi sector. Through this, you will not only diversify your portfolio, you will also play a pivotal role in driving the relevant DeFi projects and growing the community.

How can you participate in this, you may ask? It’s simple! As with Y Family Day, our governance token $YDOT will be airdropped to holders of $YFIN on a 1:1 basis, meaning the amount of $YDOT you’ll receive corresponds directly to the amount of $YFIN you’re holding. It’s fair and square — your voting power corresponds to the amount you have staked on the platform.

And that’s not all! As holders of $YDOT, you will also be receiving airdrops for the hottest tokens currently in the market, specifically SushiSwap, Lua, DAI, and PICKLE. This is because holders of $YFIN contribute directly to the pool that is farming in these Core 4 pools. Each of these tokens will incur different percentage returns, so we designed it in such a way where holders will receive an aggregate of all the returns.

This privilege is, however, reserved specifically for those holding 10% of the USD value of $YFIN. So if you don’t already have your $YFIN, simply swap ETH for $YDOT at Uniswap at a rate of 3,934 $YDOT for 1 ETH.

Why does the Core 4 consist of those specific tokens?

We’re aware that a few of the tokens we listed earlier may raise concerns among members of the community — and rightfully so. But we believe that these tokens, despite the risks associated with some of them, will ultimately lead to better returns for the community.

Let’s break it down.

SushiSwap, as many of you are aware of, has been accused of being an exit scam after its anonymous founder Chef Nomi cashed out 37,000 ETH, worth USD 13 million, in August 2020 causing a considerable amount of controversy in the DeFi community. Nonetheless, the SushiSwap community has become a thriving decentralized exchange governed completely by its community, having recently moved over USD 830 million in assets from Uniswap to its very own platform and has even surpassed its former platform by controlling the second highest volume among its peers. SushiSwap’s impressive number of mining pools have continuously drawn liquidity providers, making its token considerably sought after.

PICKLE, yet another controversial topic in DeFi circles, was recently picked up by Yearn Finance to boost its yield farming incentives and compensate victims of the recent hack that resulted in losses worth almost $20 million. The move, according to Yearn founder Andre Cronje, was done to minimize duplicate work, leverage shared expertise, and increase specialization. On top of its strategy of balancing between selling stablecoins above their peg and purchasing those below it to ensure that it corresponds with the US Dollar, the fact that PICKLE is backed by a well-established platform offsets the risks associated with another attack thereby making it a worthy investment. Cronje adds that PICKLE Jars and Yearn’s v2 Vaults will eventually merge to keep its total value locked.

Finally, Lua, possibly the riskiest token of the Core 4, also comes with the possible highest returns. With token prices currently set at 2 Cents, it is more likely for its price to move up given its low benchmark. This token economics has been designed to incentivize holders to participate long term in governance in order to support smaller pools of emerging tokens rather than fighting for liquidity within the top token pools which ultimately give almost negligible returns on investment.

Closing remarks

As mentioned before, we can’t wait for the upcoming Governance Day (Y.Family Day); and while we have opted to use riskier options for our underlying tokens, we truly believe that our diversified investments will pay off while offsetting the risks associated with them in the long run. You can acquire $YFIN from https://swap.y.financial/ and hold onto it to receive the $YDOT airdrop. This privilege is, however, reserved specifically for those holding 10% of the USD value of $YFIN. So if you don’t already have your $YFIN, simply swap ETH for $YDOT at Uniswap at a rate of 3,934 $YDOT for 1 ETH.You can acquire both, but you will have to hold 10% of the holdings in $YFIN to get the Core 4 token airdrop.

The first Governance vote will start 00:00 UTC 25th and end 25th 24:00 UTC. $YFIN will be later released on the 25th of December to fire up the community.

With that said, we look forward to reaching out for the first governance day!