Yearn Finance Launches on Red Hot Fantom and Goes Multichain

The yield aggregator, Yearn Finance announced last night that it has gone live on Fantom and incorporated the blockchain into the new version of its user interface.

“The Realm of Multichain beckons. And Yearn has heeded the call,” Vany, a Yearn Discord admin, said in the announcements channel. “Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults.”

Yearn recently upgraded its user interface to v3.0, which is still in beta. Vany cited this as part of the reason the codebase was able to move to a second chain. “Our v2 vault codebase has hardened over the past few months, and the new beta website is a vast improvement, allowing us to switch chains relatively easily, something we simply could not have done in the past,” Vany wrote.

DeFi Underdog

“Yearn is a yield aggregator, so it builds on top of other building blocks,” Simone Pomposi, marketing lead at the Fantom Foundation, told The Defiant in an email. “The Fantom ecosystem has grown exponentially over the past few months, and those building blocks are now available.”

Fantom, long a DeFi underdog, leapt into the public consciousness this year with the launch of its liquidity mining program. The FTM token was trading at about $0.50 when the liquidity mining program started and has jumped to $2.34 as of late morning training on the East Coast Friday, with $9.3 billion in total value locked (TVL) on chain, according to DefiLlama. In April, it had just $3M in TVL.

Fantom has been around since 2019. It was designed to be a high throughput blockchain using asynchronous Byzantine Fault Tolerant consensus.

Users who want to try Yearn’s first four Fantom vaults can buy mainnet FTM on Binance, according to Pomposi, and users can also bridge from Ethereum using Multichain or Spookyswap.

More Chains

Yearn’s choice to expand to Fantom may be in part explained by the involvement of its founder Andre Cronje. Cronje has been a member of the blockchain’s development team since before he created the earliest version of Yearn.

The Yearn team plans to reach more chains. “Ultimately, we’d love to bring Yearn to any chain where we can safely operate and simplify the process of earning yield for users and partners,” Vany said.