NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) — VyFinance (VyFi), a Cardano-based staking platform, has reached a total of $31M total value locked – making them the first in the Cardano ecosystem to have reached the $5M, $10M and $15M milestones. Since their ICO in August, which sold out in ten days and totaled $3.2M at the time, VyFi has also introduced NFT staking and implemented a New Learning Management System (LMS) to help crypto beginners and seasoned crypto natives alike learn and get a deeper understanding the overall Decentralised Finance (DeFi) space and how VyFi works.
VyFi allows users to invest and stake ADA, Cardano’s local token, using their novel ‘Neural Net Auto Harvester’ to simplify returns, aggregate liquidity, and let users set risk levels to potentially maximize returns.
Lately, VyFi has been getting attention for bringing many firsts to the Cardano DeFi game. VyFi’s NFT Staking saw $3m in TVL in 24 hours and provides the first use case for NFTs on the Cardano chain. This locked staking provides market scarcity in exchange for tokens that VyFi has partnered with, such as Cardax, Minswap, ADAX, and more. VyFi’s unlocked token staking also offers 18% APR, making it a popular choice for users vs. the standard Delegated Pool Staking that Cardano offers.
VyFi has also partnered with many projects notable in the Cardano ecosystem. For internal auditing and development oversight, they’ve partnered with Well-Typed (who helped develop Haskell) and Tweag (who helped develop Plutus) respectively. VyFi has also partnered with many other DeFi platforms, as well as staking pools and Cardano educators.
VyFi main’s differentiator is its Neural Net Auto Harvester; a sophisticated service that employs staking strategies based on incentive versus risk in order to invest the funds across multiple Liquidity Pools to simplify the mechanics of entering and min-maxing these pools. This means when users deposit or withdraw a single token, they simply choose a degree of risk to complete the transaction rather than having to calculate risk, distribute the tokens and then take the profit, as is the ‘traditional’ DeFi model.
The ‘neutral net’ element comes from their proprietary artificial intelligence that helps VyFi’s harvester do all this. Co–Founder Jack Kochen explains, “The neural net is the AI ‘watching over’ the liquidity pools and the farms in ADA’s developing ecosystem. It chooses the best ways for users’ returns to continue making gains; this auto harvester is essentially Cardano’s first roboadvisor for staking. We’re proud to be the first doing this with a top team and look forward to seeing how VyFi sets the standard for similar technologies on other chains.”
VyFi also revamps staking (when you invest tokens for a fixed amount of time for interest and rewards), with their Auto Harvest Feature. VyFi offers various staking options: a low-risk stable coin (USDT) and a pure ADA option. The auto harvester enables tokens received as an interest to continue appreciating which in turn, means users can continue to earn passively as long as they hold the VyFi token.
In all, VyFi’s ambitious approach to DeFi will not only foster a space for both the new and old users alike but also implement exciting new technologies that are bound to disrupt and change the game.