ALTCOINs We “Yearn” For!? Two Coins Ready to MOON!!!

DeFi….decentralized finance. Always remember the 
first part of that abbreviation, decentralization,   because the evil centralized entities are going to 
try and make you forget that is what blockchain is   all about. Well we won’t let you ever forget. 
You ready like bubbles for Tyler’s decent   DeFi…..also know as, it’s time for Chico Crypto! Now, everyone should know about the project 
who laid the groundwork for DeFi to evolve,   expand & grow into what we know today. 
Ethereum’s base layer of course,   but there is another one….the first decentralized 
and programmable stablecoin. Makerdao & dai,   which launched it’s initial contracts on the 
mainnet, all the way back in December of 2017. So why is makerdao important? Well, with dai, it 
was the initial lego pieces. Other DeFi protocols   and projects were able to take form because of 
Maker and dai, like Compound Finance. And then,   as we know, defi is built to be compatible, many 
others like Uniswap metamask, and even coinbase   have built to connect together with ease.

Dai, has 
become a staple of almost every defi application,   used in some form all the top dapps. 
And because of this integration and   use across this blossoming sector, since 
launch, the dai trajectory has been up   and up…crossing 100 million when it 
was single collateral by November 2019   and since the change to multicollateral 
dai, it has now crossed 2 billion dai today. But many people argue that Dai was a better 
stablecoin, when it was single collateral,   only Ether could be used in CDPs, collateral 
debt positions, which created the dai stabelcoin.   Today, the basket of collateral is much larger, 
with many erc20’s including permissioned   assets & stablecoins. Going to daistats.com, 
we can see luckily dai from ethereum collateral   still makes up about 60 percent of dai creation, 
but the next largest is usdc at 16.34 percent,   a permissioned stablecoin. Then another 
permissioned asset, wrapped bitcoin,   at nearly 10 percent, then another permissioned 
stablecoin, trueusd at 1.35 percent, then   the next largest another permissioned 
stablecoin, paxos at nearly 1 percent. I hope you get the picture, makerdao, 
with the permissionless stablecoin dai,   is slowly getting swallowed up by permissioned 
assets….and I am critical of this too.

I hold   Maker, and I use dai…but if there is a 
better option, I’m going to be eyeing it. What is that option? It’s the Unit protocol & it 
launched back in December with more collateral   options than Dai’s multi collateral, over 40 to be 
exact, but going to the dapp,that list has grown,   more erc20’s, more liquidity pools, 
from curve, uniswap & sushiswap…. You see, the limit’s MCD, multicollateral 
dai put out in the beginning, with   an affinity towards permission stablecoins have 
allowed a large growth of collateral control.   Even Evan Van Ness, ethereum writer, 
& well connected etherean researcher   is public about this criticism, saying 
back in December “I'm a fan of MakerDAO,   but I think it's very bad that more than 
50% of collateral is permissioned assets.

Unit protocol by providing a multitude of 
options, out the gate. Allows for a more   even spread between collateral risk with one 
pool. USDP, their minted stablecoin, has more   options & those options aren’t predominantly 
stablecoins, or stablecoin pools like Makerdao… ANd looky here, on DeFi Llama, TVL of Unit 
protocol to MINT USDP has been surging.   In just a few weeks it has crossed 50 
million, and looking to break 60 million   very soon. This collateral TVL, 
according to dune analytics,   has allowed for the creation of over 14 
million USDP in just a couple of months. Makerdao competitor, is bullish to 
me in the long term…But the reason   I see this doing well in the short 
to medium term?? Is the collateral   they have been adding. Going to this February 
12th tweet, they specifically mention sushi,   curve and yearn finance.

Saying the borrowing 
limits for these ecosystem collateral types. So this is important to me, because number 1, 
sushiswap is apart of the yearn ecosystem. Why   is Duck specifically increasing borrowing limits 
for these two and their assets?But Curve? Why   Curve? Well just last month, a goodgirlgonecrypto 
on twitter replied to andre’s tweet about yearn   and curve turning 1 year old. She asked “Any 
special cooperation to celebrate the birthday   of Curve and Yearn Finance ser lel? 
What ever the freak that means….but   the Andre Cronje replied “Yes. Finalizing 
currently. Should be live in next ~1-2 weeks” Now, what this is, is still to be seen, like 
always a delay on it being live has happened.   But for some reason, I think Unit protocol may be 
involved.

And this makes me think that. February   9th…the curve finance tweeted this. The 
creation of a new metapool, for UDSP. And   then the Unit protocol, all in the past couple 
of weeks has been tweeting about curve, yearn,   sushi and retweeting them on the regular. It seems 
like something is cooking and quacking to me.. And yearn, got a big ole boost last week,   February 10th. Grayscale Investment 
trust filed for a yearn finance trust.   But it didn’t stop there it went into the 
yearn ecosystem with Sushi, that same day!!! So, if Unit protocol is involved with Yearn, 
becoming part of it’s ecosystem. Whoooowhee!   But since Sushi is getting a look from Grayscale,   you would think that would be bullish, 
for that sticky bun, bao…who   is confirmed to be a secured project within 
Sushi, they stated that in their 2021 roadmap. And BAO, is not messing around. This medium 
post got overlooked about the scope of BAO.   February 3rd, the baoman posted “A Dumpling 
vs Wall St: Why we need Synthetics. He said in   the post “Incentivized synthetics allow you to 
start building an open financial data markets.   But once you have synthetics, 
you own the financial data stream   to anything because you can incentivize 
liquidity to make it more accurate.

Those   who own financial accuracy can then pick 
any finance business they want to start.   Goodbye Moody’s, Meridian, Experian, 
Fannie Mae, and others. Hello BaoBanks.” The Baoman, has the vision of scalable, cost 
efficient, which means market ready synthetics   this year. He’s doing that with Layer 
2, and xDai for now. Over the weekend,   we got some great news about this…the migration 
plans for xdai. That was february 13th…. Well, within 3 days, yesterday the 16th, it was 
already moving. Baoman announced that baoswap   had been migrated to xdai for alpha testing….this 
was a surprise announcement, the put forward in   the migration plans & it’s already here in 
alpha. But going to the migration plan, the   bao team said this regarding baoswap “Before we 
announce the pools that will be on the xDAI chain,   it is time for one of our two surprise 
announcements. As you know our community   has a partnership with Sushi to use their mainnet 
LP tokens for our final synth products, and for   this we decided we would not deploy our own 
swapping protocol on the mainnet.

However we feel   comfortable doing this deploy on other networks 
where it is not competitive with Sushiswap,   and given the lack of incentivized farms on 
xDAI and our need to create swapping tools   we felt it was worthwhile to deploy our own. So 
Bao will create a Uniswap fork on xDAI called   “BaoSwap” and that is here my friends…they 
continue “BaoSwap will use the same smart contract   source code as Uniswap and the core contract 
and router are already deployed on xDAI. We are   currently going through final testing of the UI 
and will be releasing it prior to the migration.  BaoSwap fee collection will feed into 
a future Bao staking program (much like   xSushi) which will require a governance vote to 
deploy once ready sometime later in the Spring” This is much bullish for bao holders, the 
feecollection of baoswap into the future   bao staking program….but I want to rewind 
to the beginning of what the team said.   They explained “Before we announce the 
pools that will be on the xDAI chain,   it is time for one of our 
two surprise announcements” So since Baoswap is here, are 
we gonna get the announcement   of the pools that will be on the xdai 
chain??? Chico Crypto thinks so!! So, a stablecoin competitor, Unit 
Protocol with USDP.

Connected to yearn?   Connected to Sushi? That is to be seen…but, if 
that is true. Could there be eventual connections   between Unit and BAO since they are within 
Sushi?? The world of DeFi is getting complex,   but Chico will always try to stay 
Decent…..Cheers I’ll see you next time!.

You May Also Like