Yearn, the seventh-largest DeFi application on Ethereum by Total Value Locked (TVL), has launched its service on the Arbitrum Ethereum Layer-2 network. Four months ago, Yearn took its first steps outside of the Ethereum base chain when Yearn added support for the Fantom Layer-1 blockchain.
By a tweet from Yearn’s Twitter account, the veteran DeFi dapp chose Arbitrum for its first layer-2 support due to Arbitrum being the largest layer-2, with over $3 billion in TVL. According to the same tweet, other motivations are up to ten times lower gas fees compared with the Ethereum base chain, and support for Arbitrum Ethereum deposits and withdrawals on the Binance and FTX exchanges.
In addition, Yearn states its love for the Ethereum system, though Arbitrum is, of course, not the only layer-2 network on Ethereum.
Yearn will launch on Arbitrum with a single vault
To begin with, Yearn will do a limited roll-out of its services on Arbitrum, to ensure a smooth roll-out according to the tweet. Yearn will launch on Arbitrum with a single vault: Curve’s (CRV) triCrypto, which represents a Curve liquidity pool holding equal parts of three tokens: wBTC (a wrapped ERC-20 version of bitcoin), wrapped ether (wETH), and Tether USD (USDT).
However, “this is merely the beginning,” the tweet continues. Yearn users may look forward to more Yearn vaults on Arbitrum, added support for other layer-2 roll-up networks on Ethereum, and added support for Yearn vault on sidechains.
“Vaults are planned as contributors look to expand Yearn’s perpetual yield machine across all of DeFi,” Yearn tweets.
Readers interested in trying out Yearn’s services on Arbitrum may follow these guidelines recommended by Yearn.
“We’ve been yearning for this moment”
As a comment, Arbitrum’s official Twitter account tweets:
“We’re very excited to see @iearnfinance launch on Arbitrum One! You could say we’ve been yearning for this moment…”
The Yearn token (YFI), ranked 109 by market cap at $652 million, traded down almost 14% on the day to $18,200, while Curve’s CRV token, ranked 99 by market cap at $780 million, traded down 19.2% to just under $2 per coin. Arbitrum does not have a token.
However, given this news comes the same day as Russia has launched a war on Ukraine, markets, in general, are plummeting and YFI and CRV are following this general trend.
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