A liquid locker for YFI
coveYFI is Cove’s liquid locker for YFI. YFI deposited into Cove is perpetually locked for veYFI, thus increasing the protocol’s ownership of veYFI and Yearn gauge voting power.
How coveYFI works
coveYFI stakers receive yield from:
A Liquid Locker is an innovative financial instrument embodied in a smart contract designed for the decentralized finance (DeFi) ecosystem. It enables participants to obtain and trade liquid tokens—such as coveYFI in this context—that represent ownership of locked governance tokens, specifically veYFI, without directly locking their YFI tokens.
This mechanism ensures that while the governance tokens are locked and contributing to the protocol’s security and decision-making processes, users retain the flexibility and liquidity.
A coveYFI/YFI Curve pool has been created here.
Liquidity will be incentivized in future epochs.
A liquid locker for YFI
coveYFI is Cove’s liquid locker for YFI. YFI deposited into Cove is perpetually locked for veYFI, thus increasing the protocol’s ownership of veYFI and Yearn gauge voting power.
How coveYFI works
coveYFI stakers receive yield from:
A Liquid Locker is an innovative financial instrument embodied in a smart contract designed for the decentralized finance (DeFi) ecosystem. It enables participants to obtain and trade liquid tokens—such as coveYFI in this context—that represent ownership of locked governance tokens, specifically veYFI, without directly locking their YFI tokens.
This mechanism ensures that while the governance tokens are locked and contributing to the protocol’s security and decision-making processes, users retain the flexibility and liquidity.
A coveYFI/YFI Curve pool has been created here.
Liquidity will be incentivized in future epochs.