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Yield farming platform APY Finance locks $67 million in first hour

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The DeFi sector is still going strong with the newly launched yield farming platform APY.Finance attracting more than $67 million in locked funds within one hour of launching liquidity mining earlier today.

APY.Finance’s mining contracts incentivize users to provide liquidity in the form of the DAI, USDC, and USDT stablecoins, with users rewarded with the platform’s governance token, APY.

The first month will see 900,000 APY tokens mined, the official blog post outlined, but “incentivization details” will vary month-to-month. The total amount of APY to be mined will total 31.2 million tokens, or 31.2% of total supply.

The APY token distribution has raised concerns for some in the community, with Twitter user Goomba stating:

“There’s no chance for any regular #DeFi users to compete against VCs and whales here. Already had a presale AND it’s only 31% of 12228total supply.”

Cointelegraph was unable to confirm the current total value locked as the APY Finance dashboard was down at time of press.

Two weeks ago, APY.Finance raised $3.6 million in a private sale, after only having been announced the previous month. Notable investment firms from within the crypto space participated in the offering, including Alameda Research, Arrington XRP Capital, Coingecko, and Parafi Capital.

It is unclear how many tokens were sold in this sale and at what price. However, according to an official blog post, token distribution will see 20% going to seed round investors at $0.09 per token (vested for one year), and 16.5% reserved for strategic investors at $0.135 per token (vested for one year).

In addition, 20% will also be reserved for the team and advisors (vested for one year, followed by a three-year linear release). Once the entire APY token supply is released, the community might control as little as 43.5% of the governance token’s supply.

Should the entire 36.5 million tokens available to investors be sold out, APY.Finance will raise more than $4 million. It will be interesting to see if the APY token will be listed immediately after launch in a similar manner to both Uniswap’s UNI token and Sushi’s SUSHI token listings.





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DeFi and NFT crossover project Aavegotchi releases ‘Gotchiverse’ litepaper

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One of the original decentralized finance and nonfungible token (DeFi/NFTs) crossover projects is taking a step forward today with the launch of a metaverse litepaper.

Aavegotchi — a project that creates upgradeable NFTs backed by yield-bearing positions on lending platform and money market Aave — announced the publication of a litepaper devoted to a gamified metaverse called the “Gotchiverse.”

Aavegotchi co-founder Jesse Johnson joked about the sometimes-esoteric features and backstory in the litepaper on a celebratory Twitter Spaces today:

“This is not your typical litepaper, it’s got a lot of lore in it […] We’ve got a bit of a DeFi RPG in front of us.”

The metaverse will introduce a new, fungible ERC-20 token, the “Gotchus Alchemica,” which will be farmable from REALM land plots, themselves backed as NFTs — similar conceptually to Decentraland’s MANA/LAND two-token system. 

Alchemica can be used to craft upgrades to REALM plots, including structures like the “Gotchi Lodge,” which will enable groups of players to socialize as well as combine their farming efforts. Upgrades will take a “certain number of blockchain blocks to finish constructing,” but liquidity providers to Aavegotchi’s in-house AMM, the “Gotchus Alchemica Exchange,” can hasten the process with rewards for providing liquidity.

This gamified yield farming is woven into the Gotchiverse’s considerable lore and backstory — about a third of the 14-page litepaper is devoted to storytelling and fleshing out the universe. The antagonists of the game, the Liquidators, refer to actual liquidators on the lending platform Aave, and the universe is speckled with DeFi in-jokes — a “home base” area of the map is called the “Citaadel,” and types of Alchemica include “Fud,” “Kek,” and “Fomo.”

RELATED: Aavegotchis sell out in under one minute as NFT euphoria continues

Aside from the farming gameplay, Johnson said the map will be “a huge game of Pac-Man,” where Aavegotchi run/float around the map to collect Alchemica and return it to their REALMs before getting caught by Liquidators, which may be player-characters as well as AI. 

A full release date for the Gotchiverse is pending, though Johnson said sections will be released as early as Q3 2021. Johnson added that the team has grown to 20 full-time employees, including veteran video game industry talent.

While Johnson has long been a bannercarrier for DeFi and NFT crossovers, interest in metaverses has been picking up as of late. This month, Nvidia’s CEO said that we’re on the “cusp” of a blockchain-powered metaverse, and the founder of major gaming title Fortnite said that metaverse tech is “going places.”