The popular emerging DeFi token, YFBTC has recently announced the launch of its yield farming program enabling Bitcoin hodlers to farm additional returns. The program also allows users holding wBTC & renBTC providing LP on UniSwap to gain additional farming yields through YFBTC.net.
YFBTC is an alternative DeFi token to BTC, which is designed to closely emulate the market dynamics of the flagship cryptocurrency but with additional benefits. The DeFi token adopts the same halving protocol like Bitcoin and has a limited supply.
However, unlike BTC, the alternate DeFi token has 1000x less supply and robust deflationary mechanics to ensure growth in value through scarcity.
By yield farming on YFBTC.net users will be able to earn YFBTC rewards for each new block. The creation is pegged at 21,000 total supply, with halving every 6 months for the next 4 years. This is to be distributed proportionally among all the participants in the pool. Rewards to users are further enhanced by dynamic multipliers that reduce with increased participation.
YFBTC is the creation of YFSwap, a project working in association with BITTO – a leading blockchain solutions platform. With the value of bitcoin hitting an all-time high, YFBTC offers an ideal option for hodlers to maximize returns on their holdings. Meanwhile, detailed instructions to join YFBTC yield farming is available here.
The introduction of YFBTC farming closely follows YFETH yield farming program that was launched late last year.