The YFXXX DeFi keeps increasing?

[LbtalkL]

I am just curious why defi projects name starts with YFxxx keeps increasing, it's crazy it looks like they are just a copy of one another,  a redundant token and some even listed on binance. I guess the first one was yearn.finance (YFI) and it gets attention with a huge price but with a very low supply. I guess that is why this YFxxx tokens are popping out from nowhere hoping they will get same success like YFI. Is this really beneficial and useful?
If you visit telegram, twitter, etc. there are so many scam projects starts with YFxxx so beware of it.

[Yogee]

Anything that's popular, people will always imitate. It's nothing new. All branded shoes, bags or clothes have been copied and sold too.

Binance is a business and they are not going to miss on these heavily traded tokens. Gotta collect trading fees from them FOMO guys.

Nothing is making sense with all these YFxxx tokens right now. I already said in another thread that I don't understand why people would lock up hundreds of thousands into these new and highly speculative assets. I even heard in a podcast that millions have been poured in to a youg guy's WEEKEND project. That's just crazy! Sure Yield Farming is something new and they may want to cash in on the new trend but yea goodluck to them.

Is it beneficial and useful to the overall cryptocurrency market? It'll probably have the same impact as the 2017 ICO or maybe worse.

[jossiel]

It's a trend that's being copied and followed by the other project makers. They've seen the success first with YFI and to be on-line, they have copied the name of the successful Defi and they've grown like mushroon, as in everywhere while investors are FOMOing.

Just like bitcoin. There were too many forks that were named after it.

[Sophia Portera]

I am just curious why defi projects name starts with YFxxx keeps increasing, it's crazy it looks like they are just a copy of one another,  a redundant token and some even listed on binance. I guess the first one was yearn.finance (YFI) and it gets attention with a huge price but with a very low supply. I guess that is why this YFxxx tokens are popping out from nowhere hoping they will get same success like YFI. Is this really beneficial and useful?
If you visit telegram, twitter, etc. there are so many scam projects starts with YFxxx so beware of it.

I also try to understand this and I found this article which points out the concerns: https://www.worldcoinindex.com/news/ethereum-co-founder-vitalik-buterin-raises-concerns-on-the-latest-craze-around-yield-farming-in-the-defi-space

[TeraBite]

Anything that's popular, people will always imitate. It's nothing new. All branded shoes, bags or clothes have been copied and sold too.

Binance is a business and they are not going to miss on these heavily traded tokens. Gotta collect trading fees from them FOMO guys.

Nothing is making sense with all these YFxxx tokens right now. I already said in another thread that I don't understand why people would lock up hundreds of thousands into these new and highly speculative assets. I even heard in a podcast that millions have been poured in to a youg guy's WEEKEND project. That's just crazy! Sure Yield Farming is something new and they may want to cash in on the new trend but yea goodluck to them.

Is it beneficial and useful to the overall cryptocurrency market? It'll probably have the same impact as the 2017 ICO or maybe worse.

Agreed with you that YFxxx craze would be more worse than past ICOs bubble and now newcomers into this space are reacting same and investing due to their greedy nature. Most of them have buggy smart contracts and nobody who is behind them. It will put negative in near future when people will realize this they are going to lose their money.

[shadowduck]

Don't get caught up in the project that starts with YFXXX, if we enter the project, we are only victims of pump n dump and it will make us lose. and never invest without first researching, do not prioritize our emotional desire to get money easily. be thorough before investing.

Now we see only a strong pump of such coins. now the market is have a small correction and after it there will be a new wave of growth. now you can buy a lot of promising coins

[bitcoinisbest]

Don't get caught up in the project that starts with YFXXX, if we enter the project, we are only victims of pump n dump and it will make us lose. and never invest without first researching, do not prioritize our emotional desire to get money easily. be thorough before investing.

People just want to enter as its mor like a hype to me. And quite possible that considering that it is rising so quickly and many would not like to leave this bull ride so will buy it and later on this might crash badly and then people may regret later why they invested at top price and may take again long time to reach those levels or may not. Just those who are ready to take some risk may consider this as an investment option at this price.

[WalkerIVIV]

Don't get caught up in the project that starts with YFXXX, if we enter the project, we are only victims of pump n dump and it will make us lose. and never invest without first researching, do not prioritize our emotional desire to get money easily. be thorough before investing.

Now we see only a strong pump of such coins. now the market is have a small correction and after it there will be a new wave of growth. now you can buy a lot of promising coins

The pump has already ended and Y coins have been facing another big down trend.

Since the awareness that created by CZ has already published on his twitter and that makes so many people were leaving the Y project with non sense APY.

You can't sure about the new wave consider the hype for the finance coin is end and we will not see that happen again in the future. Kimchi, sushi, yuno, yfis and many shit finance coins were dumped to the bottom.

Im also seeing the new Y projects too, recently there are some new Y project have started to be traded on uniswap and ithose are SYFI, YFIB, Wallnut. This is just like a ponzi chain.

[LbtalkL]

Don't get caught up in the project that starts with YFXXX, if we enter the project, we are only victims of pump n dump and it will make us lose. and never invest without first researching, do not prioritize our emotional desire to get money easily. be thorough before investing.

Now we see only a strong pump of such coins. now the market is have a small correction and after it there will be a new wave of growth. now you can buy a lot of promising coins

The pump has already ended and Y coins have been facing another big down trend.

Since the awareness that created by CZ has already published on his twitter and that makes so many people were leaving the Y project with non sense APY.

You can't sure about the new wave consider the hype for the finance coin is end and we will not see that happen again in the future. Kimchi, sushi, yuno, yfis and many shit finance coins were dumped to the bottom.

Im also seeing the new Y projects too, recently there are some new Y project have started to be traded on uniswap and ithose are SYFI, YFIB, Wallnut. This is just like a ponzi chain.

You mean this tweet?



Even CZ is not a fan of this super high yield returns, it looks temping but it is super risky, a new created project offering something huge and will lockup your funds for several months. This trend is going crazy I have also seen this sushi listed on binance and this kimchi I saw it uniswap this is crazy, a food defi lol. People just wanna earn a quick buck by just copying another project. I agree it looks like a ponzi, e defi ponzi  I guess?  But we can't deny the facts that there are decent finance coins for sure binance made a verification before listing it but still the risk is always there.

[batang_bitcoin]

Even CZ is not a fan of this super high yield returns, it looks temping but it is super risky, a new created project offering something huge and will lockup your funds for several months. This trend is going crazy I have also seen this sushi listed on binance and this kimchi I saw it uniswap this is crazy, a food defi lol. People just wanna earn a quick buck by just copying another project. I agree it looks like a ponzi, e defi ponzi  I guess?   But we can't deny the facts that there are decent finance coins for sure binance made a verification before listing it but still the risk is always there.

These foods defi hype is on and there are these project that I've seen and named, 'Hotdog' and 'Pizza'. And you know what? they've worned out and showed the true nature of what they really are, just look how much dumped happened to these coins. From $4,000 down to $1 within a few minutes, real quick.
DeFi meme coin Hotdog dumps 99.9% in hours after launch
$4000 To $1 In 5 Minutes: DeFi HOTDOG and Pizza Present Free Fall on Their First Day