Minako, the developer at YFII has created a revolutionary stable coin called YSD – Yield Stable Dollar. The creation of this stablecoin will definitely affect YFII price
The demand for stablecoins in the world of cryptocurrencies has been growing. If we want to use cryptocurrencies for settlement, a stablecoin is the best possible solution as it eliminates the price fluctuation problem of cryptocurrencies.
Algorithmic stable coins have started capturing the eye of many investors. They are regulated by market and driven by mechanism design without the need for overcollateralization.
What is YSD?
YFII was bifurcated from YFI as a DEFI aggregator protocol. YSD will be the stablecoin of the DFI.money community. This stable coin has been created by the YFII developer Minako. It was inspired by Andre Cronje’s “Yield Stablecoins” article.
YSD is a semi-mortgage, semi-algorithmic from of stablecoin. It inherits part of Basis’s model features using a mechanism designed to anchor to the target price. Along with that it uses MakerDAO mechanism, using other stablecoins as collateral assets to reduce price volatility.
YSD is the second product from DFI.money. Their first product was YFII moon landing version. You can read more about YSD here – YSD.
The APY on adding YFII to the vaults on several lending platforms is high. The TVL value of YFII across several pools has been steadily increasing. WePiggy’s lending protocol will add YFII as a lending asset.
Fundamentally, YFII is looking good on many aspects which could start reflecting soon on YFII price as well.
YFII/USD – Price Prediction
If YFII can clear the resistance at $2600 and flip it to support, the upside for YFII could be huge. The next resistances for YFII are at $3784, $6885, $8578 and $10000. If it cannot break the resistance at $2600, it could go for the retest of lower support at $1806 and $1476.
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