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WTF IS SEI EPISODE 2: YEI FINANCE 🐰🔴
Welcome to Bunny Hole! In Episode 2, we will provide information about Yei Finance, the largest DeFi project on the Sei network.
Yei Finance, a pioneering decentralized, non-custodial money market protocol on the Sei network, crafted to offer flexible and innovative financial solutions. Yei Finance alone holds approximately 60% of Sei's total value locked (TVL)
🐰Audit Report
Yei Finance is a decentralized lending protocol based on Aave V3, benefiting from its well-audited and secure codebase. Since it doesn’t modify Aave's original code, Yei Finance leverages the comprehensive audits of Aave V3, ensuring a reliable platform. Additionally, the Yei Finance team has enhanced security by engaging third-party auditors, Zellic, to further solidify the protocol.
You can Find Full Report Here: 2983504023-files.gitbook.io/~/files/v0/b/g…
🐰How to Use Yei Finance
Steps to Supply Assets at Yei Finance:
Access the Dashboard: Visit the platform and navigate to the dashboard for asset management.
View Available Markets: Check the "Assets To Supply" list for available markets.
Select Asset: Choose the asset to supply as collateral and click “Supply.”
Enter Amount: Specify or select the amount to deposit.
Review Terms: Check APY, gas fees, and health factor.
Confirm Transaction: Click “Supply Asset” to finalize.
Important Note: In DeFi platforms, the Health Factor represents the safety level of a user's loan in relation to their collateral. It is a numeric value that reflects how close a user is to liquidation. A higher Health Factor indicates a safer position, meaning the collateral sufficiently covers the loan. If the Health Factor drops too low (close to 1), the risk of liquidation increases, and the user's assets may be sold to repay the loan.
🐰Steps to Borrow at Yei Finance:
Prepare Collateral: Deposit assets as collateral to enable borrowing.
Access Dashboard: Navigate to the Yei Finance dashboard.
Select Asset: Find the asset in the “Assets to Borrow” section and click “Borrow.”
Specify Amount: Enter the amount or use 'max' to borrow the maximum permissible amount.
Review Terms: Check all terms, including Gas Fee and Health Factor.
Acknowledge Risks: Accept any presented risks.
Confirm Transaction: Finalize by clicking "Borrow Asset."
Liquidation: Can occur if your Health Factor drops below 1.
🐰Yei Points Summary
Why Join?
Earn points for lending and borrowing on Yei, alongside $SEI incentives.
How to Earn Points?
Lending: 1 point per dollar lent per day.
Borrowing: 4 points per dollar borrowed per day.
Referrals: Earn additional points for direct and multi-level referrals (up to four levels deep).
Example:
Lend $100 $SEI for a day = 80 points.
Borrow $100 $USDC for a day = 400 points.
Referral points accumulate based on activities of referred users across four levels.
With the V2 update, Sei Network has become a prominent blockchain for DeFi projects. In the coming period, we can expect to see some of Sei's most important tokenization initiatives, particularly with Yei Finance, making a significant impact in the DeFi space
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