Founder of Wintermute: "YFI Loan and CRV Plan" aims to achieve a win-win situation without market manipulation

Odaily Planet Daily News Encrypted market maker Wintermute founder Evgeny Gaevoy responded to doubts on Twitter, saying that market makers such as Wintermute will not perform "pump and dump" and do not know how to operate, and are very clear that market manipulation is illegal. . Market makers are in the business of buying and selling commodities, and their goal is to be as delta neutral as possible. As for Wintermute’s plan to reach an innovative lending agreement arrangement with Yearn Finance, it will allow it to obtain the liquidity of the Yearn platform and also benefit Yearn. If YFI can be obtained at a 20% discount price and locked for 6 months, then this may be a transaction to consider; and if the market value of YFI is driven up to enter the top three, shorting it is also a transaction worth considering. Gaevoy confirmed that the company did participate in the "bailout" of CRV, purchased 25 million CRV, and agreed to use half of them for CeFi/DeFi and lock the other half for 1 year. Wintermute plans to deposit part of CRV into Yearn's yCRV pool to obtain income. In return, Yearn will provide Wintermute with YFI token loans. This will improve the liquidity of the yCRV pool, reduce slippage, and allow Wintermute to obtain more YFI for trading and market making, achieving a win-win situation. Wintermute only makes profits through legitimate trading strategies, and will return YFI after the period ends. According to previous news, Wintermute submitted a proposal for "YFI Wintermute Loan and CRV Plan". The proposal proposes community approval to provide YFI loans to Wintermute Trading and authorizes the transfer of 350 YFI ($2.18 million) from the Yearn DAO treasury to Wintermute Trading for 12 months at an interest rate of 0.1% and at the end of the loan period at Payment in kind. Borrowed YFI will be used exclusively for trading purposes, excluding liquidity mining, lending, voting, etc. In addition, as part of its continued participation, Wintermute plans to use up to 3 million CRV ($1.73 million) to purchase yCRV and newly deploy its assets to the yCRV-CRV Curve pool (lp-yCRVV2) on Yearn for a period of at least 6 months. Optionally replace lp-yCRV with vl-yCRV for active participation in Curve Wars. Wintermute believes that this will help rebalance the current 69%/31% yCRV/CRV pool, improve yCRV anchoring, and increase pool liquidity.