YFSwap to Turn Legacy Cryptocurrencies into High Yield DeFi Tokens – NewsBTC

The DeFi movement is in full swing as platforms leverage of the capabilities of blockchain technology to create unique investment products capable of offering attractive returns. YFSwap is one such project that allows users to convert their legacy cryptocurrencies to much more flexible DeFi tokens and use them to explore various investment opportunities which is otherwise impossible.

The YFSwap tokens are designed to emulate the market dynamics of legacy cryptocurrencies like Bitcoin and Ethereum, magnified 1000 times. Meaning, the YFSwap token version of Bitcoin is a thousand times scarce than the actual cryptocurrency and theoretically, if the price of BTC increases by $1, then the effective increase in the price of YFBTC will be around $100. The same holds good for the total supply of YFBTC which will be 21,000 tokens in place of Bitcoin’s maximum cap of 21 million coins along with a similar, proportional reduction in rewards structure as well.

The YFSwap platform aims to create DeFi token analogues of some of the leading legacy cryptocurrencies, with YFBTC and YFETH being the initial ones. Other cryptocurrencies YFSwap intends to emulate in the near future include TRX, DOT, NEO, LTC, ADA, XMR, and XLM in the form of YFTRX, YFDOT, YFNEO, YFLTC, YFADA, YFXMR and YFXLM, respectively. With these DeFi tokens, users will be able to participate in yield farming, staking and exchanging them for other tokens.

Partnering with BITTO

YFSwap’s DeFi versions of legacy cryptocurrencies like BTC and ETH is the product of a collaboration between