Yearn ($EARN) Classic Finance scheduled to list 2nd of November.
ABOUT YEARN CLASSIC FINANCE
YearnClassic Finance is a blockchain agnostic decentralized finance (DeFi) aggregator platform that supports DeFi projects deployed on Ethereum blockchain, Binance smart chain etc., focusing on simplicity, user experience, privacy and global adoption. It provides a classical way to optimally earn yield on assets through its series of products.
For the purpose of developing a robust yearnclassic platform, and most importantly to encourage early investors and supporters, the yearn classic team has decided to organize a clear listing.
For smooth and secure participation, the yearn classic team has organized to set listing on Hotbit, a centralized auction platform that introduces competitiveness in token swapping.
WHAT IS $EARN?
EARN is the governance token for the Yearn Classic platform, the sustainable decentralised finance (DeFi) ecosystem with a total supply of 21,000 EARN issued on the Ethereum platform.
Users that hold & stake $EARN will get additional $EARN overtime.
Users may also stake stable coins including USDT, DAI, TUSD tokens to different pools available to farm $EARN.
Additional pools will be added in the future as the platform grows and develops.
Each time EARN tokens are unstaked, 2.5% of the tokens will be burned in order to help provide price support for the token.
Furthermore, in order to ensure sustainable staking rewards of EARN and price support, into the foreseeable future, 0.327% of the staking rewards supply at 00:00 UTC time will be distributed each day. Meaning that on the first day that staking launches, 10700 x 0.327% = 34.989 EARN will be distributed out of the treasury, but on the second day (10700–34.989) x 0.327% = 34.87 EARN will be distributed and so on
Yearn Classic will also implement a burn mechanic where half of the daily yield generated by users staked assets will automatically be used to purchase ETH and exchanged for EARN tokens on the market. These EARN tokens will then be burned to provide further price support. This burn will occur at 00:00 UTC time each day.