APY Finance’s yield farming platform secures $67 million in the first hour

APY.Finance is the latest DeFi protocol to explode in popularity, securing more than $67 million in stablecoins in the first hour of its mining program launch.

APY Finance’s yield farming platform secures $67 million in first hourNOTÍCIAS
The DeFi sector is still strong with the recently launched yield farming platform APY.Finance attracting more than US$67 million in blocked funds within an hour of the launch of liquidity mining earlier this Friday.

APY.Finance’s mining contracts encourage users to provide liquidity in the form of DAI, USDC and USDT stablecoins, with users rewarded with the platform’s governance token, APY.

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The first month will see 900,000 APY tokens extracted, the official blog post said, but the „incentive details“ will vary from month to month. The total amount of APY to be mined will total 31.2 million tokens, or 31.2% of your total supply.

The distribution of the APY token has raised concerns for some in the community, as Twitter Goomba user said:

„There is no chance of any regular DeFi user competing against VCs and whales here. It has already had a pre-sale And it is only 31% of the total supply. ”
The Cointelegraph was unable to confirm the current total amount blocked because the APY finance panel was deactivated at the time of writing.

A fortnight ago, APY.Finance raised $3.6 million in a private sale, just the previous month. Notable investment firms from within the crypto space participated in the bid, including Alameda Research, Arrington XRP Capital, Coingecko and Parafi Capital.

If all 36.5 million tokens available to investors are sold, APY.Finance will raise over $4 million. It will be interesting to see if the APY token will be listed immediately after the release in a manner similar to the Uniswap UNI token and Sushi SUSHI token listings.

It is not clear how many tokens were sold in this sale and at what price. However, according to an official blog post, the distribution of tokens will see 20% going to seed investors at $0.09 per token (invested for one year) and 16.5% reserved for strategic investors at $0.135 per token (invested for one year).

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In addition, 20% will also be reserved for staff and advisors (invested for one year, followed by a linear release of three years). Once all APY token supplies are released, the community will be able to control only 43.5% of the supply of governance tokens.

If all 36.5 million tokens available to investors are sold, APY.Finance will raise more than $4 million. It will be interesting to see if the APY token will be listed immediately after the release in a manner similar to the Uniswap UNI token and Sushi SUSHI token listings.