Maker community thanks yEarn for seemingly restoring DAI peg

The community is crediting the yearn.finance project, which launched a new yield farming strategy that relies on minting DAI to farm the Curve token, CRV. The yETH vault, which executes this strategy, quickly rose in popularity and created 10% of DAI’s current circulating supply.

In essence, the vault takes Ether (ETH), uses it to mint DAI, then sends that DAI to the Curve yCRV pool, a mixed stablecoin pool composed of DAI, USD Coin (USDC), TrueUSD (TUSD) and Tether (USDT). That entitles the vault to both the trading fees obtained from other users swapping their stablecoins to one another, and any CRV tokens airdropped to this pool.

Timeline of Maker, Tether, Trueusd, Usd-coin, Yearn-finance, Curve-dao-token, Dai, Ethereum, Multi-collateral-dai, Single-collateral-dai