Thread by @componentfi

1/ We are excited to announce that Component’s yield token compounding (YTC) dapp built on @element_fi is live! 🚀

Find out all about the YTC dapp and how to use it in the link below, or follow the thread for a quick summary👇

medium.com/element-financ…

2/ Component is a data-driven decentralized finance company that makes DeFi investment strategies across all protocols, chains, and L2s simpler by using an “optimize-first” approach.

3/ The YTC dApp is the first of many Component products to come and showcases how complex DeFi strategies can be simplified and accessible to all.

4/ So, what is Yield token compounding? Exactly what it sounds like: the action of a user recursively Minting and Selling their Principal Tokens (PTs) into the @element_fi AMM to increase the overall quantity of their Yield Tokens (YTs).

5/ Since users can sell their PTs when there is liquidity, they can then continuously, in cycles, mint PTs and YTs and sell their PTs to compound their YT exposure exponentially.

6/ For this very reason, a YTC tool has been one of the most requested implementations by @Element_fi’s community from the start. Our tool brings yield token compounding to life with a few simple steps 🪄👇

medium.com/@component_gen…

7/ The YTC tool’s smart contracts have been vetted and peer-reviewed, and we are planning to go through a formal auditing process soon. More announcements to come on this, as well as, more improvements and functionality!

8/ This project will be open-sourced, making it available for contribution and feedback.
To find support for the YTC tool, please use the Element Finance discord server (discord.gg/NG8kukHchQ) in the #YTC channel or reach out on twitter!

9/ Special thanks to the @element_fi team for continuous feedback.

Last but certainly not least, huge credit goes to @SamuwellVimes and @omw_to_the_moon for their immense contributions to the YTC tool

Thanks to them, we can seamlessly enjoy compounding all of the yields💅📈