The Decentralized Finance Protocol (Defi) Umoja has launched a product that allows tokens BTC (CBBTC) holders wrapped in Coinbase obtains a 6% yield in the network base of layer 2.
Umoja achieves its performance taking advantage of a variety of centralized and decentralized exchange strategies that include calls and arbitration calls, which implies buying an asset in one place and selling it simultaneously at a higher price in another place.
It is Worthing pointing out that CBBTC is a wrapped token and no bitcoin (BTC) itself, it is a token erc20 backed 1: 1 by Bitcoin retained in Coinbase.
The Umoja protocol supports a series of yield vault (YVT) collateralized by cryptocurrencies (including real world asset tokens).
One of those YVT is YBTC, which is wet once the users deposit CBBTC in the protocol.
Acquire a performance in BTC using DEFI strategies has been a controversial issue for Bitcoin maximalists, which are generally opposed to the Defi and Altcoins sector.
However, as BTC continues its fall from more than $ 100K to the minimum of April 7, $ 74.8K, the demand for investors to achieve performance to mitigate against punctual value losses seems to increase.
The Japanese firm Metaplenet recently began to obtain a performance in Bitcoin buying specific assets at the same time as the sales options, and then sell premiums in the sale options such as price drops.
