What is Affine? Affine is a Yield farming platform that allows users to access diverse yields on Defi platforms. So what’s special about this project? Let’s find out with Weakhand in this article.
What is Affine?
Affine is a Yield Farming platform built on many different blockchains such as: Ethereum, Polygon,… Users can invest in many types of assets on different Defi platforms at the same time to earn profits.
Users deposit money into a Pool called Basket. Affine will then execute different strategies across multiple platforms to make profits for users. Currently on the new platform only Basket USD Earn is in operation, the remaining Baskets are expected to come into operation as soon as possible.
Affine’s Operating Model
Currently, only Basket USD Earn is in operation. So, I will focus on how Basket USD Earn works and it will take place in the following steps:
Step 1: User proceeds to purchase basket tokens in Basket vault. With basket USD Earn is USDC.
Step 2: Users’ USDC is used by Affine to implement different strategies on many platforms such as: Uniswap, Curve Finance, Aave, Compound. With USD Earn, the proportion of deposits into the platforms are: 20% Compound, 35% Aave, 45% Curve Finance.
The strategy of each platform is as follows:
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Uniswap – one-sided liquidity provision strategy: A portion of USDC is provided as collateral on Aave to borrow against WETH. Affine uses this amount of WETH and the remaining USDC to provide liquidity for the WETH – USDC pair on Uniswap.
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Curve – one-sided liquidity provision strategy: Similar to Uniswap, a part of USDC is used as collateral to borrow MIN, FRAX,… The rest of USDC combined with borrowed assets is provided with liquidity on Curve.
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Aave, Compound: Use USDC to lend and earn profits.
Step 3: Users can end these strategies at any time by selling basket tokens on Basket Vault.
What is the Affine Difference?
Affine is developed in a multi-chain direction, meaning that users’ assets are monetized on many platforms in many different chains. So users can receive higher profits than done on traditional Yield Farming platforms. However, this also carries more risks to users’ assets.
Core Team
Tarik Adnan Moon : Founder
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He graduated with a degree in applied mathematics and computer science from Harvard University.
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He joined EDO Inc as a Data Scientist in 2015.
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After that, he decided to quit his job and establish StartUp with the name Affine Defi from 2021.
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He graduated with a bachelor’s degree in computer science from Chittagong University of Engineering and Technology.
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He joined Renata Limited as a Software Engineer in March 2017.
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In March 2019, he decided to quit his job. After that, he joined many other companies such as: itechsoftbd, SELISE rockin’ software, Intercloud Limited, AirAsia but only worked for a short period of time.
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In August 2022, he joined Affine Defi and is currently a Contributor of Affine Defi.
Prosenjit Chowdhury : Contributor
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He graduated with a bachelor’s degree in electrical science and electronics from Independent University Bangladesh.
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He joined Upwork company as Graphic Designer & Digital Marketing Consultant since March 2015.
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In September 2017, he joined Cliniva Bangladesh company as a Web Developer.
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After that, he decided to quit his job and join Saimon Global company as a Software Engineer.
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In December 2021, he moved to work for Affine Defi and is currently holding the role of Contributor.
Investor
- December 16, 2022: Affine announced its successful call for $1.8M.
- February 23, 2023: Affine announced the successful call for $5.1M from investment funds such as: Hack VC, Jump Crypto, Coinbase Venture,…
Tokenomics
Update…
Information Channel of Affine Project
- Website: https://affinedefi.com/
- Twitter: https://twitter.com/AffineDeFi
- Medium: https://affinedefi.medium.com/
- Discord:
summary
Affine is a Yield Farming platform that helps users access good profits without having to face difficulties during the implementation process. However, Affine is still quite young and does not have much data to prove the success of the protocol. Hopefully through this article, everyone can somewhat understand What is Affine?