Rajarshi Mitra
Independent Analyst
- Yieldfarming.insure initially gained traction following endorsement by Yearn founder Andre Cronje.
- The project will now be migrating to a new token that’s untouched by whales.
Yieldfarming.insure (SAFE) is an insurance farming DeFi token that has come under the spotlight for its internal drama and massive pump and dump. Over the last three days, the price went up from $500 to $4,235 before dropping to $424.50
What is Yieldfarmin.insure?
SAFE aimed to be a new farming token that allowed farmers to buy coverage on their staked assets. In return, stakers receive $SAFE tokens for their services. yInsure offers two types of cover currencies - ETH (Ethereum) and DAI. The reward rate for these pools is calculated via “adjusted cover value.”
The project gained a lot of traction early on due to comparisons with YFI and NXM.
Getting serious $YFI vibes from $SAFE right now.
— Anthony Sassano | sassal.eth (@sassal0x) September 15, 2020
Watching it closely.
And farming it too of course
However, things really picked up when Chef Insurance, the developer behind the project, revealed that they received a $25k grant from Yearn founder Andre Cronje.
But is you know who involved or no ?
— ghostrideralltheway (@ghostriderallt1) September 14, 2020
Trouble in Paradise
Things started to unravel when prominent community member and investor Azeem Ahmed got accused of various unethical actions by Chef Insurance. As per the dev, Azeem had plans to maximize SAFE profits that would have been detrimental to the whole community.
Important: Honesty and Transparency
— Cooking with Insurance (@chefinsurance) September 16, 2020
Read: https://t.co/XfdjY4lTUt
Azeem then took to Twitter to make his case, saying that Chef Insurance didn’t have the experience needed to head the project, which led to a breakdown in their working relationship.
— Azeem (@AzeemFi) September 16, 2020
Eventually, all this internal drama led to a catastrophic pump and dump.
SAFE Migration
Following the pump and dump, Chef Insurance has reached out to the community for a possible solution to the crisis. It looks like the project will now be migrating to a new token that’s untouched by whales.
What to do with $SAFE tokens?
— Cooking with Insurance (@chefinsurance) September 16, 2020
Migrate = each SAFE will be redeemable for a certain number of the new token we will release AFTER our product is out.
Snapshot = a snapshot will be done at certain time and you will receive the new token based on your holdings of SAFE
Reaction
There has been a lot of negative reaction in the community in the wake of all the drama.
Jumped the gun on this one but I'm not going to delete the tweet :)
— Anthony Sassano | sassal.eth (@sassal0x) September 16, 2020
My vibes were, admittedly, wrong - I'll own that.
Though this is why I just farm these things instead of buying them - that way the losses are, at worst, the gas fees (unless you're farming with LP tokens kek). https://t.co/mscQrX3Siq
However, after Chef Insurance came clean, he seems to have gotten back a bit of the community’s confidence. When all's said and done, this will be another chapter of the incredibly wild DeFi era.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Toncoin eyes recovery following Bitfinex debut of tokenized Gold via TON
Toncoin extends recovery as bulls push to reclaim the 50-period EMA on the 4-hour time frame. Bitfinex announced on Tuesday the launch of tokenized Gold supported via The Open Network.
Crypto Today: Bitcoin holds below $109,000 as Ethereum, XRP offer recovery signals ahead of FOMC minutes
Bitcoin shows signs of weakness, capped below $109,000, as focus shifts to the FOMC minutes release. Ethereum's lukewarm rebound steps above $2,600, underpinned by steady spot ETF inflows.
Elon Musk's tweet on Epstein and GrokAI’s hallucination puts the spotlight on PNUT, MechaHitler
PNUT stalls Tuesday's recovery, sparked by Elon Musk’s tweet about the Jeffrey Epstein case. X’s GrokAI referenced MechaHitler, resulting in a new trend in the crypto market with the creation of over 250 MechaHitler tokens.
Bitcoin Price Forecast: BTC steady around $108,000 as investors await FOMC minutes for Fed rate clues
Bitcoin price holds steady at around $108,000 on Wednesday, maintaining support at a key technical level. Investors' attention shifts to the FOMC meeting minutes, as it offers insights into the Fed’s interest rate path prospects.
Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.