DeFi Protocol Yield Protocol announced the upcoming launch of a new type of token, yTokens, which aims to introduce fixed-term fixed-rate loans into the DeFi field. The v1 version of Yield Protocol will include the yTokens for the stable currency Dai, namely yDai, which aims to realize fully mortgaged fixed-rate lending. yDai is a token based on ERC20, similar to zero coupon bonds or discount bonds, and Dai can be redeemed one-to-one after a predetermined maturity date. Specifically, users deposit collateral assets to create yDai and sell yDai, and lenders buy yDai. yDai can be traded freely and is usually cheaper than Dai. In addition, the yDai system is tightly integrated with Maker. Maker users can migrate their Dai vault to the yDai vault, and can be transferred back to the Dai vault again after being locked for a period of time. Chain Wen noted that Yield is the first company incubated by Paradigm, a cryptocurrency institutional trading communication platform.