In 2020, Yearn Finance launched with no pre-mine or VC backing. YFI’s fair distribution built deep community trust, helping it surpass $40,000 per token within months.
YFI's zero-preallocation model created a blueprint for trustless, community-driven launches — proving that ownership by users could outpace VC-backed projects.
Uniswap v3 introduced concentrated liquidity in 2021, enabling LPs to allocate capital within tighter price ranges and drastically improve capital efficiency.
Uniswap v3’s concentrated liquidity flipped AMM design, enabling pro traders to maximize yield without capital inefficiency — this became a new DEX standard.