After a challenging and ultimately unsustainable journey with our MultiYield product, FortiFi is evolving. Following months of dedicated development and facing several unforeseen hurdles within the Avalanche ecosystem, we have made the difficult decision to sunset the MultiYield platform. While we firmly believe in the core principles behind MultiYield, the current landscape presents significant obstacles to its continued success. This shift marks a new chapter for FortiFi as we explore innovative solutions and embark on exciting new ventures within the Avalanche ecosystem.

FortiFi launched our MultiYield product on April 20th, 2024. MultiYields had been in development and undergone audits for the 10 months leading up to it’s launch.
The main issues for the FortiFi MultiYields before AVAX9000 were the normal complaints people experienced interacting with our protocol. Avalanche was expensive for FortiFi to bundle transactions before avax90000. It cost between 0.11-0.33 avax in gas fees per deposit. This made MultiYields less than desirable for short-term depositors or smaller size users.

Oracle infrastructure on Avalanche have also been a repeat issue for the FortiFi MultiYields. Oracle costs for our custom configurations always outpaced the earned protocol fees. This setup of operational costs being higher than our revenue is not sustainable as we do not have any other source of revenue or backing for the protocol beyond protocol revenue.

Leading up to our first launch attempt in November of 2023, we were initially built on top of Platypus DeFi. Platypus then died a horrible death, forcing us to rebuild for new yield sources. We found our home on top of Yield Yak, one of the most reliable DeFi protocol on Avalanche. After going live with Yak, we integrated Delta Prime. The Delta Prime exploit lead to the closure of 3 of our 4 MultiYields live, severely crippling the platform.

As a result of limit LST yield oracle options, the Avalanche MultiYield has not been properly diversified in over 5 months. sAVAX was the only LST with an oracle we can use for integration. This defeats the main point of the “multiple yield sources” in a MultiYield. We hoped ggAVAX would get an oracle and even worked with multiple oracle partners to build a custom one, but with no success. This is not GoGoPools or the Oracle Providers fault, merely a result of the current environment. As a result, the Avalanche MultiYield has just been an sAVAX farm. This is not necessarily bad, as sAVAX is a wonderful asset, however this was not the goal of building MultiYields.

After many over 10 months of work before launch and over 10 months of being live on mainnet, we will winding down and sunsetting the FortiFi MultiYield. We still believe the MultiYield product and concept is something that could be used in the future, but at this time the cost outweighs the benefits keeping it operational at this time. This is not the end of FortiFi.

We are pleased to introduce FortiFi 2.0 which includes two new products on Avalanche - FortiFi Lending and The Moats. FortiFi Lending is a lending and borrowing protocol built in collaboration with Meridian Ventures. The goal is to service Avalanche native tokens like AVAX, BTC.b, rsAVAX, GMX, BEAM and tokenized forex assets like USDT, USDC, EUROC, and XSGD. The Moat Protocol is a liquidity protocol designed to help projects and tokens deploy simple staking, locking, and burning modules for protocol governance or revenue sharing. The Moats have a number of protocols signed up to deploy their own Moats after launch. Stay tuned for more details about FortiFi 2.0, FortiFi Lending, and The Moats coming very soon.

Want to earn yield staking on Avalanche but unsure where to look? Check out Yield Yak and their newest line of Milk Vaults, offering an intersection between DeFi Yield Farming and AI to manage optimal yield generation. You can find out more about the Milk Vaults here.