yearn.finance YFI
Report IssueYearn.finance (YFI) is the Ethereum token that powers the Yearn.finance platform. The decentralized finance (DeFi) platform acts as a yield optimizer focused on creating a simple way to generate high-risk adjusted returns for investors of various assets through best-in-class lending protocols, liquidity pools, and community-developed yield farming strategies on Ethereum.
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$5010.704
-2.26%
#194
DeFi
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Score Sentiment Neutral
Short Review yearn.finance
Crypto project yearn.finance (YFI) is classified as a DeFi. yearn.finance is a Utility token that is hosted on the Ethereum Network. The current total supply is 36,666.00 YFI (Circulating Supply + Tokens yet to be released - Burned Tokens).
(YFI)
YFI Price Chart
The launch of YFI token trading took place on 18 July 2020.
Yearn.finance (YFI) cryptocurrency
YFI is an ERC-20 token of the Yearn Finance project. Yearn Finance provides a range of services on its decentralized finance platform (DeFi ). Decentralized finance is a part of the crypto industry that deals with financial services, as opposed to the traditional banking system. Although this industry is very young, it is also developing rapidly. By July 2020, the industry had about $4 billion circulating in the system. While at the beginning of 2019 there was only $275 million. Yearn Finance combines different parts of DeFi technologies in one service. Now there are four main products, let's look at each of them in more detail.
VaultsVaults gives people the opportunity to not miss out on good market offers. Does not require special knowledge about investments and markets; the platform generates income automatically based on the best offers on the market.
EarnYearn Finance cooperates with a number of services and has created an aggregator that helps optimize the interest calculation process. Yearn Finance customers can enjoy the highest interest rates available.
The ZapZap tool allows users to switch between liquidity pools. One of the benefits of Zap is its reduced transaction costs. However, it may still seem a little expensive. On the other hand, it is very fast and simple. So if time is your priority, Zap can provide you with a solution.
CoverYearn Finance provides insurance. This helps their clients worry less about possible losses. To obtain insurance, the user must make a weekly payment of 0.01%. It’s good that the entire amount deposited is considered insured.
There are also a number of services that are under development: yTrade, yLiquidate, ySwap, yBorrow.
The platform is operated by YFI holders. They have the right to make a proposal, followed by a vote. If a proposal receives more than 20% of the tokens pledged in the governance contract and receives more than 50% of the votes, it can be implemented.
History of the yearn.finance (YFI) project
The main name associated with YFI is Andre Cronje. Andre is not new to the crypto world. He has a long career in this field. He is also involved in two other projects: Fantom and CryptoBriefing. YFI came about when Andre Cronje was working with Curve Finance and Aave. YFI is his latest project and seems to be extremely successful.
Advantages of yearn.finance (YFI)
- People do not need to have any special skills to use the platform.
- Has a high level of security.< /li>
- YFI provides a unique opportunity to go long or short stablecoins with 1000x leverage.
Disadvantages of yearn.finance (YFI)
- DeFi Technologies are still young and therefore seem complex.
- While DeFi is very volatile, there is a lot of speculation in this sector.
