YFI
Reputation Ratings

YFI

yearn.finance 2-5 years
Website https://yearn.finance/
Browser
OTH RELPs
White Paper
Avg Price
+3.45%
1D

$ 7,269.08 USD

$ 7,269.08 USD

Market Cap

$ 243.246 million USD

$ 243.246m USD

24h trading volume

$ 22.303 million USD

$ 22.303m USD

7d Vol

$ 144.809 million USD

$ 144.809m USD

Circulating supply

33,432 0.00 YFI

Related information

Issue Time

2020-07-21

Platform pertained to

--

Current price

$7,269.08USD

Market Cap

$243.246mUSD

Volume of Transaction

24h

$22.303mUSD

Circulating supply

33,432YFI

Volume of Transaction

7d

$144.809mUSD

Change

24h

+3.45%

Number of Markets

489

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Historical Price

Introduction

Markets

3H

+1.4%

1D

+3.45%

1W

+5.28%

1M

+5.18%

1Y

+14.18%

All

-42.95%

Aspect Information
Short Name YFI
Full Name Yearn.Finance
Founded Year 2020
Main Founders Andre Cronje
Support Exchanges Binance, Coinbase, KuCoin, Kraken etc.
Storage Wallet Rainbow, Coinbase Wallet, and MetaMask

Overview of YFI

Yearn.Finance, often abbreviated as YFI, is a type of DeFi cryptocurrency that was publicly introduced in 2020 by Andre Cronje. The cryptocurrency is supported on a selection of exchanges including Binance, Coinbase , KuCoin, Kraken, and etc., and can be stored in a variety of digital wallets including Rainbow, Coinbase Wallet, and MetaMask. The main functionality of YFI is centered around yield farming (earning rewards from cryptocurrency holdings), however, it also incorporates other features such as lending and insurance. As with all cryptocurrencies, YFI operates on a blockchain, which is a decentralized and distributed digital ledger.

YFI's home page

Pros and Cons

Pros Cons
Decentralized finance protocol Dependent on the stability of other tokens
Suitable for yield farming High susceptibility to market volatility
Wide range of supported wallets Complex for beginners in crypto trading
Active and transparent development Risk of unknown exploits due to rapid development
Able to earn rewards from holdings Unproven long-term sustainability

Pros of YFI Token:

1. Decentralized Finance Protocol: YFI operates on a decentralized finance (DeFi) protocol. This attribute ensures that it is not controlled by a single entity, which allows for increased transparency and accessibility.

2. Yield Farming: YFI has been optimized for yield farming. Investors can employ their cryptocurrency holdings in a way that generates the maximum possible returns.

3. Broad Wallet Support: YFI is compatible with a range of digital wallets including Rainbow, Coinbase Wallet, and MetaMask. This broad compatibility enhances user convenience as it allows for flexibility in storage and transactions.

4. Active and Transparent Development: The development progress of the YFI platform is actively updated and highly transparent. This offers potential investors a level of confidence and allows them to keep track of any improvements, changes, or issues.

5. Earning Rewards from Holdings: Through a process known as staking, YFI allows token holders to earn rewards. This provides an added benefit, granting holders the potential for additional income.

Cons of YFI Token:

1. Dependence on Other Tokens: YFIs performance and value are dependent on the stability of other tokens in the DeFi ecosystem. Unstable tokens could affect the value of YFI negatively.

2. Market Volatility: Like most cryptocurrencies, YFI is susceptible to high market volatility. Abrupt value changes could pose a significant risk for investors.

3. Complexity: YFIs functionalities, especially its yield farming feature, can be complex for beginners in cryptocurrency trading. This complexity might deter newcomers who are not yet familiar with the intricacies of DeFi.

4. Risk of Unknown Exploits: Due to its rapid development, there is a risk of unknown exploits in YFI's coding. This could potentially be leveraged by bad actors, putting investors' assets at risk.

5. Long-term Sustainability: As YFI is still relatively new, its long-term sustainability is yet to be proven. Uncertainties about its future performance can be a concern for some potential investors.

What Makes YFI Unique?

Yearn.Finance (YFI) introduces some innovative paradigms in the field of decentralized finance, further expanding the capabilities of existing cryptocurrencies. One of its primary innovations includes an automatic yield farming mechanism, which seeks out the most profitable yield farming strategies in the DeFi space and rotates its investments to maximize returns. Unlike many traditional cryptocurrencies, which require manual intervention for optimal yield farming, YFI automates this process.

Moreover, Yearn.Finance isn't just a standalone token. It's a suite of products in decentralized finance that provides lending aggregation, yield farming, and insurance on the Ethereum blockchain. In contrast to conventional cryptocurrencies, which usually have a single purpose or a narrow range of functionality, YFI is intended to be an all-encompassing DeFi ecosystem.

It is also worth noting that the distribution method of YFI was unique from other cryptocurrencies. When it was launched in 2020, it was distributed entirely through liquidity mining with no pre-mine, no founder shares, and no venture capital influence, placing a strong emphasis on decentralization and community governance.

However, it's essential to observe that YFI's complex system and quick pace of development might carry certain risks, including potential coding exploits and uncertainties about long-term sustainability. Despite its innovative features, like all cryptocurrencies, it remains subject to the market fluctuations and vulnerabilities inherent to the digital asset space.

YFI Market & Price

Price of YFI

Yearn.Finance's YFI token has a history of significant price fluctuations. Since its inception in 2020, YFI has experienced rapid growth periods followed by sharp declines. In its early days, YFI reached an all-time high of over $31,000 in February 2021, driven by the surge in popularity of DeFi protocols. However, the price quickly plummeted, falling to around $7,000 by July 2021.

YFI's price continued to fluctuate throughout 2022, with a notable spike in May 2022, reaching around $17,000, coinciding with the broader cryptocurrency market recovery. However, the price retraced again, falling to around $3,000 by the end of 2022.

As of November 2023, YFI's price hovers around $8,300, reflecting the current state of the cryptocurrency market. YFI's price volatility is influenced by various factors, including overall market sentiment, developments within the DeFi space, and specific events related to the Yearn.Finance protocol.

How Does YFI Work?

Yearn.Finance (YFI) works on the fundamental principles of blockchain and cryptocurrencies, but with unique enhancements tailored specifically for Decentralized Finance (DeFi).

At its core, YFI functions using smart contracts on the Ethereum blockchain. It allows for the automatic maximization of yields from funds deposited into its ecosystem via a mechanism known as “yield farming.” This process involves the automatic switching between different lending protocols to ensure the maximum possible return for investors. Essentially, it allows users to deposit their tokens and leaves the work of discovering the best yield strategy to the Yearn.Finance algorithm.

Another central principle of YFI is its governance model. YFI token holders have the authority to vote on various proposals (such as changes in system parameters and protocol upgrades), making YFI a decentralized and community-driven project.

In addition, YFI operates a suite of other services, such as yVaults and Earn. yVaults are investment strategies that use automation to generate high returns, whereas Earn is an interest optimization platform.

Though YFI has extended functionalities, it remains a cryptocurrency, and its operations are still based on the core tenets of blockchain technology- decentralization, transparency, immutability and security. Nonetheless, its advanced focus on yield farming and other DeFi strategies sets it apart from many other cryptocurrency models.

Exchanges to Buy YFI

Several cryptocurrency exchanges support the trading of Yearn.Finance (YFI) tokens. Here are ten such exchanges, along with some of the currency pairs and token pairs they support:

1. Coinbase: Trading pairs supported by this platform include YFI/USD and YFI/BTC.

Step Action Details
1 Create Coinbase Account Sign up on Coinbase website or app, complete ID verification, and address proof for transactions.
2 Add Payment Method Tap payment method box, connect bank account, debit card, or initiate a wire transfer.
3 Start a Trade On Coinbase.com, select Buy & Sell. On mobile app, tap (+) Buy on the Home tab.
4 Select yearn.finance Search and select yearn.finance from the asset list. Tap to open the purchase screen.
5 Enter Purchase Amount Input the amount in local currency. App converts to yearn.finance. Adjust using arrow buttons if needed.
6 Finalize Purchase Tap “Preview buy,” review details, confirm purchase by clicking “Buy now.”
7 Transaction Confirmation After processing, reach confirmation screen. Congratulations, you've bought yearn.finance!

Buying link: https://www.coinbase.com/how-to-buy/yearn-finance

2. Binance: Supports a number of trading pairs including YFI/BTC, YFI/ETH, YFI/USDT, and YFI/BUSD.

Step Action Details
1 Register on Binance Create an account on Binance via app or website. Verify identity.
2 Choose Purchase Method Click “Buy Crypto” to explore options. Consider stablecoins for better compatibility. Choose Credit/Debit Card, Bank Deposit, or Third-Party Payment.
3 Check Payment Details Click “Buy” and review payment details. Confirm order within 1 minute.
4 Store or Use yearn.finance After purchase, store in Binance wallet. Explore trading or staking options. Consider Trust Wallet for decentralized exchange.

Buying link: https://www.binance.com/en/how-to-buy/yearn-finance

3. KuCoin: Supports a similar set of trading pairs as Binance, such as YFI/BTC, YFI/ETH, YFI/USDT.

4. Kraken: Offers trading pairs including YFI/USD, YFI/EUR, YFI/XBT (Bitcoin), and YFI/ETH.

5. Bitstamp: You can trade YFI with several pairs on this platform, including YFI/USDT, YFI/BTC, and YFI/ETH.

6. Uniswap: This platform supports the following trading pairs for YFI: YFI/USD, YFI/USDT.

7. Bitfinex: Provides a set of trading pairs like YFI/KRW, YFI/BTC.

8. Pancakeswap: On this exchange, YFI can be traded using pairs such as YFI/USDT, YFI/BTC.

9. OKX: Allows for trading pairs like YFI/USDT.

10. Gemini: This platform supports the trading pair YFI/USD.

The availability of trading pairs may vary and it's advisable to check the exchanges for the most up-to-date information.

Exchanges to Buy YFI

How to Store YFI?

To store YFI, you have a few different options for wallets that are known to be compatible.

Rainbow, a user-friendly Ethereum wallet, is one of the options. It provides options for buying, selling, and earning interest on your YFI.

Another safe and reliable option is the Coinbase Wallet, an app that enables you to manage your private keys directly. Besides supporting YFI, Coinbase Wallet also supports other coins and allows users to interact with decentralized apps within its marketplace.

Another choice is MetaMask, a browser extension wallet suitable for desktop use. It supports Ethereum-based tokens like YFI and is a popular choice for its seamless integration with various DeFi platforms.

Regardless of your choice, always remember to maintain the security of your wallet to safeguard your YFI investment. Be careful to only use a trusted wallet, keep your passphrase in a secure location, and always use caution when engaging in transactions.

How to Store YFI?

Is It Safe?

While YFI has a number of security features in place, it is still a relatively new cryptocurrency and is therefore subject to certain risks.

On the one hand, YFI is a decentralized finance (DeFi) token, which means that it is not controlled by any single entity. This decentralization makes YFI less susceptible to censorship and manipulation. Additionally, YFI is built on the Ethereum blockchain, which is a well-respected and secure blockchain platform.

On the other hand, YFI is still a relatively new cryptocurrency, and as such, it has not been as thoroughly tested as older cryptocurrencies. Additionally, the DeFi space is still in its early stages of development, and there is a risk that new vulnerabilities could be discovered that could compromise YFI's security.

How to Earn YFI?

There are a few ways to earn YFI, the native cryptocurrency of the Yearn.Finance decentralized finance (DeFi) protocol:

1. Staking: Staking is a process of locking up your YFI tokens in order to earn rewards. Yearn.Finance uses a Proof of Stake (PoS) consensus mechanism, which means that stakers help to secure the network and validate transactions. In return for staking their YFI tokens, stakers earn a percentage of the fees generated by the Yearn.Finance protocol.

2. Providing liquidity: Providing liquidity is a process of depositing both YFI tokens and another cryptocurrency into a liquidity pool. Liquidity pools are used to facilitate decentralized exchanges (DEXs), which allow users to trade cryptocurrencies without going through a centralized exchange. In return for providing liquidity, users earn a percentage of the trading fees generated by the DEX.

3. Lending: Lending is a process of lending your YFI tokens to borrowers on decentralized lending platforms. Borrowers pay interest to lenders, and lenders earn a percentage of that interest.

4. Participating in governance: Yearn.Finance is a decentralized governance protocol, which means that YFI token holders have the ability to vote on proposals that affect the future of the protocol. In return for voting, YFI token holders earn a percentage of the fees generated by the Yearn.Finance protocol.

5. Airdrops: Yearn.Finance has conducted a number of airdrops in the past, which are distributions of free YFI tokens to eligible users. Airdrops are typically used to reward loyal users and promote new products and features.

6. Yield farming: Yield farming is a strategy that involves actively moving funds between different DeFi protocols in order to maximize returns. While yield farming can be profitable, it is also a high-risk activity that is not suitable for all investors.

It is important to note that all of these methods of earning YFI carry some degree of risk. The DeFi space is still in its early stages of development, and there is a risk that new vulnerabilities could be discovered that could compromise the security of your funds. Additionally, the value of YFI is subject to market fluctuations, and there is no guarantee that you will earn a return on your investment.

If you are considering earning YFI, it is important to do your research and understand the risks involved. You should only invest funds that you can afford to lose, and you should not invest more than you are comfortable with.

Conclusion

Yearn.Finance (YFI) is a decentralized finance (DeFi) cryptocurrency introduced in 2020. Built on the Ethereum platform, YFI offers a suite of products such as yield farming, lending aggregation, and insurance. It sets itself apart through its innovative automated yield farming mechanism, and its community-driven governance, which allows YFI token holders to vote on various proposals.

The development prospects of YFI are intimately tied to the progression of the DeFi ecosystem. As novel functionalities and enhancements within this realm continue to emerge, YFI may potentially seize these opportunities to grow and evolve. However, it's important to note that DeFi is still a rapidly developing field with many uncertainties, including risks arising from market volatility, technological exploits, and the potential for regulatory changes.

As an investment, YFI has potential, but it is not without risks. The token's value can increase, providing investment returns, but it can also decrease, leading to losses. Its performance largely depends on market trends, technical developments, and broader sentiment towards DeFi. Therefore, potential investors should conduct thorough research and risk analysis before venturing into buying YFI.

In essence, while YFI exhibits attractive features and presents some interesting opportunities particularly in the area of yield farming, it should be treated as a speculative asset with a high degree of risk. As with any investment, due diligence and caution are highly advised.

FAQs

Q: What kind of cryptocurrency is YFI?

A: YFI, or Yearn.Finance, is a decentralized cryptocurrency that operates on the Ethereum blockchain, primarily focused on facilitating yield farming and other DeFi functions.

Q: What wallets can safely store YFI?

A: YFI can be safely stored in multiple compatible digital wallets such as Rainbow, Coinbase Wallet, and MetaMask.

Q: What sets YFI apart from other cryptocurrencies?

A: YFI distinguishes itself through its automatic yield farming mechanism and its suite of products under the DeFi umbrella, in addition to its unique distribution method emphasizing decentralization and community governance.

Q: What's the total supply of YFI tokens?

A: A fixed supply exists for YFI tokens, with a cap set at 36,666 tokens.

Q: Where YFI can be purchased?

A: YFI tokens can be bought on several cryptocurrency exchanges such as Binance, Coinbase, KuCoin, Krake, amongst others.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

More

8 ratings

Participate in evaluation
Araminah
Yearn.finance (YFI): A decentralized ecosystem of aggregators that utilize lending services such as Aave, Compound, etc. to optimize your token lending.
2023-10-10 10:20
2
Dory724
YFI pioneered yield aggregation in DeFi, standing out for its innovative vault strategies. Despite high gas fees and competition, Yearn's community and solid development maintain its relevance in the yield farming space.
2023-11-28 23:10
2
Windowlight
(YFI) is a DeFi platform that automates yield farming strategies, allowing users to optimize their returns on crypto assets.
2023-12-22 00:00
2
leofrost
Yearn.finance (YFI) is a decentralized finance (DeFi) protocol designed to optimize yield farming strategies on the Ethereum blockchain. YFI, the native governance token, allows holders to participate in the decision-making processes of the Yearn.finance ecosystem. The project gained attention for its automated yield farming strategies, aiming to maximize returns for users with minimal effort. Yearn.finance provides a platform where users can deposit their funds, and the protocol automatically allocates them to the most lucrative yield farming opportunities. Monitoring Yearn.finance's governance proposals, developments, and its role in the broader DeFi space can offer insights into the ongoing significance of YFI.
2023-11-30 22:20
3
Dazzling Dust
The platform leverages custom tools to function as an aggregator for DeFi protocols like Curve, Compound, and Aave. By doing so, it aims to maximize yield for cryptocurrency stakers, providing a streamlined approach to accessing the highest possible returns within the decentralized finance ecosystem. This aggregation strategy enhances efficiency and yield optimization for users participating in staking activities.
2023-11-29 12:45
1
Jenny8248
It aims to automate the process of maximizing returns on crypto assets by offering a user-friendly interface for users to participate in DeFi opportunities.
2023-12-08 06:03
3
Easy B
Wow, I wish I was able to get this coin...
2023-09-16 05:35
6
Riobu Riobu
trusted n no doubt needed so let's go to the moon
2023-03-11 00:20
1

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