YFI
Reputation Ratings

YFI

yearn.finance 2-5 years
Cryptocurrency
Website https://yearn.finance/
Browser
OTH RELPs
White Paper
YFI Avg Price
-8.24%
1D

$ 10,895 USD

$ 10,895 USD

Market Cap

$ 347.148 million USD

$ 347.148m USD

24h trading volume

$ 218.6 million USD

$ 218.6m USD

7d Vol

$ 1.4484 billion USD

$ 1.4484b USD

Circulating supply

33,601 0.00 YFI

Related information

Issue Time

2020-07-21

Platform pertained to

--

Current price

$10,895USD

Market Cap

$347.148mUSD

Volume of Transaction

24h

$218.6mUSD

Circulating supply

33,601YFI

Volume of Transaction

7d

$1.4484bUSD

Change

24h

-8.24%

Number of Markets

515

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Current Rate0

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YFI Price Chart

Introduction

Markets

3H

-3.4%

1D

-8.24%

1W

+22.36%

1M

+52.4%

1Y

+25.9%

All

-16.62%

AspectInformation
Short NameYFI
Full NameYearn.Finance
Founded Year2020
Main FoundersAndre Cronje
Support ExchangesBinance, Coinbase, KuCoin, Kraken etc.
Storage WalletRainbow, 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

ProsCons
Decentralized finance protocolDependent on the stability of other tokens
Suitable for yield farmingHigh susceptibility to market volatility
Wide range of supported walletsComplex for beginners in crypto trading
Active and transparent developmentRisk of unknown exploits due to rapid development
Able to earn rewards from holdingsUnproven long-term sustainability

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.

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.

Exchanges to Buy YFI

To buy YFI, you can use various cryptocurrency exchanges that support it. Some popular platforms for purchasing YFI include KuCoin, Binance, CoinEx, Kraken, OKX, Bybit, gate.io, and MEXC. It's crucial to research and compare fees, security features, and supported currencies before choosing an exchange, as there are considerable differences between each one.

Exchanges to Buy YFI

How to Store YFI?

To securely store your YFI tokens, consider using a hardware wallet like Ledger or Trezor, which are regarded as two of the safest storage options available 。These devices keep your private keys secure offline. Alternatively, you can use a software wallet that supports ERC-20 tokens, such as MetaMask, which allows for easy access and management of your digital assets 。Remember to always keep your seed phrase and private keys secure and offline to protect your investment against potential threats 。

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?

To earn YFI, you can engage in yield farming by utilizing the various products offered by Yearn Finance, such as Vaults, Zap, Earn, and staking YFI for governance purposes. Yearn Finance is an aggregator service for DeFi investors that automates the process of maximizing profits from yield farming, allowing users to earn interest on their crypto assets through smart contract platforms like Ethereum. You can deposit your assets into Yearn's Vaults, which are capital pools that automatically generate yield based on market opportunities, or use the Earn feature to get the best interest rate on lending by searching across different lending protocols. Additionally, YFI holders can participate in governance by voting on proposals and potentially earn rewards or fees paid to YFI holders as dividends .

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.

User Reviews

More

8 ratings

Participate in evaluation
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
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
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
Riobu Riobu
trusted n no doubt needed so let's go to the moon
2023-03-11 00:20
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

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