$ 10,895 USD
$ 10,895 USD
$ 347.148 million USD
$ 347.148m USD
$ 218.6 million USD
$ 218.6m USD
$ 1.4484 billion USD
$ 1.4484b USD
33,601 0.00 YFI
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
Current Rate0
0.00USD
3H
-3.4%
1D
-8.24%
1W
+22.36%
1M
+52.4%
1Y
+25.9%
All
-16.62%
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 |
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.
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 |
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.
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.
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.
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 。
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.
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 .
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.
The proposal was passed to reduce the risk for Aave version 2 and promote the eventual migration to version 3.
2022-11-28 12:49
Both good and bad news filled the DeFi sector this week. Finance Redefined documents the biggest stories of the past seven days.
2021-12-24 16:00
Yearn.finance, Hxro and Arweave managed to post positive gains even as BTC and ETH price saw sharp pullbacks.
2021-12-17 19:04
The decentralized asset management platform noted that its Treasury has more than $45 million and would pursue similar YFI buybacks in the future.
2021-12-17 15:33
Investors have embraced Abracadabra Money’s truly decentralized approach to DeFi and the option to draw stablecoin loans off a growing list of assets appears to be backing SPELL’s rally to new highs.
2021-11-06 11:06
On Friday, Ethereum based lending and borrowing DeFi protocol Aave (AAVE) saw the total value locked (TVL) on the platform drop about 18%. On investigation, it was discovered that the withdrawals were made by wallets connected to the founder of TRON and CEO of BitTorrent, Justin Sun who withdrew around $4.2 billion worth of ETH, WBTC, and Stablecoins from Aave’s lending pools.
2021-11-01 13:47
8 ratings