Some may wonder why Yearn.Finance YFI token is not recognized as the most dominating token in cryptocurrency space despite its price surge over $41,000, why Bitcoin was still the king of Crypto? Well, it's because it is a Decentralized Finance (DeFi) token under the Ethereum blockchain. It's native token was called YFI.
What is Yearn.Finance (YFI)?
It is an aggregator service in decentralized finance (DeFi) investors which allows user to maximize profits from yield farming by using automation. The goal is to let those users who are not technically minded to participate in less commital manner than serious traders in DeFi space to simplify its expansion.
The service was formerly know as iEarn that was launched last February 2020. The huge growth has seen as a new product in recent months that was debuted and developers released in house tokens YFI.
Who are the Founders of YFI?
Andre Cronje was the creator of Yearn.Finance, after he leave iEarn in February 2020, he returned to oversee the rebirth with new tools emerging as a result YFI was live last July 2020.
At the end of September 2020 the assets under total value locked coming in over at $1 billion as it's fortunes have turned around, since then.
Cronje has become synonymous in particular with DeFi and had a long career in cryptocurrency. He also have some position in smart contract ecosystem in Fantom and CryptoBriefing, a dedicated resources to initial coin offerings (ICOs) and crypto media.
About Yearn.Finance
Yearn.Finance price today is $16,694.79 USD as of writing with a $536,421,383 USD in 24 -hour trading volume. It has current rank of #37 in CoinMarketCap, with a market cap of $500,304,577 USD. Circulating supply of 29,968 YFI coins while maximum supply is not yet available. It is currently traded under the top exchanges such as Binance, Huobi, Global, BiKi, Binance.KR and OKEx.
How Many Yearn.Finance (YFI) Coins Are There in Circulation?
In house tokens YFI in yearn.finance has 30,000 coins fixed supply. Upon launching last July 2020 there was no premine and developers did not receive any stating funds, it started at 0 YFI supply during launched.
The token success entered at its all time high price of $41,000 reflected during mid-September 2020, when the market capped has entered circulation since then. Yearn.Finance was the first token to surpass Bitcoin (BTC) worth per unit.
Yearn.Finance users earn YFI through liquidity, while governance privileges dictate token holders.
What Makes Yearn.Finance Unique?
It was set out to simplify DeFi investment for the broader investor sector in activities such as yield farming.
It act as an aggregator in DeFi protocols such as Curve, Compound and Aave to bring those who want to stake cryptocurrency at the highest possible yield, as it use various bespoke tools as a platform.
It makes profit by charging withdrawal fees, that was currently at 0.5% the end of September 2020 with a gas subsidization fees at 5%. Technically these be changed by consensus at any time, due to its governance model. The platform continue its new features to rolled out aiming to preserve the long term value.
The market targets for yearn.finance are investors who does not have enough time to study the complexity of DeFi phenomenon from scratch that wish to optimize their returns.
How Is the Yearn.Finance Network Secured?
Cronje has sought in maintaining the platform’s provenance transparency, with the note that even after code audits, it could not be 100% safe as DeFi involves in high risk.
Users can face losing money at high risk with the market conditions changing rapidly with some opportunistic entities to attempt to have profit from less experienced participants in Yearn.Finance.
Where Can You Buy Yearn. Finance (YFI)?
YFI is a freely-tradable token, with pairs for cryptocurrencies, stablecoins, and fiat currencies all widely available.Major exchanges trading YFI include Binance, OKEx, and Huobi Global, as well as automated market maker (AMM) Uniswap.
Disclaimer: All info stated was from according to my understanding given by the source, whatever info is stated wrong, correction is highly appreciated. Thank you for reading!
Sources:
https://coinmarketcap.com/currencies/yearn-finance/
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