In this article, we will touch on topics such as “What is Yearn finance?”, “DeFi” and “What is YFI coin”.
One of the most popular altcoins of recent times, yearn.finance (YFI) is a token running on the Ethereum platform. “What is Yearnfinance?” It seems that questions such as, are being asked frequently.
Decentralized finance (DeFi) has become extremely popular lately. Consequently, DeFi tokens are also frequently mentioned. As YFI token is also a DeFi project, it is not surprising that it has become popular.
What is surprising about the YFI coin is that Andre Cronje, the developer of YFI, designed the token as “a token with 0 financial value” and “completely zero supply value”. Because Cronje, who developed the project alone, was aiming to use the YFI coin as a voting token, so its value would be zero. However, it did not turn out to be as expected and Yearnfinance Coin increased by 35,000% within 1 week after its launch.
In addition to these, Yearn.finance can be defined as “a sophisticated protocol that directs liquidity to different sectors of the DeFi universe to find the best return”.
On the other hand, yEarn, which is part of the yearn.finance ecosystem, uses DeFi protocols such as Curve, Compound, Aave, and dYdX to optimize token lending. yEarn is recognized as yPool on Curve. When a user deposits tokens, they are converted to “optimized tokens”, namely yToken, such as yUSDC, yUSDT and yDAI. This allows the user not only to earn normal lending fees, but also transaction fees from Curve. With this system, yEarn directs liquidity to different sectors throughout the DeFi area.
In addition to these, in the yearn.finance system; yearn.finance, ytrade.finance, yswap.exchange, iborrow.finance and yliquidate.finance also exist. To put it briefly, yearn.finance enables lending for profit, while ytrade.finance allows leveraged stablecoin transactions. Yliquidate.finance provides liquidity with zero capital automation for Aeve. While Yswap.exchange displays the unilateral automatic market maker feature, iborrow.finance has the feature of a credit authorization vault between smart contracts.
What is YFI Coin?
Yearnfinance Coin, or YFI coin for short, is defined as the token that controls the yearn.finance ecosystem. YFI coin is also known for surpassing the price of Bitcoin at the same time, according to the transaction at $45,880.40 at the time of writing.
In addition to these, although it is a very new token, YFI token has a trading volume of $1,682,357,136 as of the time the article was prepared, and has a 24-hour trading volume of $1,094,834,759
Yearn Finance Review
YFI token attracted attention especially after the Binance listing. In addition, after the token was designed with zero value.
However, the fact that the name behind the project developed the project alone is another point that is praised.
Those who evaluate both the project and the price movements of the token state that the project is promising, but after a while, this huge increase in YFI token will end and decline.
How to Buy Yearn Finance?
When it comes to “How to buy YFI coin?” maybe Binance comes to mind first. YFI coin, one of the most popular cryptos of recent times, it can be purchased from Binance, the exchange with the world’s highest transaction volume.