Yearn.Finance is a collection of protocols that are being run via the Ethereum blockchain which allows participants on the platform to optimize their crypto-asset earning power through trading and lending services.
Out of a constantly increasing number of decentralized financial platforms, Yearn.Finance allows the enjoyment of its services by its users by making use of only code. Essentially, this eliminates the need for financial intermediaries such as a custodian or a bank. The platform has been able to achieve this by creating an automated investment system around the YFI cryptocurrency.
In general, the creation of the system hinged on the provision of simplified access to the world of Defi applications for individuals and investors who are not completely technical-minded than other more serious participants.
So far, the system has been able to achieve this aim by its aggregator service which allows the participants to use yield farming to maximize their profits.
Who are the Founders of Yearn.Finance (YFI)?
Formerly known as the iEarn project, Yearn.Finance was officially launched in February 2020 and ever since, the platform has experienced major growth due to the release of other products, as well as the release of the platform’s dedicated in-house cryptocurrency, YFI.
The Yearn.Finance platform is the single creation of Andre Cronje. Shortly after leaving the iEarn project around February 2020, Cronje returned to the network to oversee the rebranding process, integration of new features, and the release of the dedicated token, YFI.
Ever since assets whose values have been totally locked are coming in at slightly over a billion dollars as of September 2020.
Over the years, Cronje has created a career in the world of cryptocurrency and has become more prominently known for his involvement in the Defi space. Apart from his involvement in the Yearn.Finance, Cronje also holds at other smart contracts ecosystems including Fantom and a resource dedicated to crypto media and the delivery of initial coin offerings known as CryptoBriefing.
What is Yearn.Finance (YFI) used for?
Over the years, the world of decentralized finance has developed within the cryptocurrency space and several systems have come and gone aimed at promoting the use of the Defi space. The Yearn.Finance platform provides this in addition to helping traders and non-traders of cryptocurrency assets in the optimization of their earnings, as well as providing them with an Avenue for lending services.
In addition to making this provision, the Yearn.Finance also has a dedicated cryptocurrency token Known as YFI which can be traded with other cryptocurrency pairs in order to make a level of profit for the coin holders.
What Is the Unique Point of Yearn.Finance (YFI)?
The Yearn.Finance platform is aimed at making Defi investments such as Yield farming more simplified for boarder investors.
In order to achieve its broad goals, a series of bespoke investment tools are used as an aggregator for Defi protocols including Curve, Compound, and Aave, as well as bringing network participants who stake their tokens the highest possible level of yield.
Presently, the system continues to roll out new features which are all directed towards the preservation of the long-term value of the platform, among other things.
As a whole, the Yearn.Finance network is able to make a profit by charging fees for withdrawal which stood at 0.05% as of September end, 2020, as well as a subsidization gas fee of 5%. However, these amounts are subject to change due to the governance mechanism of the system which implies it can be changed by the consensus mechanism at any time.
The main target of the Yearn.Finance networks are investors who do not have the resources to study the intricacies of the increasingly complicated Defi phenomenon from the foundation or others who simply wish to optimize their returns.
How many Yearn.Finance (YFI) coins are in circulation?
The Yearn.Finance network is regulated by an in-house token which capped the supply at 30,000 tokens. The platform did not have any form of mining operation executed upon its July 2020 launch. Developers on the platform also did not receive any advance funds as everyone started at 0 YFI supply.
Ever since a large part of Yearn.Finance’s capped supply has entered into circulation and the majority of the recorded success on the platform is reflected in its all-time high price of $41,000, an amount that was hit in mid-September 2020. The YFI coin is also the only cryptocurrency to have ever had a higher unit value than Bitcoin.
Participants of the Yearn.Finance is able to earn YFI by providing liquidity, while governance privileges are enjoyed by dedicated token holdings.
Is the Yearn.Finance (YFI) Network secured?
One of the qualities that make the Yearn.Finance platform somewhat special is the high level of risk faced by the participants which imply that they can lose money because of rapidly changing market conditions. There is also the existence of opportunistic entities which attempt to take advantage of less experienced participants.
As such, the platform’s founder, Cronje has discovered a way to Marian the platform’s transparency about its providence, while also noting that after the platform’s codes had been audited it could not utterly guarantee an absolute level of safety as cryptocurrency assets come with risks,
The participants of the network also partake in the security protocol by governing the platform through its native cryptocurrency.
How do I buy Yearn.Finance (YFI)?
Over time, more people have discovered the advantages of the Yearn.Finance system and as such, the platform has gained high levels of adoption by both individuals new to the cryptocurrency space, as well as other individuals with existing cryptocurrency knowledge. Currently, it is available across several exchanges and is easily accessible by following the steps below.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy YFI through your trading account.
Which Cryptocurrency Wallet Supports Yearn.Finance (YFI)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Yearn.Finance tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Yearn.Finance wallet as it offers a simple and interactive interface, making it easy to navigate its system.