Among the most popular altcoins of recent times, yearn.finance (YFI) is a token operating on the Ethereum platform. The questions like “What is Yearnfinance?” have started to be frequently asked, especially after it achieved a significant increase and surpassed Bitcoin‘s price, a...
Among the most popular altcoins of recent times, yearn.finance (YFI) is a token operating on the Ethereum platform. The questions like “What is Yearnfinance?” have started to be frequently asked, especially after it achieved a significant increase and surpassed Bitcoin‘s price, accomplishing what seemed impossible.
In this article, we will touch upon topics such as “What is Yearnfinance?”, “DeFi and Yearnfinance” and “How to buy YFI coin”.
Yearn.finance
Decentralized finance (DeFi) has become quite popular lately. Consequently, DeFi tokens are frequently discussed. It is not surprising that the YFI token has become popular as a DeFi project.
What is surprising about YFI coin is that the developer of YFI, Andre Cronje, designed the token as having “no financial value” and “entirely a zero supply valueless token.” Cronje, who developed the project on his own, intended for the YFI coin to be used as a voting token and therefore for it to have zero value. However, contrary to expectations, after Yearnfinance Coin was introduced to the market, it showed an increase of 35,000% within a week.
Additionally, yearn.finance can be briefly described as “a sophisticated protocol that directs liquidity to different sectors of the DeFi universe to find the best yield.”
Furthermore, yEarn, a part of the yearn.finance ecosystem, uses DeFi protocols such as Curve, Compound, Aave, and dYdX to optimize token lending. Known as yPool on Curve, when a user deposits tokens, they are converted into “optimized tokens” such as yUSDC, yUSDT, and yDAI, or yToken. This allows the user to earn not only the usual lending fees but also transaction fees from Curve. Through this system, yEarn directs liquidity across different sectors in the DeFi space.
Moreover, within the yearn.finance system, there are yearn.finance, ytrade.finance, yswap.exchange, iborrow.finance, and yliquidate.finance. Briefly, yearn.finance facilitates profit-driven lending, ytrade.finance allows for leveraged stablecoin transactions, yliquidate.finance provides liquidity with zero capital automation for Aave, yswap.exchange acts as a single-sided automatic market maker, and lastly, iborrow.finance carries the feature of inter-contract credit authorization vault.
What is YFI Coin?
Yearnfinance Coin or simply YFI coin is defined as the token that controls the yearn.finance ecosystem. At the time of this article’s preparation, the YFI coin was trading at $13,512, known for surpassing the price of Bitcoin at the same time.
In addition, despite being a very new token, at the time of writing, the YFI token has a market volume of $404,870,135 and a 24-hour trading volume of $114,563,248.
Furthermore, it is observed that the supply of YFI coin is actually very low. Currently, there are a total of 29,962 YFI in circulation, and it is known that it will reach a maximum of 30,000 YFI tokens, according to CoinMarketCap data.
Opinions on Yearn Finance
The YFI token, especially after its Binance listing, attracted attention. Another point of interest was that after being designed to have zero value, the value of the token exceeded $13,000.
Moreover, the fact that the person behind the project developed it alone is another commendable aspect.
Those evaluating both the project and the price movements of the token express that the project is promising but predict that the significant increase in the YFI token will eventually end and will be followed by a decline.
How to Buy Yearn Finance?
When it comes to “buying YFI coin,” perhaps the first thing that comes to mind is Binance. YFI coin, among the most popular cryptocurrencies recently, can be purchased from the world’s highest trading volume exchange, Binance.
Continue Reading: https://en.coin-turk.com/what-is-yearn-finance-coin/