What is YFI ?
Yearn Finance: brief history
Y.finance is a relatively young crypto project that was launched only in 2020 and uses interesting YFI technologies. It was created by Andre Cronje, an independent developer. It should be highlighted that he received no funding for starting the project. Besides, Cronje didn't reserve YFI tokens for himself before the project has been started. This fact makes this project different from other familiar DeFi ones, which preliminary raise initial investment from venture or any other funds, as a rule.
The ecosystem runs on the Ethereum blockchain and helps users interact with several well-known DeFi protocols. In this way, participants can maximize their income from the invested cryptocurrencies. The core ecosystem protocol automatically transfers users' funds from one credit pool to another.
The basic yearn.finance protocol, after which the entire system is named, transfers funds and selects a pool depending on which one of them currently has the highest annual rate. The list may be edited, but now the system works with DAI, USDT, USDC, TUSD, sUSD stable coins and BAT, ETH, LINK, KNC, MKR, REP, SNX, ZRX, WBTC crypto.
The system involves several protocols
YFI Yearn Finance token
So, what is YFI Yearn Finance? YFI is an ERC20 token that was created to allow users of the system to vote on changes in the protocol. One can get YFI coin in several ways: to interact with the system or just to buy it, for example, on P2PB2B.
The overal supply is 30,000 YFI without premining or ICO. To keep stimulating users, the dev team of yearn.finance decided to release a new token, YFII, a fork of YFI, in the amount of 40,000 tokens.
The mentioned above yTokens can be sent to Curve, allowing stable coins to be traded at decent exchange rates. Working with this tool helps liquidity, and a user receives a reward in yCRV tokens. But initially, the tokens are "locked" in the Curve protocol, and YFI allows using the amassed tokens.
There are three ways of getting YFI and YFII, that is depositing yCRV into the yearn.finance pool, DAI and YFI in exchange for BAL coins which are exchanged for YFI through a yGov pool in the next step, or YFI and yCRV on Balancer in exchange for BPT. This may sound quite difficult, especially for a beginner, but, to put it simply, the algorithm slightly reminds well-known for many traders staking.
Yearn Finance token price change
At the very beginning, in summer 2020, YFI token cost $32. Within only 6 months the YFI coin price has increased 1652.2 times! Currently, YFI coin marketcap is $1,837,214,730.
The first peak value was registered on September 1, 2020, when the token cost a bit more than $30,000. After a slight decline, the record was beaten on September 13 with a result exceeding $43,000. As of February 12, 2021, YFI crypto is traded for $49,604. Thus, YFI is the first altcoin that left behind Bitcoin BTC.
YFI price started from $6,650 and has not dropped lower. On November 6, 2020, the token showed the worst result ($8,552), but the situation changed very soon.
Most crypto experts agree that buying this token is quite a reliable and profitable investment. But you should remember that DeFi cryptocurrencies remain experimental. Don't forget about possible risks that can emerge.
Why YFI is important
Yearn.finance simplifies DeFi investing and crypto-farming for a wide range of investors. This platform has a variety of specialized tools to act as an aggregator for Curve, Compound, and Aave DeFi protocols that ensures the highest staking revenue. Many new functions are to be presented in the future to gather more users and develop the platform.
Yearn.finance makes money by charging gas and withdrawal fees. Investors are the target market for this project.
Currently, Yearn Finance token is often called one of the most promising projects, so is the entire system. It is notable for a variety of decentralized services in the financial field. On the other hand, the system might seem quite difficult to a beginner. But you can choose another variant to take advantage of this project.
YFI is a unit powering the entire ecosystem. Investing in this token is of interest to a wider circle of crypto enthusiasts.
How to buy Yearn Finance token (YFI)?
To buy YFI, you don't need to join the project. The YFI coin is freely traded on such crypto exchanges, as P2PB2B. To make a long-term investment or start trading YFI applying any strategy you like, it is enough to create a new account (if you haven't done this before), deposit money, and choose any cryptocurrency out of 300+ coin range including YFI.
Our exchange is officially registered in the EU and ensures total security for all our members. Join the P2PB2B community, get 50 PACT tokens for free, participate in our traditional games, and start investigating the world of cryptos!