This article takes a look at all the different Yearn Finance projects and forks. At the moment, there are 29,968 YFI tokens in circulation already, according to CoinMarketCap. The maximum supply can never exceed 30,000 YFI tokens. The YFI token attained highs of over $38,000 in August and even peaked above $43,000 in mid-September 2020.ĭo you know what’s the difference between the YFI project and other majority governance tokens in DeFi? Scarcity! Yes, there’s a very limited supply of YFI tokens. It broke Bitcoin’s record of the all-time high in terms of USD prices. Reprint of the materials is available only with the permission of the editorial staff.Have you heard about Yearn Finance’s YFI token? It acts as a governance token for its decentralized finance platform. ![]() The entire responsibility for the contents rests with the authors. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Prior to making transactions one should get acquainted with the risks to which they relate. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. The usage of this website constitutes acceptance of the following legal information. Yearn encourages YFI token holders to actively participate in governance. And if Yearn becomes a prominent part of the DeFi world over time, other decisions such as support for different assets, and the way returns are paid or reinvested, could have profound impacts on the rest of the market over time. While simple on paper, this can potentially be quite complex and lucrative though, as evidenced by the decision to receive a pay a cut of the service fees to token holders. Its holders are allowed to vote on decisions that affect Yearn. YFI is purely and simply a governance token. These fees can be paid to YFI token holders as dividends, in an amount the community of token holders agrees on. ![]() The service doesn't come for free though, as performance fees and other costs are extracted along the way. ![]() In addition to the ease of use, this also helps batch transactions to save on Ethereum gas fees. Yearn can similarly let people make stablecoin deposits straight to the highest-yielding lending platform available, to earn competitive returns on stablecoins. Users deposit funds into the vault, and those funds are then collectively allocated to the most lucrative yield farming available, and the returns from those are distributed proportionally to users, accumulating to the yTokens users are given when they make deposits. Its centrepiece is the ability to automatically invest user deposits in the highest-yielding place available in the DeFi ecosystem, through Yearn Vaults. Yearn is a growing collection of DeFi services, intended to act as a simple gateway for the wider DeFi ecosystem. Yearn.Finance is a DeFi yield farming system, focused on making it easier for users to automatically farm the highest-yields possible with their cryptocurrency. YFI is the native token of the Yearn.Finance system.
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