What is DeFi Token YFI? What Does It Do? – Somag News


YFI, the token of Yearn.finance, is the fastest DeFi growth story in crypto history. YFI’s token, which is intended to have no financial value by Yearn Finance’s own creator, is currently trading over $ 3,000 and provides investors more than 35,000 per week.

The Decentralized Finance (DeFi) area is undoubtedly an area where all eyes are on. The locked value in the lending protocol continues to increase and definitely shows no signs of slowing. DeFi has exciting events every day. One of the recently launched DeFi tokens, YFI, has earned a 35,000% return to those who joined the party early. The ironic point behind all this is that the token never has financial value.

Yearn Finance (YFI): “Financial Value 0”

On July 17, Andre Cronje announced the launch of Yearn Finance (YFI), the symbol of an existing yield collection platform. Cronje had made the following statements:

“We released YFI, which is completely worthless token with more to give up on this protocol. We repeat, it has 0 financial value. No mining, no sales, no purchases, no will not be in Uniswap, no auctions. We don’t have any. ”

Needless to say, things have not been the case for tokens at all.

YFI Increased 35,000% in One Week

Token was not only listed on Uniswap, but it also provided up to 35,000% of return per week, according to the stock market. Currently, it is traded at about $ 3,125 in Uniswap. And if this isn’t impressive enough, according to DeBank, the total value locked in the liquidity pool is $ 371.94 million. In other words, even locked liquidity in the protocol increased by approximately 4,600% in less than a week.

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This also applies to strong ongoing developments in DeFi. According to DeFi Pulse, the total value locked in lending protocols exceeded $ 4 billion. While Aav dictated the Compound as the second largest protocol, Maker took the top spot.

Interestingly, Yearn Finance has become the 6th largest lending protocol that surpasses Balancer’s admiration.

What exactly does it do?

The DeFi world has experienced tremendous growth over the past few months. The number of lenders offering many services, such as the DeFi project, is beginning to attract more and more users. Yearn.finance also serves exactly this audience. Because yearn.finance users can use DeFi network much more effectively by using this product. The reason for this is that yearn.finance automatically tells you how much income you will earn from which project, how much transaction fees will be charged for which project. In this way, investors can do this most efficiently when they want to take advantage of Aave lending or Maker Dai Savings Rate services.

The Yearn.finance ecosystem includes the following products:

  • yearn.finance – Profit lender (live) to optimize lending yields
  • ytrade.finance – Leveraged stablecoin transactions (testnet)
  • yliquidate.finance – 0 automatic capital clearance for Aave (testnet)
  • yswap.exchange – One-sided automated market maker (live)
  • iborrow.finance – credit delegation vaults for smart contract loan (testnet)
  • Annual finance ecosystem is controlled by YFI token
  • According to Santiment, YFI is currently the only cryptocurrency that offers users the
  • highest efficiency in the DeFi market. An analyst at the firm says:

“You get every spouse you deposit with this cryptocurrency. And it goes around. It finds and accumulates the best returns in the region. Thus, it ensures that you get the best efficiency. This is like an automatic yield picker. ”

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Result

Thanks to the Yearn.finance services, users can capture the rate of income they will never be able to catch on their own. These are increasingly common finance and management tokens called YFI. Users who earn revenue from various DeFi platforms through Yearn.finance can also earn YFI tokens.



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