Yearn.finance coin (YFI): Everything you need to know
DeFi rates are fluctuating wildly due to increased adoption and network fees. Getting consistent returns on investment is becoming a real pain. That’s why Yearn.finance created a protocol and corresponding coin (YFI) to help investors maintain control over their investments from one platform.
Since its founding in February 2020, Yearn has grown exponentially with the rise of DeFi. As of August 2020, there was $650 million staked in the Yearn protocol.
Here’s what you need to know about one of the most popular platforms in DeFi and it’s native crypto, YFI.
What is Yearn.finance coin?
Yearn founder Andre Cronje’s goal was to simplify the user experience and safety of DeFi protocols.
Yearn is designed to help you make more money with your stablecoins by automatically diversifying through multiple DeFi protocols. Because interest rates can fluctuate a lot in DeFi, Yearn will automatically move your investment to maintain ROI.
By bringing all of the other major DeFi protocols, like Compound and Aave under one roof, Yearn optimizes token lending to get you higher returns. Early users of the platform reported gains of over 2000% APY.
Why is the Yearn.finance Coin famous?
The Yearn.finance coin (YFI) is a utility coin used to access DeFi products on a protocol called Yearn. Despite its own creator’s belief that YFI is valueless, as of writing it is the second most valuable crypto after Bitcoin.
Once you’ve staked your cryptocurrency on Yearn, it is converted into yTokens. Yearn supports DAI, USDT, sUSD, and other stablecoins, which are then all converted into different types of yTokens (yDAI, yUSDT, etc) when added to the protocol.
From there, the yTokens are moved between the different protocols to achieve the biggest returns through automated investments that evaluate the current highest APR.
yTokens can also be used to earn YFI tokens. By staking your yTokens into the Yearn protocol to provide liquidity, you will automatically receive YFI. YFI lets you vote on all processes in the Yearn protocol. The more YFI you own, the greater impact you have.
Where can you get Yearn.finance coins?
Finding where to get yearn.finance coins can be a bit tough.
As of July 26, 2020, there was a maximum supply of 30,000 YFI tokens available. Yearn is planning to release a new supply of tokens later this year—called YFII—to increase liquidity.
As mentioned earlier, YFI can be earned by providing liquidity on Yearn.finance. There are also ways to earn YFI by staking on other DeFi protocols like Curve.fi. And if you have a couple thousand dollars in crypto burning a hole in your pocket, YFI can also be purchased on Binance and Uniswap.
Where to store Yearn.finance coin
YFI is an Ethereum-based token, so it can be stored in most major Ethereum wallets.
Here’s where to get the best margin prices for YFI on the market
You can leverage your crypto to get YFI loans at better prices than exchanges through platforms like MyConstant.
We’re a P2P lending platform offering crypto-backed loans sourcing the best prices from major exchanges so you don’t have to.
When you withdraw your loan in YFI with crypto-credit on MyConstant you get:
- To select your rate and term
- Borrow from as low as 6% APR
- Your collateral secured in a secure third-party wallet
- The best exchange rates. Guaranteed.
- No extra fees
- 24/7 customer service
- Borrow against 70+ different cryptos
Buy YFI on MyConstant and get in on one of the most exciting DeFi products in the crypto world today without selling your crypto. Sign-ups are free. Loans are quick and secure.
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