What is the DeFi Project Yearn.Finance (YFI). What is the DeFi Project Yearn.Finance (YFI) that goes from zero dollars to 2 thousand dollars in a day?
Yearn.finance, one of the new stars of decentralized finance (DeFi) world, performed incredibly the other day. What is yearn.finance, which is valued 2 thousand dollars in a day and has started to attract intense interest, how to use it?
Andre Cronje recently announced a new governance token called yearn.finance (YFI) (it will be used as the ‘management token’ in the rest of the article). Those familiar with the iEarn project will already recognize this project. But let’s say for those who are distant from this project: People can use this new project to use multiple DeFi projects at the same time to make passive income comfortably. Of course, when we say this, we will need to elaborate a little more on exactly what we mean.
What exactly does it do?
The world of DeFi (decentralized finance) has experienced tremendous growth over the past few months. People in lending many offering a variety of services such as defi project began to increasingly appeal to a large audience.
iEarn (or yearn.finance) actually caters exactly to this audience. Because yearn.finance users can use DeFi networks much more effectively by using this product . The reason is that the yearn.finance you will receive interest earning much from what projects, what projects how much processing fee will automatically be said in any way. Investors can do this in the most efficient way for themselves when they want to take advantage of Aave’s lending or Maker’s Dai Savings Rate services .
The yearn.finance ecosystem, developed by Andre Cronje, allows people to benefit from different products . It seems that the Yearn.finance ecosystem is still under development and there are some shortcomings that need to be addressed, already promising a bright future. According to Cronje’s statements, the following products are currently included in this ecosystem:
- yTrade: DAI provides the use of leading fixedcoins such as USDC, USDT, TUST and sUSD with leverage rates of up to 1000 times. If you do not pay the required transaction fee and want to trade free of charge, you can use the leverage ratio of 250 times at most.
- iLiquidiate: An automated liquidation engine for Aave users.
- iLeverage: Using USDC as the underlying asset in Dai Vault, it allows you to take positions with a 5-fold leverage ratio.
- iPool.finance: The first pool to switch between y.curve.fi and sUSD curve.fi pools. Before being passivated, he had $ 10 million in assets under his management.
- ySwap: A stable AMM (automated market maker) that collects interest and rewards, while providing unilateral liquidity.
- * .finance: A new product that has not been named yet. It will be for Aave users who are attracting credit.
$ 2K a Day
Yearn.finance project has not been in operation for a very long time yet, but the amount of assets under management of the project (AUM) has already reached up to $ 8 million. In addition, this project, which can automatically operate on behalf of users on platforms such as Aave, Compound and dydx, also generates income through these transactions.
Thanks to the services of yearn.finance, users are able to capture the revenue rates that they may never catch on their own. This is increasingly popularizing yearn.finance and the management token named YFI. Users who earn revenue from various DeFi platforms through Yearn.finance can also earn the YFI token. According to sources like DeFi Rate , people will probably head to pools like yCurve, in order to gain YFI.
Earning YFI is not a difficult task. When you provide liquidity to one of the platforms mentioned above, you will be able to earn a certain amount of YFI from the distribution contracts on those platforms (which will provide its interface yearn.finance). YFI can be won easily in this way, but this token actually has no value other than its management authority . As stated by Cronje, the founder of the project, this token will not be “sold” in any way .
However, Cronje’s YFI token’s “financial value is zero” declaration did not prevent the token from gaining value. The fact that the Yearn.finance ecosystem reached an incredible audience in a short time led to the increase in the value of this token. This token cannot be bought and sold, of course, but according to CoinGecko data it has already reached over $ 2,000.
The fact that Yearn.finance performed in this way made DeFi followers very excited.
Unbelievable things are happening in #DeFi ecosystem indeed!
“We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.$YFI today👇
Stay cautious! https://t.co/vkFDJJw4T5 pic.twitter.com/xCN0u54L7W
— BlockchainIST Center (@BCISTCenter) July 19, 2020
There are more different things about the Yearn.finance ecosystem that we don’t really talk about. If you want to learn more about this ecosystem and especially if you want to learn about things like the YFI Prize Pool, we can recommend you follow Cronje’s articles directly.