![]() But today, the simplest way to get YFI tokens is to buy them on the exchange, as they are widely traded on different platforms. Theoretically, the YFI tokens can be minted if the token holders allow it. There are only 30000 YFI, and all of them were distributed among users. In a nutshell, the users who provided the liquidity to these platforms were rewarded with the YFI tokens. Get BPT tokens and deposit into YGov to get the YFI tokens. They will be converted into yTokens, which can be used to get the YFI tokens.ĭeposit YFI and 圜RV into the Balancer pool. As a result, you can deposit BAL tokens into YGov in exchange for YFI.ĭeposit a stablecoin to Yearn.finance. Then these coins will be exchanged for the BAL tokens. There were three ways to get YFI tokens described by the founder of Yearn.finance:ĭeposit DAi and YFI into the Balancer protocol. A share of profits from these strategies goes to users. The community posts these strategies, and YFI holders vote for the best to put them into action. Another part of governance is creating different strategies of optimized asset distribution to maximize possible yield. ![]() YFI holders can vote and participate in the governance decisions about supply, token distribution, etc. YFI token is a governance token of the Yearn.finance platform previously called iEarn. We just explained the basic concept without going much deeper into the details. In fact, the process is much more complicated and contains complex operations to maximize income on users’ deposits. Also, the part of these tokens are deposited to yield.fiance pool available only to YFI holders. YTokens are distributed between the “pools” with the highest potential profit. A user sends coins to the protocol, and they are exchanged to yTokens (LINK is swapped to yLINK). The Yearn.finance protocol moves the funds between Aave, dYdX, Compound, and Fulcrum, depending on which service provides a higher income.Ĭurrently, the platform accepts several stablecoins and coins, including DAI, USDC, SUSD, USDT, TUSD, LINK, BAT, ETH, MRK, etc. How does Yearn.finance workĬrypto holders can stake their coins on multiple DeFi platforms simultaneously, thus getting higher yields. It currently has over more than $700 million worth of digital currencies being locked up in its platform. What got the attention of the crypto community is a potentially higher return on aggregate liquidity. Yearn is a platform for aggregating liquidity from other DeFi projects such as Aave, dYdX, Compound, and Fulcrum. This article will discuss and explain the phenomenon of Yearn.fiance and its YFI token and give possible price predictions for the next five years. Within a few days, the rate of YFI skyrocketed by 4000%. A new DeFI service Yearn.finance, has risen to the top ranks of the DeFi projects.
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