![]() When it comes to governance, proposals that receive the majority vote are implemented via a multi-signature wallet that consists of 9 members. Yearn.finance doesn’t charge users for withdrawing their earnings, however, it charges a management fee of 2% and a performance fee of 20%. YVaults are considered to be one of the first DeFi solutions to serve as yield farming aggregators. In other words, they serve as a passive form of investing in crypto. Most importantly, yVaults eliminate the need for deep technical knowledge of the DeFi space to maximize returns. To put it simply, its main purpose is to maximize profits through strategies. Yearn.finance describes yVaults as “savings accounts for crypto assets”. Other yearn.finance crypto products include yVaults. This way, even investors without technical knowledge will be able to participate and maximize their returns. One of the main goals of the project is to make decentralized finance easy to understand. Moreover, it holds over $103,000,000 in currency reserves that are distributed among protocols such as Aave, Compound, and dYdx in order to deliver the best rates of return. These tokens were introduced as a result of a partnership with Curve Finance. They include yDAI, yUSDT, yUSDC, and yTUSD. By depositing any of these tokens into the protocol, users receive yield-bearing tokens. Yearn.finance supports stablecoins including DAI, USDC, USDT, and TUSD. Yield farming itself is the process of locking up your crypto assets into a DeFi protocol in the hopes of receiving said protocol’s native tokens as a reward. What are the Main Features of yearn.finance?Īs mentioned in the What is yearn.finance section, the latter is a suite of products for the DeFi space that mainly serves as a yield farming platform. You can have a more in-depth look at the yearn.finance price history or the current YFI price on the graph above. YFI coins can be obtained via major exchanges. This could mean that as YFI becomes more scarce, the YFI price will increase. There is a total supply of 36,666 yearn.finance coins, all of which have already been minted. The yearn.finance token was launched via a fair launch in mid-2022 where 30,000 yearn.finance tokens were distributed among the first users of the platform. If the submitted proposal receives more than 50% of votes, it will be integrated into the platform. Besides voting, holders can also submit their own proposals called the Yearn Improvement Proposals (YIPs), Yearn Delegation Proposals (YDPs), and Yearn Signaling Proposals (YSPs). ![]() It was initially launched on Ethereum and is considered to be the first community-governed project to be deployed on this network.Īs a governance token, YFI grants its holders voting rights exclusive to yearn.finance. YFI is based on the ERC-20 token standard. ![]() It’s deployed on Ethereum, Fantom, and Arbitrum networks. The latter is a multi-chain yield farming platform that comes with a suite of unique DeFi products. Yearn.finance token or YFI is the governance token native to the yearn.finance platform. ![]()
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