What is Yearn Finance? Yearn Finance is a DeFi-focused blockchain project that eliminates the need for traditional banks. As Kriptokoin.com, we have answered the questions for you, such as what Yearn Finance is, what it offers, what is YFI coin, what is it used for, where to buy it.
What is Yearn Finance? What does the project offer?
Yearn Finance is a decentralized finance (DeFi) project built on the Ethereum Blockchain. It is an open source and decentralized DeFi loan protocol. The protocol is one of the most popular DeFi projects and has a native cryptocurrency called YFI. YFI is a governance token with autonomous protocol. The protocol, created in 2020, makes it possible to optimize and increase the incomes of users from cryptocurrencies with lending and trading services. The project works as a protocol group and aims to be a decentralized platform where all financial transactions can be made.
It allows users to deposit stablecoins with ERC-20 smart contract such as DAI, USDC, USDT, TUSD or sUSD to the platform. After the deposit, the platform analyzes all the protocols to maximize the profit of the trader. It then converts the assets into the protocol that will provide the highest return for the investor. The platform distributes transaction fees paid by investors among YFI coin holders. The most complex feature of the project is Vaults. Yearn.Finance Vaults makes it possible for traders to follow their active investment strategies using the algorithm that works automatically.
What is YFI? What is it used for?
YFI coin is the native cryptocurrency of the Yearn Finance platform. The cryptocurrency also acts as a governance token on the platform and has an ERC-20 smart contract. YFI owners can vote in the platform’s decision-making processes and influence the future of the project. YFI has a stakeable structure. Users can earn additional income at maturity by staking YFI assets with a certain maturity.
The maximum supply of YFI coin is capped at 36,666. At the time of writing, 36,637 YFI tokens were in circulation. In addition, YFI was ranked 98th on the overall cryptocurrency list with a market cap of $737 million.
How to get YFI coin?
Investors interested in Yearn Finance (YFI) should be a member of a crypto exchange where the cryptocurrency is listed. Major and reliable crypto exchanges such as Binance, Huobi Global, Coinbase, FTX list YFI coin. Users who are members of one of these exchanges can buy the token by depositing money in their wallets.
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