The price yearn.finance today is 11,327.40 USD, and the trading volume in 24 hours - 91,587,101 USD. The crypto asset has grown by 0.37% over the day. Currently, the coin’s market capitalization is 415,013,452 USD, and has 36,638 coins in circulation with the max supply of 103,944,501 coins YFI.
What is yearn.finance? (YFI)
yearn.finance is a group of protocols running on the Ethereum blockchain that allow users to optimize their revenues from crypto assets through lending and trading services.
One of a number of new decentralized financing (DeFi) projects, yearn.finance provides its services using code only, eliminating the need for a financial intermediary such as a bank or keeper. To do this, he built a system of automated incentives around his YFI cryptocurrency.
The yearn.finance platform consists of several independent products, including:
- APY is a data table that shows interest rates for different lending protocols.
- Earnings - determines the highest interest rates that users can earn by lending an asset.
- Warehouses - a set of investment strategies designed to maximize profits from other DeFi projects.
- Zap - combines multiple deals in one click, saving on costs and labor.
Users earn YFI tokens by blocking cryptocurrencies in yearn.finance contracts running on Balancer and Curve DeFi trading platforms using the yearn.finance platform.
Yearn.finance therefore uses a practice commonly called “crop growing,” in which users block crypto assets in the DeFi protocol to earn more cryptocurrency. The more assets users fix on the platform, the more tokens they receive through protocols.
In its first month of operation, the yearn.finance platform attracted approximately $800 million worth of assets, making it one of DeFi's fastest-growing projects to date.
Who created yearn.finance?
Yearn.Finance was launched by independent developer Andre Cronier in 2020.
It is noteworthy that Cronje did not receive funding for the yearn.finance protocol and did not reserve tokens for himself until the launch of yearn.finance. This distinguishes yearn.finance from most DeFi projects, which typically attract investments from venture capital funds and then assemble a team to develop a protocol.
In July 2020, the yearn.finance platform launched its own cryptocurrency YFI.
What is the uniqueness of yearn.finance?
yearn.finance is a protocol designed to deploy contracts in the Ethereum blockchain, as well as other decentralized exchanges running on it, such as Balancer and Curve.
Thus, users believe that YFI contracts, as well as those in related contracts at Balancer and Curve, will be rolled out on Ethereum to provide advertised services.
How many YFI coins are in circulation?
As of February 2021, 29,969 YFI coins were in circulation and the maximum offer was 30,000 YFI coins.
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