Yearn.finance (YFI) is a cryptocurrency token that operates on the Ethereum platform.
In just two months, yearn.finance (YFI) went from a relatively unknown lending aggregator to a $390 million DeFi powerhouse at the center of the hottest trend in the industry today.
Yearn has dominated yield farming so convincingly that some have conceptualized its token, YFI, as crypto’s Yield Farming Index.
Yearn.finance (YFI) is a cryptocurrency token that operates on the Ethereum platform. It has a current supply of 30,000 with 29,962.629 in circulation.
At the time this report was drafted, the price of yearn.finance was $14,315.53 USD, down by -6.70% over the last 24 hours. It is currently trading on 93 active market(s) with a daily trading volume of about $65,72 million.
What you must know: There are multiple protocols providing yield (returns) on the capital that you lend. These yields vary from one protocol to the next. YFI automates & optimizes lending such that you can earn maximum value on your capital without researching each protocol.
With the launch of the YFI governance token, assets under management skyrocketed from $10 million in mid-July to $830 million today. It has two major uses:
Lend your digital assets: Earn maximum interest among a pool of lending protocols such as Compound, Aave, et. al.
Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers) who deploy advanced strategies leveraging liquidity mining tokens to maximize returns.
Yearn Finance’s advantage over Bitcoin: With a mere 30k token supply making it more scarce than even Bitcoin, and a provably fair launch, $YFI is the hardest money the world has ever known.