What is a Year of Finance? Yearn Finance is a blockchain project focused on DeFi, which eliminates the need for traditional banks. As Somagnews, we have answered your questions, for example, what is Yearn Finance, what it offers, what is the YFI coin, what is it used for, where to buy it.
What is a Year of Finance? What does the project offer?
Yearn Finance is a decentralized finance (DeFi) project built on the Ethereum blockchain. It is an open source decentralized DeFi credit protocol. The protocol is one of the most popular DeFi projects and has its own cryptocurrency called YFI. YFI is a management token with an autonomous protocol. The protocol, created in 2020, allows you to optimize and increase users’ income from cryptocurrencies with the help of credit and trading services. The project works as a protocol group and aims to become a decentralized platform on which all financial transactions can be made.
It allows users to deposit stable coins using an ERC-20 smart contract such as DAI, USDC, USDT, TUSD or sUSD. After the deposit, the platform analyzes all the protocols to maximize the trader’s profit. It then converts the assets into a protocol that will provide the greatest return for the investor. The platform distributes the transaction fee paid by investors among the holders of YFI coins. The most difficult feature of the project is Storage. Yearn.Finance Vaults allows investors to follow their active investment strategies using an algorithm that works automatically.
What is UFI? What is it used for?
The YFI coin is a native cryptocurrency of the Yearn Finance platform. The cryptocurrency also acts as a management token on the platform and has an ERC-20 smart contract. YFI owners can vote in the decision-making processes on the platform and influence the future of the project. YFI has a betting structure. Users can earn additional income upon expiration by placing YFI assets with a certain maturity.
The maximum number of YFI coins is limited to 36,666 coins. At the time of writing, there were 36,637 YFI tokens in circulation. In addition, YFI ranked 98th in the overall list of cryptocurrencies with a market capitalization of $ 737 million.
How to buy a YFI coin?
Investors interested in Yearn Finance (YFI) should subscribe to the crypto exchange where this cryptocurrency is listed. Large and reliable crypto exchanges, such as Binance, Huobi Global, Coinbase, FTX, list the YFI coin. Users who are members of one of these exchanges can buy a token by depositing money into their wallets.