yearn.finance (YFI)

Table of Contents:

• What is yearn.finance?
• Founder of yearn.finance
• yearn.finance- supply
• What is the uniqueness of yearn.finance?
• yearn.finance- numbers

What is yearn.finance?

Yearn.finance (YFI) is an ERC-20 token that is used to manage protocols in the yearn.finance ecosystem. Yearn.finance is an aggregation service for investors who deal with  decentralized finance(DeFI, decentralized finance). What's more, this service uses automation in its operation, thanks to which it allows investors to maximize profits from yield farming, ie a method of obtaining rewards using cryptocurrencies. Yield farming is otherwise known as liquidity extraction. Yearn.finance meets the needs of users, so its main goal is to simplify the dynamically developing space of decentralized finance for investors who are not too technically advanced or for some reason want to interact with others in a less engaged way than serious investors do. Interestingly, the creator of the yearn.finance cryptocurrency at the time of its creation decided that it would be worthless. The YFI token was to be a tool to engage users in the development of the project. The community was to get involved by giving it control of the token. According to the assumption, a bond was created between the people who own the cryptocurrency, which turned into a community that identified with the project very strongly. Yearn.finance users earn YFI tokens by providing liquidity.

Founder of yearn.finance

The founder is Andre Cronje. Yearn.finance is not the first place where Cronje meets the cryptocurrency world. When it comes to  cryptocurrency experience, the  founder of yearn.finance worked, among others as Blockchain Protocol Advisor in BitDiem and in CryptoCurve as Blockchain Infrastructure Engineer.

Yearn.finance - supply

A maximum of 36,666 YFI tokens will be in circulation. At the time the token sale was launched (July 2020), the total supply was 0 YFI and the employees did not receive any bonuses. Interestingly, the yearn.finance token was the first cryptocurrency whose value per unit was greater than that of Bitcoin.

What is the uniqueness of yearn.finance?

The main goal of yearn.finance was to simplify the DeFi investment process and activities such as yield farming for the wider investor sector. The target market of yearn.finance are investors who want to optimize their profits as much as possible. Investors with a shortage of time to spend researching the increasingly complex DeFi are also the target audience. In order to provide investors with profit maximization, the platform uses various tools for its operation, thanks to which it acts as an aggregator for DeFi protocols such as Curve, Compound and Aave.

Yearn.finance - numbers

Finally, a few figures:

• 36,666 - maximum supply;
• 0.5% - percentage charged for each withdrawal;
• 5% - "gas subsidization fees", ie fees in the case of gas subsidies