Yearn.finance is an aggregator for decentralized finance investors to use automation to have maximum profits from yield farming. The goal is to help the investors and simplify the defi platforms who are not technically sound and hope to interact with the space in a less serious manner as compared to other investors who use the platforms and crypto community as full-time traders.
Yearn.finance was formerly known as iEarn and was launched in February 2020. The founder of the project is Andre Cronje. The project had a rebirth with new tools with the native token YFI going live in July 2020. Cronje is the long runner in blockchain technology and holds a remarkable position in the industry.
Products
There are two core products of Yearn.finance.
Earn was the first product of the project that is a lending aggregator. Funds are shifted between dYdX and AAVE and interest rates change between these protocols. The process is completely optimized using the Earn Product and hence allows the users to have maximum interest. Users can deposit to the Aggregator using the Earn page.
Vaults, work as a passive income and allows users to benefit by socializing the gas cost, automating yield generation, rebalancing the processes, and automatically shifting capital.
Governance of the Project
The whole project is governed by the YFI tokens. They vote on the different proposals. The proposal that gets the majority votes (>50%) are then implemented by a 9 member signature wallet. 6 out of 9 must sign in order for the change to be implemented.
On the completion of one year of Yearn.finance NFT’s have been launched for the farmers, the governors, the givers, and the doers of Yearn. The campaign is launched on galaxy.eco in collaboration with @ZEMM_NFT who created the NFT’s.
About YFI Token
According to coinmarketcap YFI has an immensely limited supply of 36,666 tokens. The coin is ranked 79 on the website.
YFI is the only coin to overtake BTC in terms of price. YFI has created its All-Time High on 10th May 2021 and achieved a price of staggering $95,000.
Currently, YFI is being traded at a price of $36,425. The price has decreased by 3.04% in the last 24 hours and an overall decrease of 8.89% in the last 7 days.
Top exchanges to trade YFI are Binance, OKEx, Huobi Global and FTX.
