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What is yearn.finance?

Yearn.finance — an aggregator service for decentralized finance (DeFi) investors that uses automation to allow them to maximize profits from growing crops.

Contents:

General information about Yearn.finance

The main direction - to simplify the ever-expanding DeFi space for investors who are not technically savvy or who want to interact less responsible than serious traders.

Yearn.finance makes a profit by charging commissions:

  • 0.5% withdrawal fee;
  • 5% commission for gas subsidies;

Due to their governance model, they can technically be changed by consensus at any time. At the moment, Yearn is one of the most popular decentralized DeFi projects in crypto. YFI - the native cryptocurrency of Yearn.finance. Unlike Bitcoin, YFI is a governance token that boasts a standalone protocol.

Project direction

Yearn.finance wants to make it easier to invest in DeFi and activities like farming for a broader sector of investors.

Basic goals:

1 Aggregator of DeFi protocols such as Curve, Compound and Aave
2 Maintain the long-term value of the platform

The target market for the project - investors, who don't have time to learn the increasingly complex DeFi phenomenon from scratch or who want to optimize their profits.

Security and tokenomics

Andre Cronje, the founder of the project, is committed to keeping the platform’s origins transparent, noting that even after auditing the code, yearn.finance cannot guarantee 100% security – DeFi comes with inherent risk. Yearn.finance YFI internal token has a fixed supply of 30,000 coins. YFI is a freely traded token with widely available pairs for cryptocurrencies, stablecoins and fiat currencies. The yEarn protocol component allows users to deposit any stablecoin: DAI, USDC, USDT, TUSD, sUSD, and more.

YFI can be purchased on many exchanges, but the main ones are:

  • Binance;
  • OKEx;
  • Huobi Global;

To participate in the protocol, users must stake their YFI in a governance contract. They receive voting rights and a percentage of the protocol profits for each of Yearn's products at regular intervals. To claim the reward, users must vote, and once they vote, their YFI tokens will be locked up for three days, meaning they will not be able to unstake the asset.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.