On 4th September, Emirex listed yEarn Finance (YFI) for trading on the Emirex exchange. Below is detailed information about the project’s current condition and perspective.
- DeFi is a distributed system of electronic financial instruments that provides access to lending services on the blockchain.
- Yearn.finance is an entire ecosystem that includes ytrade.finance, yliquidate.finance, iborrow.finance, and yswap.exchange.
- The ecosystem works with such credit pools as Aave, Compound, Dydx, Fulcrum.
- YFI is the native token in the yearn.finance platform. Users can earn it by contributing liquidity to yearn.finance's liquidity pool and use the token for platform governance.
- Any changes to the platform are done through online suggestions and voting. Every YFI token holder has the right to vote.
- YFI cryptocurrency is not mined by traditional mining on ASIC or graphics cards. But can be earned by contributing to the project.
- Token Standard - ERC-20
- YFI Price - $21,668,35 USD
- YFI ROI - 1,962.63%
- Market Rank - #29
- Market Cap - $649,339,414 USD
- 24 Hour Volume - $196,880,330 USD
- Circulating Supply - 29,967 YFI
- Total Supply - 30,000 YFI
- All Time High - $39,306.10 USD (Aug 31, 2020)
- All Time Low - $739,44 USD (Jul 21, 2020)
yearn.finance is a decentralized finance (DeFi) platform which aims to perform a host of functions such as aggregated liquidity, leveraged trading, and automated marketing making. Its decentralized services eliminate the dominance of intermediary companies and reduce the barrier to entry.
The yearn.finance platform provides the opportunity for crypto coin holders to take part in profitable farming (Yield Farming), interacting with defi-protocols. Profitable farming also called liquidity mining, is a way of earning rewards from cryptocurrency ownership. In simple terms, this means locking the cryptocurrency and receiving a reward. In a sense, it can be compared to staking.
The ecosystem is an aggregator of lending platforms that automatically creates the optimal balance for maximum profitability. Everything works on the basis of smart contracts, without human intervention. At the moment, many of the ecosystem functions are in beta.
- Supported stablecoins: DAI, USDC, USDT, TUSD, BUSD.
- DeFi Supported Projects: Compound, dYdX, Aave, Fulcrum, DDEX.
All interest rates on loans and deposits, as well as exchange commissions, are dynamic, that is, they depend on market demand and supply for a particular token.
The yearn.finance ecosystem includes the following products:
- yearn.finance - allows users to receive passive income by investing in investment pools. Available functions: Zap (landing of stablecoins to the Curve Finance pool), Vault (storage that allows users to convert tokens).
- ytrade.finance - decentralized exchange for trading stablecoins with up to 1000x leverage.
- yliquidate.finance - automatic liquidations for Aave (currently Beta version).
- yswap.exchange - service for instant exchange between supported tokens.
- iborrow.finance - loans in stablecoins secured by ETH and ERC20 tokens.
- yleverage.finance - creates 5x leveraged DAI vaults with USDC. Over $9m in short positions created with an average of 16% profit.
- ypool.finance - the first y.curve.fi <> sUSD curve.fi meta pool. Decommissioned currently in favor of a native asset pool. Before decommission had over $10m in assets.
Yearn.finance’s native governance token, YFI, as at September 2020 is one of the biggest decentralized finance (DeFi) coins in the cryptocurrency market. Its market capitalization has surpassed $1.1 billion just one and a half months after its launch. The coin is distributed only to users who provide liquidity to pools through certain types of tokens. Initially, the ecosystem was developed by one team, then control over YFI tokens was transferred to a multisig-wallet, and any changes required the consent of 6 out of 9 platform participants.
Four main components have contributed to the cryptocurrency's rapid success: a unique offering, an active community, a respected developer, and innovative products.
- Founder André Cronier did not receive a dime for his leadership in the development of the yearn.finance protocol. To start the project, he had to borrow money.
- The success of the project inspired other blockchain programmers to create clones. At the end of July, the yfii finance (YFII) token appeared, and on the 1st of August, yffi finance (YFFI) was launched. Either way, the original yEarn Finance (YFI) coin continues to rise amid the collapse of the imitators.
- Following the announcement by popular crypto blogger Hasu that André Cronier has sole access to $ 40,000,000 of user assets, the level of control over the wallet was immediately changed. The transfer of funds now requires the consent of network users.
- Listing on Bitrue (September 2, 2020);
- Listing on Sistemkoin (September 1, 2020);
- Listing on ChangeNOW (August 2020);
- Listing on XT (August 31, 2020);
- Listing on BitAsset (August 21, 2020);
- Listing on Bilaxy (August 19, 2020);
- Listing on Indodax (August 6, 2020);
- Listing on CoinEx (July 24, 2020).
20 Jan 2020 ~ Initial commit of iearn.finance
26 Jan 2020 ~ Launch of iearn.finance
- Support for dYdX, Compound, Aave, and Fulcrum APR;
- Swap between ETH and any asset via on-chain dex aggregators for minimum slippage;
- Uniswap liquidity provider strategy;
- ETH to DAI into aprDAI strategy;
- aprDAI into DAI into ETH strategy;
- Issue representative interest token on invest;
- Shares pool calculation;
- Shares redemption strategy;
- Pool value calculation.
27 Jan 2020 ~ First feature update
- Add support for Chai as an option;
- Completed uniroi.iearn.eth and liquidity considerations;
- Completed uniapr.iearn.eth for APR considerations;
- Added walkthrough example.
- Invest / Redeem ZAP for Compound, Fulcrum, Aave, and dYdX;
- Completed iapr.iearn.eth for on-chain APR decision trees;
- Completed imanage.iearn.eth for on-chain stateless execution;
- Added support for DAI;
- Added support for USDT;
- Added support for USDC;
- Added support for SUSD.
- Support for DDEX in apradj.iearn.eth;
- Support for LENDF in apradj.iearn.eth;
- Added support for wBTC;
- Added support for Ledger;
- Support for DDEX in iapradj.iearn.eth;
- Support for LENDF in iapradj.iearn.eth;
- Release of yETH;
- Release of v2 yTokens;
- Integration with idle.finance;
- Switch over to defizap’s unzap;
- zkDAI integration;
- $SNX automation strategy;
- pToken integration;
- renBTC integration.
The phenomenal success of yearn.finance's defi platform demonstrates the high interest of the global community in adopting digital assets as a financial instrument. The yield farming investment strategy is attracting more and more attention and, most importantly, it actually works. The mechanism for bringing the earned assets to the market is quite successful. However, caution should be exercised due to the appearance of scam-clones.