The burning of the token is automated and happens fully on-chain. YFV token grants its holders a right of voting to control the rate of the supply and also the referral system. Now, the question arises – does YFV have any unique feature? It indeed does. They want to make yield farming more inclusive to achieve their mission of accessibility: “Bring farming to everyone.” They aim to make yield farming accessible to all users worldwide. So, what’s the role of the YFV token? It acts as a governance token of the YFValue protocol. It was announced on August 16th, 2020, through a Medium post. YFValue, denoted by YFV, is a fork of YFII. However, the YFII token is doing quite well today, and its recent ATH was $6000. Hence, Balancer had blacklisted the token. The initial perception of YFII was that it is a scam. The maximum supply of YFII has been capped at 40,000.
#Yfi crypto code
In other words, the YFII project has a 98% code similarity with the YFI project. Therefore, the YFII fork has been created, implementing the halvening proposal. The YFII fork has been created because a governance vote for YFI wanted to introduce weekly halvening to the project, referred to as the YIP-8 proposal. The YFII token is the hottest currency today in the Chinese DeFi ecosystem. YFII was forked by the crypto community of China from YFI. To maximize profits, the Yearn protocol continuously rebalances as yield-farming opportunities shift. So, you only have to stake tokens once with Yearn to get access to many interest-yielding blockchain protocols. Yearn solved this problem by integrating many different blockchain protocols. Using the Yearn project, users didn’t have to flip through multiple DeFi sites to get yield farming profits. Why was this so revolutionary? Before yield farming got mainstream, users had to stake individually with each protocol, having to learn about many projects. This is made possible by allocating the capital to staking pools offering the best returns across the network. Yearn Finance is a DeFi platform where users can deposit and stake their ERC20 tokens. However, yEarn has a few more capabilities added to its arsenal.
#Yfi crypto professional
You can look at yEarn as the first professional attempt at creating a yield farming project. Going further, iEarn was rebranded as yEarn by Andre Cronje. Yearn Finance began its operations in February 2020 with another project known as iEarn Finance. Let’s learn what’s unique about each project and why it has been created? If you are not very familiar with yield farming, check out our detailed guide on yield farming. This article takes a look at all the different Yearn Finance projects and forks.
At the moment, there are 29,968 YFI tokens in circulation already, according to CoinMarketCap. The maximum supply can never exceed 30,000 YFI tokens.
The YFI token attained highs of over $38,000 in August and even peaked above $43,000 in mid-September 2020.ĭo you know what’s the difference between the YFI project and other majority governance tokens in DeFi? Scarcity! Yes, there’s a very limited supply of YFI tokens. It broke Bitcoin’s record of the all-time high in terms of USD prices. Have you heard about Yearn Finance’s YFI token? It acts as a governance token for its decentralized finance platform.
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