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Information about yearn.finance (YFI)
Yearn.Finance is a decentralized ecosystem built on Ethereum that allow users to optimize their earnings on crypto assets through lending and trading services. Year.Finance acts as a digital bank that provides lending aggregation, yield generation and insurance on the Ethereum blockchain.
When users stake their assets into Yearn.Finance, these assets are converted into yTokens, and periodically rebalanced to choose the most profitable lending services. Yearn.Finance is the gateway to many other DeFi products. Yearn.Finance’s goal is to provide a set of tools that simplify the DeFi investment process and provide the highest possible return for investors.
YFI is the governance token of Yearn.Finance and is distributed only to investors who provide liquidity with yTokens. The development team is also not prioritized to receive any YFI. There are currently only 30,000 YFI tokens in the market and have been distributed. According to YFI documentation, this token can be further mined from governance.
To propose and vote on issues of token distribution, token supply, tokenomics, fees, YFI holders will have to stake YFI. Users who have staked YFI will also receive rewards for voting and participating in the governance of the network.
News
Yearn Finance will now let anyone create curve reward farms
Decentralized finance (DeFi) project Yearn Finance will allow users to create their own vaults to accrue yield and deposit proceeds to earn even more token rewards.
Yearn has over $360 million in total value locked as of Tuesday, DeFiLlama data shows. Over 24 vaults are already active on the Yearn platform, offering yields ranging from 1.3% to as much as 17% annualized.
YFI price gains 46% in just 4 days
Yearn Finance (YFI) emerged as one of the best performers in the crypto market this week, rallying by over 46% in just four days to reach a two-week high above $29,100.
The gains surfaced primarily as Yearn Finance revealed that it has been buying back YFI en masse since November to improve the YFI token’s economics. The decentralized asset management platform purchased 282.40 YFI at an average price of $26,651 per token — a total of over $7.50 million.
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