Yearn.finance is an Ethereum-based solution aiming to help users in the crypto space take advantage of yield farming, or lending cryptocurrencies in search of profit across platforms. Yearn.finance’s crypto asset is an ERC-20 token known by its ticker, YFI.
Yearn.finance history
In early 2020, developer Andre Cronje launched iEarn, although the protocol suffered an attack. Cronje subsequently exited the project, later returning, however, to launch Yearn.finance and its YFI token in July 2020. The iEarn project was similar to Yearn.finance, although Yearn came with more solutions.
The YFI asset entered the crypto industry in a decentralized manner, with the development team receiving none of the tokens. The tokens were paid out to early Yearn.finance liquidity providers and then capped in supply. YFI originally had a maximum supply of 30,000 — a small token supply compared with the number seen in other projects. YFI’s token supply has since been increased, however, as the community decides the ecosystem’s path forward, with YFI acting as a governance token.
The Yearn.finance cryptocurrency project
Yearn.finance has multiple products under its umbrella. Two of Yearn’s solutions, Earn and Vaults, center around automating the processes involved with earning profits via various decentralized finance (DeFi) platforms.
Yearn.finance’s token trades as YFI and serves as a governance token in the Yearn.finance ecosystem. Those who own YFI tokens can propose and vote on the conditions of, or alterations to, the Yearn.finance ecosystem. The YFI token is deployed on the Ethereum blockchain.
Yearn.finance token price
The price of Yearn.finance’s asset, in terms of YFI to USD, achieved scorching percentage increases in 2020. The Yearn.finance token’s price live today can be seen at the top of the page, above the YFI chart. Price action for Yearn.finance’s crypto asset, YFI, fluctuates daily.
