New Delhi: Every day in the market of cryptocurrency is full of surprises for new people. A new term called YFI crypto is trending in on Google cryptocurrency on Wednesday. Before we dive into detail to know more about it, we must tell you it is one of the largest Ethereum-based token.
What is Yearn.finance?
YFI is also known as yEarn. It was launched by Andre Cronje in early 2020. It is connected to the Yearn.finance protocol as its native cryptocurrency. The protocol allows its users to give their vote on which direction they wish to the protocol to head.
Importance of YFI
YFI’s importance comes to the fore when the user wants to make strategies to earn profit. The token’s protocol focus on automated yield farming strategies. It is reported that Yearn.finance works as a robot and it always tries to find the best yields in Ethereum DeFi.
Yearn Finance currently offers two crore products for its users in its network called Vaults and Earn.
Vaults is said to be a pool of capital, generating yield based on market changes while Earn is a lending aggregator. It shifts funds based on its input between decentralized exchanges (DEXs) and lending protocols, helping to get the best interest rates.
Yearn Finance price
In July 2020, its price jumped to 35,000% in a single week since its launch. The price of YFI has so far climbed maximum up to $93,435.53 on May 12, 2021. On July 21 in the year 2020, it tanked to a low $739.44.
Yearn Finance is Currently trading at $20,803.80 with a hike of 6 per cent in the last 24 hours, according to CoinDesk.