12/20/2023 0 Comments Yfi vaults![]() Originally named iEarn.finance, the project saw almost immediate success, with its YFI token-released in July 2020-reaching a market cap of over $1 billion by August that year. ![]() ![]() Yearn was initially launched in early 2020 by South African computer scientist Andre Cronje, who is also known for co-founding the Fantom blockchain. Yearn’s Ethereum-based token, YFI, allows its holders to participate in governance and decision-making on the platform. This makes its platform a yield aggregator.Īlthough users can manually try to find opportunities like this across DeFi apps (called yield farming), Yearn instead allows them to deposit funds into vaults, called yVaults, which use different strategies in an attempt to earn passive income on their crypto holdings. Yearn Finance (sometimes stylized yearn.finance) aims to find the best opportunities for rewards and assemble them into one easy-to-use place for DeFi users. Reward-generating strategies are some of the most popular ways to use DeFi, whether through decentralized lending and borrowing, providing liquidity to an automated market maker platform, or seeking out the highest incentives offered by DeFi protocols. ![]() Decentralized finance (DeFi) gives crypto users multiple opportunities to increase their crypto holdings. ![]()
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