YFI- What Is It And How Does It Work?


YFI was launched in July 2020 and has recently emerged to be one of the biggest players in the space of decentralized finance.

This platform offers services like lending aggregation, staking, as well as yield generation on the blockchain of Ethereum. This platform also boasts of some of the most user-friendly crypto services of trading that are currently being meted out to people anonymously, where the project utilizes the native ERC-20 Yearn Finance cryptocurrency to incentivize those who had previously locked their tokens in contracts of Yearn Finance through any of the other platforms such as Curve DeFi and Balancer. 

YFI Has Established Its Place In The Cryptocurrency Sphere

With all of the protocols currently being operated on the blockchain of Ethereum, YFI is currently being managed through a host of developers that usually act in accordance with the protocols of governance that have been voted by the holders of this token. This token has also been crafted with the vision of largely simplifying the process of innovation and bringing in major products of DeFi. The platform of YFI also allows the user the ability to invest in other protocols of DeFi which would also be in addition to bringing in a percentage of the fees of the platform in proportion to the holdings in YFI. 

Andre Cronje, a veteran of the DeFi space and the cryptocurrency universe, did launch the protocol of YFI without bringing in any funding from outside either through private or public means. Instead, the software architect went towards relying on his experience of over two decades in the software development field to initially launch the protocol and then issue vast YFI tokens to retail investors, who were currently being limited to a maximum supply of around 36,666 tokens.