What is yfi (What is yrf)
What is yfi? According to official sources, what is yfi?yearn.finance (YFI) is
What is yfi? According to official sources, what is yfi?
yearn.finance (YFI) is the governance token of Yearn.Finance. A new concept called yfi (lending protocol) was introduced in YIP-8.
yearn.finance was founded by AndreCronje, RobertLeshner, and others, with the main purpose of solving various problems in the DeFi market. Current DeFi products include MakerDAO, Compound, Aave, etc. It allows users to do more with their money and have a more convenient investment method through innovative design. YFI is also used by some projects, such as Sushiswap.
What is yrf?
According to official sources, YFDF (yearn.finance) is the governance token of the yrf protocol. Its main functions include providing decentralized trading for the community, converting assets into other currencies through the ylf platform, and using DeFi-based applications for collateral; creating liquidity pools to earn rewards, etc.
Specifically, users need to stake a certain amount of YFD in the project’s smart contract to participate in yELF mining and earn profits. Then, based on the proportion of the user’s holdings, a corresponding amount of YFD will be allocated. When a certain value reaches a certain standard, the corresponding fund pool and liquidity pool will be automatically unlocked, generating a return rate of over 30% annually. If a certain market value is too high and cannot be completely withdrawn, it can be used as an exit mechanism to restart mining, but it can also be canceled or released at any time.
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