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 If a certain market value is too high and cannot be completely withdrawn, it can be used as an exit mechanism to restart mining, but it can also be canceled or released at any time.
This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/23569.htm
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Huang Licheng Sells 244,000 APEs and Invests Proceeds in Blur
On February 20, it was reported that Yu Yan, a Twitter user, said that Huang Licheng, a singer from Taiwan, China, China, began to reduce his position in APEs …
-
Independent Bitcoin Miner Makes Huge Earnings
It is reported that an independent miner received a block award worth 148000 US dollars for adding block 780112 to the Bitcoin blockchain.
An independent miner -
India applies the Anti-Money Laundering legislation to Cryptocurrency Transactions
It is reported that in a notice issued by the Ministry of Finance of India, the anti-money laundering legislation has been applied to cryptocurrency transaction
-
Arbitrum vs. Optimism: Which Layer-2 Scaling Solution is Winning the Race?
On April 23rd, Messari stated in a report that the average daily trading volume of Arbitrum from the beginning of the year to date is about 660000, more than tw
-
MicroStrategy: No assets are hosted by Silvergate
It is reported that MicroStrategy (MSTR), a commercial software company, said on Thursday that it had no assets under the custody of Silvergate Capital (SI) and
-
OKX Takes Action Against Fraudulent Marketing
According to reports, in response to the CELT price fluctuation event, the official of OKX said that it had found the false propaganda of the Celestial project…
-
Ethereum Gas Fees Reach All-Time High as DEXs Bear the Brunt of Transaction Costs
According to the report, according to the data of ultra-ground.money, the current Ethereum gas fee has risen to around 100 GWei. The largest number of Ethereum
-
Aztec Network discontinues Aztec Connect to focus on Noir and Layer2
On March 14, Aztec Network, a privacy and expansion solution based on ZK Rollup, said that it had not been contacted by the regulatory authority and that closin
-
Overnight updates on April 26th at a glance
21:00-7:00 Keywords: Voyager, ChatGPT, May interest rate hike, coin printing
Overnight updates on April 26th at a glance
1. Introduction2. Understanding the Voy -
Understanding BTC Outflows from Exchange Wallets: A Comprehensive Analysis
According to reports, data shows that 353.93 BTCs have flowed out of exchange wallets in the past 24 hours, 438.03 BTCs have flowed out of exchange wallets in t