TVL > 100K
What is YearnFinance (YFI)?
YearnFinance, being a vault protocol, can be equated to savings accounts from the traditional finance system. The need to use an intermediary, including banks, is completely eliminated here. The vault obtains assets from an investor as a deposit to provide the best returns for the user implementing the high-yield DeFi strategies. In this context, YearnFinance becomes something like a lending yield aggregator that runs on the Ethereum blockchain. The main goal of this project is to connect the ordinary crypto investor with the space of decentralized finance so that everyone will benefit from this interaction. User assets are transferred between different protocols to make possible higher earnings via increased APY. This is the fundamental principle of YearnFinance.
Who are the founders of YearnFinance (YFI)?
It all started with one founder, who went through all the steps of the ordinary investor, studying and comparing DeFi protocols to find the best one for generating a profitable investment strategy. This process was often tedious, laborious, and tortuous. And so the idea came up to automate it. As a result, Andre Cronje, businessman and software developer from South Africa, founded Yearn.finance. At the moment, the protocol is controlled and managed by several independent developers and native token YFI holders. YFI tokens can be earned as a reward for locking user funds in contracts of Yearn.finance or bought on exchanges and in the Metamask wallet.
What makes YearnFinance (YFI) unique?
A vault is an essential part of the DeFi ecosystem for a particular set of reasons, which can be summarized as the key features of this protocol. One of the benefits of using the YearnFinance project is the ability to reduce gas fees for crypto investors. Moreover, here users are allowed to have no in-depth knowledge of protocols for building an investment strategy. YearnFinance will automatically generate returns using opportunities that exist on the market and capital pools, consisting of user deposits. Simply put, the project offers investors to earn additional tokens by depositing assets.