#Yfi coinmarketcap code

The perceived complexity of yearn.finance could be said to be due to the lack of available documentation about the protocol. The entire supply of YFII tokens will be distributed over the course of 10 weeks in the same manner as the original YFI token (more on this later). YFII is a ‘fork’ of YFI and has a max supply of 60 000. The yearn.finance community is currently in the process of releasing a new supply of YFII tokens (not a typo – there are two Is) as a means of further incentivizing users to provide liquidity to the yearn.finance ecosystem. The last YFI token was issued in the ecosystem on July 26 th. You can earn YFI tokens is by providing liquidity to one of yearn.finance’s platforms (or buy the token from an exchange). There is a max supply of 30 000 YFI tokens and there was no ICO or pre-mine. YFI tokens can be earned by interacting with these protocols. YFI is an ERC-20 token used to govern the protocols within the yearn.finance ecosystem. At the time of writing, only yearn.finance and yswap.exchange are live.

Other protocols in the yearn.finance ecosystem include: ytrade.finance, which allows users to long or short stablecoins with 1000x leverage, yliquidate.finance, which uses flash loans in Aave to liquidate funds, yswap.exchange, which acts as a single source from which users can manually deposit funds to and between various DeFi protocols.įinally, you have iborrow.finance, which involves tokenizing debt in other protocols with the assistance of Aave so that it can be used in additional DeFi protocols. The entire yearn.finance ecosystem is community developed and community governed via the YFI token. The most popular protocol within this ecosystem is yearn.finance (same name) which automatically moves user funds between DeFi lending protocols such as Compound, Aave, and Dydx to maximize APY. Yearn.finance is an ecosystem of protocols built on Ethereum which aims to simplify user interaction with popular DeFi protocols and maximize the annual percentage yields (APY) of cryptocurrencies deposited into DeFi. Cronje also pronounces the YFI token as “waifu” and insists it has 0 value. Most importantly, when the YFI token was created, he did not keep any of it for himself as is often done in many cryptocurrency projects (though he did farm some of it as a regular user). In his own words, this requires “hating yourself more than the thing you are building”.

#Yfi coinmarketcap code

Image via YearnĬronje is passionate about open source technologies, refuses to shoulder any credit for the protocols he has created, is obsessed with dissecting the code of other DeFi platforms in an objective manner, and remains incredibly active in the community and the development of yearn.finance. The user friendly interface of yearn.finance.

While his colleague was away on honeymoon, Cronje started researching cryptocurrencies and claims that if his colleague had never gotten married, he would have never gotten involved in the crypto space. Instead, he dove into the private sector, working in insurance, fintech, big data, and distributed ledger technologies (centralized blockchains). After dropping out of the college where he was studying law, he completed a 3-year computer science program in just 6 months which landed him an offer to teach at the institution which offered the course. Yearn.finance was created by rogue programmer Andre Cronje.

6 Our YFI connection (Our Ppinion of yearn.finance).