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Yearn.finance(YFI)
Yearn.finance (YFI) is a decentralized finance (DeFi) protocol that aims to maximize the returns of users' crypto assets. It does this by automatically farming yield from a variety of DeFi protocols.
YFI was created in July 2020 by Andre Cronje, a South African programmer. It quickly became one of the most popular DeFi protocols, and its YFI token reached a peak price of over $43,000 in September 2020.
YFI is an ERC-20 token, which means it is built on the Ethereum blockchain. It is used to govern the Yearn.finance protocol, and it also gives holders voting rights on proposals that affect the protocol.
To use Yearn.finance, users deposit their crypto assets into one of the protocol's vaults. The vaults then automatically farm yield from a variety of DeFi protocols. The yield is then distributed to the vault's users.
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- Date Uploaded September 15, 2023
- Categories Crypto, cryptocurrency, Cyprocurrency, DeFi
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