Buy YFI (Yearn Finance)
Today, we will talk about the Yearn Finance platform, which can be called a model of profitable investment without exaggeration. Investors who believed in this project made an incredible 35,000% profit in one week.
Where is the YFI sold?
YFI tokens can be purchased on Binance, Huobi Global and OKEx. The most significant trading volume is on the Binance platform. Four trading pairs are represented here at once:
If any users want to buy YFI in Nigeria, they must register on the chosen platform, fund their account and start buying.
3. Huobi Global.
How to sell or buy YFI on an exchange?
You must go through the registration process to sell tokens on an exchange. For example, on Binance, it only takes a few minutes, after which it is mandatory to complete KYC.
KYC (KYC stands for Know Your Customer) is a mandatory counterparty identification procedure for financial institutions, exchanges and betting houses. If special tools are not used, obtaining information on individuals and legal entities can be time-consuming, and the quality of the data obtained cannot be guaranteed.
Under the new rules, which take effect on August 20, 2021, all users who want to work on the exchange must complete an intermediate identity verification stage. The procedure is straightforward. You need to provide your personal details, upload a copy of your passport and a portrait photo, and then undergo dynamic face verification using a webcam or smartphone app.
Then you need to take steps to further secure your account by activating two-factor authentication, after which you can deposit on the exchange.
Open the spot wallet, look for YFI cryptocurrency in the list and press "Enter". The address to send the money to and a QR code to complete the transaction via your smartphone will be displayed. Complete the transaction, and after 12 network confirmations, the coins will be deposited. Tap the "Trade" button and select one of the supported pairs. You will be redirected to the trading section.
Why a YFI token is needed?
The project has its YFI token. In the Yearn Finance ecosystem, it is a reward for users who invest certain assets in pool liquidity (spend blockchain).
Initially, control of the asset was exercised by a centralised team. Now, however, it has been delegated to a dedicated multisig wallet, and any changes to the blockchain would require the consent of 6 of the 9 participants.
What is Yearn Finance
The Yearn Finance platform enables cryptocurrency holders to participate in Yield Farming by interfacing with DeFi-protocols. Blockchain-based farming is like planting seeds in the ground to multiply them.
To harvest from Yearn Finance's DeFi platform, you need cryptocurrency's blockchain (bet). Then, YFI virtual tokens are distributed to platform members as rewards.
YFI's surge has made the Yearn project one of the best farming pools in the current period. And while the company's official website honestly warns, "This project is in beta testing. Use at your own risk", not even a month later, the new YFI tokens soared from zero to $6941. After that, the price dropped slightly and then went up so sharply that the YFI token was worth more than bitcoin for a while. That's how those who wanted to buy Yearn Finance made money.
It couldn't stay ahead of the king of cryptocurrencies for long, but it became the most expensive definite coin. On 21.09.2021, 1 YFI can be sold on the exchange for $30,177. And the historical maximum was recorded on the 12th of May this year. At that time, one YFI coin was worth $93,435.
Investors who bought the coin at a minimum price of $739 the year before last and sold it at the peak of the surge have reaped huge dividends. Although, of course, it's not sure that this was the YFI token's last historical high.
The DeFi platform is a distributed system of electronic financial instruments providing access to blockchain-based lending services. Decentralised services eliminate the dominance of intermediary companies and reduce the entry barrier.
DeFi projects fulfil the dreams of early crypto-enthusiasts to embed distributed ledger technology into the current financial system.
Compared to traditional lending services, they are more efficient, reliable and transparent, so there is no need for intermediaries. For example, a person from South America or Africa can easily borrow money from a resident of Japan or any other country.
The software code acts as a banker and insurance agent, the underlying blockchain ecosystem guarantees the transaction, and disputes are resolved through a smart contract.
These applications and services can be handy in countries with underdeveloped and unstable economies. But residents of the world's leading powers are also interested in new types of financial services and capital-increasing options. As a result, the DeFi market is growing steadily, and more successful projects have emerged. That is why so many choose to invest in YFI.
DeFi YFI technical analysis
Yearn Finance's decentralised aggregator ecosystem uses Aave, Compound, Dydx and Fulcrum services to optimize token lending.
When you deposit your crypto-assets in Yearn Finance, they are converted into yTokens, rebalanced periodically to select the most profitable lending services.
Yearn's goal is to identify promising DeFi services for mutually beneficial synergies.
It turns out that by bringing several DeFis together, André Cronje and his team have created an entirely new and efficient decentralised finance platform.
One of the best-known integrators of yTokens, is Curve.fi. It is a platform creating an AMM (Automated Market Maker) between yDAI, yUSDC, yUSDT, yTUSD.
YFI is the management token of the platform. The asset is only distributed to users who provide liquidity using the yToken. That is, you buy a YFI and receive interest.
The YFI project sought to release the most decentralised digital asset, with no pre-mining, pre-selling or distribution to the team.
Any changes are made through network bids and voting. Every YFI token holder has the right to vote. Any user who will invest in YFI or buy Yearn Finance has some kind of power over the platform and can participate in its future fate.
YFI features and capabilities
Within the ecosystem, several distinct blocks of features are implemented at once that enable you to invest in YFI in Nigeria.
Among these features are particularly notable:
The main Yearn Finance feature block - enables you to earn passive income after investing your own money in investment pools. It also includes converting tokens into Yearn Finance coins (yTokens) for storing savings.
Ytrade.finance is a decentralised exchange for buying and trading stable coins.
Yswap Exchange service aimed at instant exchange between all supported tokens.
Iborrow Finance - a service that allows you to borrow in stablecoin against the collateral of Etherium or another coin implemented using the ERC-20 standard.
Yinsure Finance is a service that insures assets for a small percentage of their value.
The ecosystem is up and running with smart contracts that eliminate human error and any harmful interference.
Strengths and weaknesses
The main advantages of the project include:
- A promising protocol and cryptocurrency with significant coin rate growth potential;
- A wide range of additional services with unique features;
- Rapid development of the site;
- Developed tools for passive income and savings protection.
As disadvantages we can consider:
- Complexity of uptake, which at the current stage relies on professionals in the field with a good knowledge of English;
- Absence of a clear road map of what to expect soon and in the future.
The Yearn Finance project is already making a massive contribution to decentralised financial services. Currently, the developers and participants of the project are receiving dividends from work on and with the protocol, which minimises any risks. However, this may change in the direction of more significant variability in the future.
What adds to the optimism is that the site's source code is available to anyone. And this virtually guarantees 100% honesty and transparency in the work of the project's team of creators.
The phenomenal success of DeFi platform Yearn Finance shows that the global community will soon be ready to accept digital assets as a financial instrument. People have accumulated many virtual coins in the ten years of the crypto industry's formation and development. Token holders do not want the money to lie dead weight until the next price hike, so they invest in blockchain projects for profit.
The yield farming investment strategy is attracting more and more attention, and, most importantly, it works. The mechanism for putting yields on the market, while conservative, is quite successful.
However, one must be cautious not to risk the invested money for nothing. The decentralised financial services market is inclusive. Anyone can create and run a blockchain application, but not all developers are committed to law and order. However, Yearn Finance has proven to be an inclusive market.
The powers that be are trying to control the exchange of digital currencies. And how can anyone ignore a market with a global capitalisation of 1.9 trillion U.S. dollars? Sooner or later, everyone who wants to work anonymously on legal exchanges will profit steadily. So who plans to buy YFI or any other cryptocurrency that person invests in the future. Believe in your strength and make money in modern ways. Have good trading!