Yearn.finance is a service that aggregates decentralized finance (DeFi) opportunities for investors. It was launched in February 2020 with the aim of simplifying the complex DeFi space for investors who are not technically minded or who wish to interact in a less committal manner than serious traders. The service, formerly known as iEarn, has seen significant growth in recent months as new products were introduced and the in-house token YFI was released.
Yearn.finance was created by Andre Cronje. After leaving the iEarn project in February 2020, Cronje returned to oversee a rebirth, with new tools emerging and YFI going live in July. Cronje has a long career in cryptocurrency and has become synonymous with DeFi. He also has positions at smart contract ecosystem Fantom and CryptoBriefing, a resource dedicated to initial coin offerings (ICOs) and crypto media.
Yearn.finance's in-house token YFI has a fixed supply of 30,000 coins. There was no premine upon launch in July 2020, and developers did not receive any starting funds. Since then, the majority of the capped supply has entered circulation, and the success of the token is reflected in its all-time high price of $41,000, which it hit in mid-September 2020. YFI was also the first cryptocurrency to become worth more than Bitcoin (BTC) per unit.
YFI is a freely-tradable token, with pairs for cryptocurrencies, stablecoins, and fiat currencies all widely available. Major exchanges trading YFI include Binance, OKEx, and Huobi Global, as well as automated market maker (AMM) Uniswap.
Yearn.finance is used to simplify DeFi investment and activities such as yield farming for the broader investor sector. The platform uses various bespoke tools to act as an aggregator for DeFi protocols such as Curve, Compound, and Aave, bringing those who stake cryptocurrency the highest possible yield. Users of yearn.finance earn YFI through providing liquidity, while token holdings dictate governance privileges.
Yearn.finance continues to roll out new features aimed at preserving the long-term value of the platform. It makes a profit by charging withdrawal fees, currently 0.5% as of the end of September 2020, as well as 5% gas subsidization fees. These can technically be changed by consensus at any time due to its governance model. The target market for yearn.finance is investors who do not have the time to study the increasingly complex DeFi phenomenon from scratch, or who wish to optimize their returns.
In recent news about yearn.finance, the platform has seen significant changes and developments. One of the most notable is the proposed changes to its tokenomics. The platform's governance token, YFI, experienced a surge in price, likely due to a new Yearn Governance proposal. This proposal, if passed, could lead to significant changes in Yearn's tokenomics, potentially benefiting YFI token holders who actively participate in Yearn Governance.
Yearn.finance news today also includes the platform's expansion to other networks. Yearn.finance is launching on the Fantom Network, a move that signals its entrance into the multi-chain space. This expansion could potentially offer users higher yields for their assets. In addition, Yearn.finance's integration with Berry Oracle aims to provide users with a better trading experience. Berry Data is a transparent community-verified price oracle on BSC (Binance Smart Chain), which provides infrastructure for decentralized applications to query off-chain data.
Another significant development in yearn.finance news is the departure of Andre Cronje and Anton Nell from the crypto space. This announcement led to a drop in the price of YFI, as well as a decrease in the value of other projects associated with Cronje.
Despite the leadership changes, the yearn.finance price today remains resilient. The platform recently experienced a price jump after the Yearn Finance Buy-Back Program purchased a significant amount of YFI from the open market. However, some analysts suggest that a descending trendline could threaten another fall in the yearn.finance price. If you're wondering where to buy yearn.finance, it's available on various exchanges including OKCoin, which recently listed YFI.