You can deposit or withdraw YFI from Bitso using the Ethereum (ERC-20) network exclusively. Make sure you choose this network when transferring your coins.
What is Yearn.Finance (YFI)?
Launched in February 2020, Yearn.Finance is an aggregator service that focuses on maximizing yield from yield farming. It uses proprietary tools to scour many of the top staking Defi protocols to bring the highest possible yield to users looking to stake their cryptocurrency. Its use of automation is seen as a way to onboard a wider audience who may not be as technically minded. YFI is the governance token of the yearn.finance environment. As a governance token, YFI grants voting rights to its holders. The more YFI a user has, the greater their weight in the platform's decision-making.
What makes it unique?
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A revolutionary aggregator service to attempt to maximize the amount of yield a user can get out of a given investment;
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Spawned from the idea that Defi was becoming too complicated for the regular user;
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Set out to simplify the process of obtaining optimal results from staking;
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Has ballooned in popularity with the total value locked surpassing $5B recently;
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Governance is decided by YFI holders;
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Creator Andre Cronje deposited his own funds on the network to prove its security and promised to be the last to withdraw;
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YFI supply is capped at 30,000 tokens;
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Users receive YFI in exchange for providing liquidity to the network.
Purpose
The yearn.finance ecosystem converts resources (liquidity pools) from other Defi platforms into synthetic assets within its ecosystem in order to maximize trading profitability for its users. It searches every major staking platform and compares its rates to ensure the user is getting the best possible reward for staking across several protocols. It is a useful tool for users looking to receive passive income through staking but don’t have the time or know-how to search through all the various protocols that offer to stake in order to find the best rate.