Zweck: Governance-Token für Yield Farming Apps
Preis für 1 YFI10.938,08 €
Rank: 128 - Market Cap: 0,35 Mrd. €
- häufig höheres Einkommen als CeFi-Möglichkeiten
- hohe Sicherheit durch viele Audits und mögliche Versicherungen
- Top 10-DeFi-Protokoll auf Ethereum
yearn.finance - programmatic yield farming
- YFI is a DeFi protocol and is based on Ethereum.
- The focus is on automatically generating passive income on stablecoins and other popular cryptocurrencies.
- By linking different lending or yield farming platforms, passive income is generated.
- Andre Cronje actually programmed the smart contracts for himself before he published them.
Alleinstellungsmerkmale von yearn.finance
- Often higher income than CeFi opportunities
- High security due to many audits and possible insurances
- Top 10 CeFi protocol on Ethereum
yearn.finance: Technische Besonderheiten
- ERC20 token
- Serves as governance token for the Yearn ecosystem
- Low maximum supply of 36,666
Historie, Entwicklung und aktueller StandYearn Finance's ecosystem essentially goes back to Andre Cronje, a former lawyer who became aware of the emerging DeFi environment via the Big Data and Fintech detour and started programming in this field. After the first lending protocols like Aave or Compound had outgrown their infancy, he originally programmed a smart contract on Ethereum for himself that automatically shifted deposited coins into the most lucrative protocol at the time. Thus iEarn was born, which used a website to allow anyone to deposit coins into the contracts and passively grow them. Cronje was gradually joined by more and more developers, who further developed the strategies, closed security loopholes and generated more contracts.
Today, passive income can be generated in almost 50 Vaults and several other Lending Contracts. Various stablecoins tied to the US dollar and Euro as well as volatile cryptocurrencies such as Bitcoin, Ethereum or YFI are available.
If the user deposits their coins, they receive various yTokens back as "receipts". They can also be freely traded as ERC20 tokens. Usually, but not always, the tokens can be exchanged back at any time. They thus form the DeFi equivalent of a call money account. The current expected interest rates can be found on the Yearn website and should make anyone who has invested their money with their local bank green with envy.
The YFI token was not created until late summer 2020, when Yearn Finance had already locked up the equivalent of around one billion US dollars in capital in its contracts (TVL). It serves a governance purpose similar to Uniswap.
The token had a spectacular run, overtaking the bitcoin price several times in between, albeit at a much lower market capitalization. In the spring of 2021, YFI jumped on the Memecoin bandwagon and created the coin Woofy, from which every hodler can receive one million for a YFI.
yearn.finance KritikYFI is a pure governance token, so it only receives its value via the voting rights associated with it. Since all smart contracts are publicly visible, they can be imitated at any time, which has already happened. As with all decentralized DeFi applications, there is always the risk of an exploit, i. e. strategies being circumvented and some or all of the invested capital being withdrawn. These incidents, such as Yearn's February 2021 exploit of the DAI vault in which $11 million in capital was taken by a hacker, naturally affect the price of the governance token. While the developers replaced the lost capital in this incident, they emphasized that this was an exception. Due to the lack of deposit insurance and the complexity of the DeFi ecosystem, many investors are still skeptical about the possibilities of DeFi protocols.
A major problem, as with many projects running on Ethereum, is the often exorbitantly high fees charged by the blockchain. Yearn is not yet available on Layer 2 side chains or cheaper blockchains, which means that investing capital for small amounts is hardly worthwhile. In the meantime, many investors switched to the Binance smart chain, for example, on which Yearn cannot be used, due to the fees, among other reasons. A migration would be complex because all cooperation projects like Curve would have to run on the same side chain, so it will probably be necessary to wait for Ethereum 2.0 until the fees are reduced to such an extent that it is possible to move smaller amounts quickly and cheaply.
yearn.finance PrognoseUnfortunately, there is no official roadmap for Yearn Finance, so future changes are largely subject to speculation. It is certainly safe to assume that the number of projects Yearn cooperates with in order to generate higher returns for investors will increase.
In the course of this, the number of coins that users can invest is also likely to increase. In addition, the use of the in-house insurance protocol Cover will probably be simplified and automated. So, in the future, those who want to invest their money could select whether they want to have insurance integrated or not immediately before depositing it into the smart contract.
In any case, jumping on the memecoin bandwagon by implementing the WOOFY token (which, however, is of extremely limited use) proves that the Yearn community is capable of reacting to current trends and developments in the crypto market even in the short term. However, it is unclear if and when further developments such as a migration to Layer 2 side chains or other blockchains will come.