King of DeFi, YFI (ancestor)?

YFI, known as "Uncle" in China, is a cryptocurrency that beat Bitcoin, valued at over $95,000. Fans also call it Bitcoin from World Defi.

It's like god that the value of YFI has increased more than a thousand times in 43 days of rising from the priceless state.

YFI is the symbol of yearn.finance. Yearn.finance is a capital mining collection (for readability, later called "YFI"). There are Compound, Aave, Slow, Curve and other mining pools in the market. Due to data asymmetry, etc., there is a big difference in the performance of this mining pool. With the YFI platform, users get high mining pools. to maximize mining. provided

On July 17, 2020, YFI announced on Twitter that their legitimate website had been launched to start a financial business. As the first group of 4 mining pools was developed by YFI, users can participate in the only service provider of Balaner, and their annual revenue could exceed 700%. YFI attracts many users due to its high efficiency, and its stable operations have exceeded 100 million dollars in just a few days.

Born by YFI

Founded in early 2020, Yearn.Finance is the first Defi revenue collection.

Early in development, the team found that most Defi lending platforms in the market had different interest rates. For example, if you always deposit USDT, the compound return can be 5% and the curve return can be 7%. Do you want to increase your income and benefit from automatic conversions?

Founder AC solves this problem with smart contracts. Users place their money in the pool, combine it with smart contracts, and use it to compare annual repayments from various lenders and exchange funds accordingly.

Yearn.Finance born. Users place their stablecoins in the Yearn protocol, which allows users to orchestrate protocols such as Compound, Aave, and dYdX to earn greater cashback.

Yearn didn't receive much attention from the early days of its operation until the announcement of the managed YFI token in July, but it was hugely popular in just one month.

YFI is Yearn's governing token, with a total of only 30,000 announcements, no group shares, no notices, no public streams, no creator benefits, all mining founders.

Users can earn a certain amount of YFI tokens by depositing the tokens in the Annual Income pool. YFI's announcement is midway all the time. By the end of July, a total of 30,000 YFI tokens had been issued.

Due to the halving mechanism, the faster you sign up, the more YFI you earn, and the crowd so the cost of YFI quickly goes from a few dollars to ten thousand dollars in just 43 days.

Since then, YFI's reputation has been favored by major exchanges, and has been favored by the market by access to exchanges such as Binance, OKX and Huobi one by one behind.

Although the developer has repeatedly argued that YFI is an aircoin and has no value, there is a strong sense of community sentiment, but the price continues to rise even after YFI mining ends.

An analysis of the causes of the YFI surge

There are three reasons why YFI is rising.

High speed products can. YFI value does not affect growth of high quality products. Several-month, weekends and New Year displayed the lake swimming continued v2 and into the middle of the insurance. Lock line, register with gifts, $ 590 Million is $ 590 million for bigized control. The higher level of deposit in the encrypted call, the easiest you can find. Typical, for example, bitcoin and small amounts, Bitcoin's community recommended how the financial equipment is at first. YFI is like this. YFI is a complete loop because of the distribution of YFI is made by restraint by cutting. From the first 30,000 calls for the distribution of YFI, YFI administration management of the community. Recently, the needs published the requests and the Yip-54 government plans: the benefits have passed. V2 Since the instructions of the value of Yvault, 50% of cash management funds are good for wages and 50% of balance for YFI member. This information once again take the YFI value. Make liquid cut into liquid. You must participate in YFI as Apple Mining and into the exchanging Balaner. Among them, the relation of hanging and YFI is 98: 2, and the beginning is not by YFI and just will YFI in the city. . YFI has progressed. The amount has increased.

YFI Statute

Today, YFI mining is long gone, the crazy hype is gone, and Yearn products are getting better and better.

Currently, Yearn products generally include safe, gain, zap, cover and more.

Vaults: Also known as Vault in Chinese, users can get certain benefits by placing an appropriate certificate (also known as "LP Token") in Vault. Currently, a total of 12 LP tokens have supported deposits, the highest being 3crv certification, with an annual yield of 23.7%.

The advantage of the machine gun is that the user does not have to enter it by himself, only a certain cost is required to enter / exit, which saves a lot of fuel compared to manual operation.

Initially, YFI paid users 2% of the lead as a management fee, but due to the high cost of smart contract application and management fee, many pool users lost money when entering the Marlet. After community approval, it now costs 20.% to control consumer revenue cost.

Machine gun revenue is very close to outdoor space and attendees, and sometimes the pool can be profitable in 24 hours, and revenue is slow to decline due to increased attendance.

Earn: Like Yu' Bao on Alipay, you can deposit to get rewards. It currently supports 6 stable banks and 1 unstable WBTC.

Bonuses are a variant of machine guns, in which machine guns store credentials, for example LP tokens, while deposits are kept as tokens. Income is a constant source of income and varies from business to business. However, subsequent wins still kill most of the bank's assets.

zap: It is a trade that does not need to be contracted because many LP tokens can be traded with lows.

Insure: By paying low prices with the insurance industry, you can provide some protection against your pool and get compensation for black swan incidents such as exposure stolen by hackers.

Founder André Cronje

The founder of YFI is Andre Cronje, also known as AC in China.

Before entering the cryptocurrency space, AC had a lot of experience. After graduating from law school, I introduced personal computers and started my career as a programmer. It integrates everything from communication technologies to mobile network security, from banking payments to big data. After spending three or four years in Fintech (financial settlement), I started to get a little bored.

In 2016, he skipped a project on joint venture consensus and immediately shut it down. He then announced the rules for reviewing some of the activities of CryptoBriefing, a crypto media site, for human learning.

Friends and family around AC enjoy cryptocurrencies but have no prior experience. So everyone wants AC to help them manage their money. After 19 years of turmoil, AC didn't want to keep cryptocurrencies unchanged, so they spent a lot of time and energy moving and converting their assets into stablecoins such as USDT, USDC, DAI , etc Because he wants everyone to get the most out of it.

In early 2020, AC was created Yearn. In fact, Yearn's success is tied to communities.

The fairness and appeal of Yearn's DAO has attracted many intellectuals from around the world. Here are some tips for anonymous or semi-anonymous users:

bantg - An anonymous developer of a well-known figure in the Ethereum community.

Milkyklim - German data scientist;

orbxball - PhD in Computer Science - Cornell University graduate;

fubuloubu - The main leader of Vyper started the project on the development of the Ethereum language.

devops199fan - An anonymous user from the Ethereum community.

AzeemFi - The Best Entrepreneur

Vance Spencer - Co-founder of Framework Ventures.

In short, YFI's success is both inevitable and contingent. As the first revenue collection of Defi, it is necessary to grab the user first when the company runs out of products, while the strategic token mechanism also adds a lot of values. of this project. Finally, the split from YFI was that it could not be released, and after the Board saw Yearn, other activities followed, but many skeptics in the contract fell through.