yearn.finance Price Chart Update [YFI]

The YFI price update as of now is $7,033.57. In the previous 24 hours, its trading volume was $10,347,031, and its value has increased by 0.64%. As of now, YFI's live market cap is $257,750,044, and it is ranked as the #218 on the Coincu. YFI has a circulating supply of 36,674 and a maximum supply of 36,674.

Introducing Yearn Finance (YFI) Yearn Finance (YFI) is a Liquidity Aggregator built on the Ethereum blockchain that specializes in lending platforms. This platform is well-known for offering the highest annual percentage yield compared to other protocols in the same niche. Yearn Finance allows users to deposit funds directly into liquidity pools and earn interest on their investments. Understanding the Functionality of Yearn Finance Yearn Finance manages lending platforms and automatically adjusts investments based on their profitability. This means that users don't have to manually deposit or withdraw funds from platforms like Aave. Yearn Finance handles these processes on behalf of its users, ensuring that funds are allocated to the platform that offers the highest returns. The stablecoins supported by this protocol include: - TUSD - TOUGH - sUSD - USDT - USDC When investing in any of the stablecoins mentioned above, the protocol converts them into yTokens, also known as profit-optimized tokens. These yTokens are then transferred between lending platforms to maximize yields. The transaction fee for this operation is minimal and is distributed among YFI token holders. For instance, if you deposit USDT into the USDT pool, the protocol identifies the platform with the highest Annual Percentage Rate (APR). If Compound initially offers the highest profit but later Curve surpasses it, the protocol will automatically withdraw funds from Compound and deposit them into Curve. Core Elements of the Yearn Finance Protocol Earn – Maximizing Interest Rates This feature automatically searches for and transfers user deposits between lending protocols like dYdX, AAVE, and Compound whenever there are changes in interest rates. It ensures that users always benefit from the best available interest rates. Vaults – Maximizing Performance and Reducing Costs Vaults are the central element of the protocol, allowing users to deposit cryptocurrency and earn profits. The deposited funds are managed according to specific strategies to maximize returns and minimize risks. Initially focused on stablecoins, Vaults now support tokens like USDT, DAI, YFI, TUSD, crvBTC, TUSD, crvBUSD, ETH/WETH, yDAI + yUSDC + yUSDT + yTUSD. Vaults play a crucial role in reducing high transaction costs on the Ethereum network. Zap – Swapping Stablecoins This tool enables users to swap traditional stablecoins for liquidity provider tokens that represent those stablecoins. Cover – Providing Insurance Cover offers insurance that compensates users in the event of financial loss related to various smart contracts and protocols on the Ethereum network. StableCredit – A Cutting-Edge Platform StableCredit is a new platform that combines three DeFi architectures: Automated Market Maker (AMM), Minting synthetic debt, and Decentralized lending platform. Currently under development, users will be able to deposit assets as collateral to receive USD Stablecoin credit (Minting synthetic debt), which can then be used to borrow other assets (Decentralized lending platform). Finally, borrowed assets can be swapped for available assets in AMM. Yearn Finance Roadmap Updating... (For more information, please click here)