YFI - yearn.finance
yearn.finance is a Decentralized Finance (DeFi) platform which aims to build products on aggregated liquidity provision, leveraged trading, automated marketing making, and more.
The YFI token is the native utility token in the yearn.finance platform. Users can earn it by contributing liquidity to yearn.finance's aggregated liquidity pool, or ypool, and use the token for platform governance.
yearn.finance currently provides a profit optimizing service for lending providers, moving providers' funds between dYdX, Aave, and Compound autonomously for highest return.
The balanced scheme works without attracting new funds. Therefore, the team has no reason to scam the project. Perhaps there are other reasons, for example, a technological scam: some kind of back door or problems with IT or Blockchain will give an error that will make it possible to steal money. All tech companies have such problems: Twitter, Apple, etc.
In general, this is not a scam or a financial pyramid like the Ponzi. The project has a use case, some people believe in it, there is a kind of ecosystem.
A disadvantage is a large number of audits. Since there is a lot of money in the project, and hackers did not steal it, this is probably not so easy to do.
This was written by Andre Cronje - he has been in the cryptocurrency field for a long time and has done a lot of useful things, so people trust him.
Motivation
The YFI community is currently working with Delphi and Gauntlet to develop an economic model and inflation schedule. Until this process is complete, the project lacks the funds for any operational expenses including, but not exclusive to, security audits, deployment costs, consulting expenses, and compensations.
All surplus rewards are directed to the governance pool.
How does the protocol make money?
There are two sources of income:
0.5% Commission for withdrawing money
(this commission is charged in the case of Earn (Lending optimization) and the case of Vaults (Yield farming optimization)
The economics simple YFI charges a 5% gas subsidization (performance) fee on the capital it's managing as well a 0.5% withdrawal fee if the user pulls their capital out. The withdrawal fee applies to both its Earn and Vaults products, while the performance fee only applies to its Vaults product. More specified that the treasury should maintain a buffer of $500.000 equivalent, with all surplus rewards distributed YFI staked in the governance pool.
Specification
100% of the rewards collected by the system are directed to the multi-sign treasury.
Treasury should maintain a buffer of 500,000 USD equivalent, with further rewards distributed to YFI staked in the governance pool.
In the July 17 article, Andre Cronje wrote that just because we feel we didn’t stress it enough, 0 value. Don’t buy it. Earn it.
In my opinion, this phrase discouraged some people to trade this coin. I think that to a large extent, this is said for the regulator so that they do not touch the project developers.
medium.com/iearn/yfi-df84573db81
Best regards EXCAVO
The YFI token is the native utility token in the yearn.finance platform. Users can earn it by contributing liquidity to yearn.finance's aggregated liquidity pool, or ypool, and use the token for platform governance.
yearn.finance currently provides a profit optimizing service for lending providers, moving providers' funds between dYdX, Aave, and Compound autonomously for highest return.
The balanced scheme works without attracting new funds. Therefore, the team has no reason to scam the project. Perhaps there are other reasons, for example, a technological scam: some kind of back door or problems with IT or Blockchain will give an error that will make it possible to steal money. All tech companies have such problems: Twitter, Apple, etc.
In general, this is not a scam or a financial pyramid like the Ponzi. The project has a use case, some people believe in it, there is a kind of ecosystem.
A disadvantage is a large number of audits. Since there is a lot of money in the project, and hackers did not steal it, this is probably not so easy to do.
This was written by Andre Cronje - he has been in the cryptocurrency field for a long time and has done a lot of useful things, so people trust him.
Motivation
The YFI community is currently working with Delphi and Gauntlet to develop an economic model and inflation schedule. Until this process is complete, the project lacks the funds for any operational expenses including, but not exclusive to, security audits, deployment costs, consulting expenses, and compensations.
All surplus rewards are directed to the governance pool.
How does the protocol make money?
There are two sources of income:
0.5% Commission for withdrawing money
(this commission is charged in the case of Earn (Lending optimization) and the case of Vaults (Yield farming optimization)
The economics simple YFI charges a 5% gas subsidization (performance) fee on the capital it's managing as well a 0.5% withdrawal fee if the user pulls their capital out. The withdrawal fee applies to both its Earn and Vaults products, while the performance fee only applies to its Vaults product. More specified that the treasury should maintain a buffer of $500.000 equivalent, with all surplus rewards distributed YFI staked in the governance pool.
Specification
100% of the rewards collected by the system are directed to the multi-sign treasury.
Treasury should maintain a buffer of 500,000 USD equivalent, with further rewards distributed to YFI staked in the governance pool.
In the July 17 article, Andre Cronje wrote that just because we feel we didn’t stress it enough, 0 value. Don’t buy it. Earn it.
In my opinion, this phrase discouraged some people to trade this coin. I think that to a large extent, this is said for the regulator so that they do not touch the project developers.
medium.com/iearn/yfi-df84573db81
Best regards EXCAVO
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