Ethereum
$ 1,234.88 0.89%
Solana
$ 41.10 2.85%
Dogecoin
$ 0.067728 0.34%
ApeCoin
$ 4.90 7.68%
Bitcoin
$ 21,418.00 0.37%
BNB
$ 237.66 1.56%

Yield farmers pour millions for valueless YFI token to boost their APY

YFI token

DeFi yield farmers have deposited more than $100 million into YFI token to boost their annual percentage yield (APY).

Currently, decentralized finance (DeFi) investors have poured in millions of dollars in a “valueless” token called YFI launched by yEarn. yEarn is a DeFi yield aggregator that shifts depositors funds across lending protocols offering the best rate. Recently, the firm launched a governance token called YFI to transfer control of its many products to users.

Valueless YFI token

According to the team, the token has no value, “there is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap.” The token can only be earned through the yEarn platform and has a total supply of 30,000.

Yield farmers can earn YFI by providing liquidity to platforms referenced by the yEarn team and stake the output tokens in distribution contracts. The team will provide users with an interface to perform the operations, and users will earn a specific amount each day.

What can you do with YFI tokens?

yEarn team has launched a multitude of projects including yearn.finance, iliquidate.finance, and ileverage.finance among various others. All of these systems operate under control mechanisms, have configurable fees, and other rules that can be edited.

So far, these mechanisms have been controlled by the yEarn team. However, with YFI, the team is shifting the control to the community  through its YFI token.

The token cannot be bought; it can only be earned by providing liquidity to the aforementioned pools.

The token drove $150 million of deposits in just three days after its distribution started.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Monero Price Prediction 2022-2031: Is XMR Price Going Higher?
3 Innovative Coins Presenting Unique Income Opportunities

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users