What does it do?
With reports of fraudulent activities in the DeFi space the YFDAI team saw an opportunity to develop a trusted and secure DeFi platform. According to their website;
“the central focus of YFDAI should revolve around transparency and security. To achieve this, the YFDAI protocol and smart contracts first had to undergo a thorough inspection by an accredited auditing firm. In addition to this measure, the tokens belonging to the team would have to be locked with the address made public for all to verify.”
Where does YFDAI come into it?
YFDAI is the governance token for the ecosystem. YFDAI can be used by holders for voting on proposals for the future of YFDAI. Furthermore YFAI can also be ‘staked’ or ‘farmed’ to receive interest, and to presale access to launchpad projects via ‘staking’.
Yearn has a growing ecosystem and has added several finance products since its inception. Please see a brief description below:
- Staking at 72% fixed annual return
- Yield Farming by providing liquidity to pools
- SafeSwap Exchange – listing only vetted Defi projects
- Launchpad – promoting and providing tools for new projects
- Insurance of client assets
At the time of writing YFDAI is ranked 500th by market cap with a market cap of $10m.
Where can I buy it?
Although encouraged by the creator, Andre Cronje, to earn YFI by providing liquidity to the yearn ecosystem, you can still purchase it on exchanges. The highest volume exchanges are:
- SafeSwap (YFDAI’s own exchange)
Where can I learn more or join the YFDAI community?