YEARN FINANCE......SHOULD YOU USE IT??
YFI is the governance token for the Yearn Finance protocol. It can be used to vote and receive cash flows from the fees earned by the protocol.
YFI initiated the first community-fair-launched token distribution, giving out 30,000 tokens to early protocol’s users by a surprise yield farming announcement back in 17-July-2020.
Confused about how Yearn Finance works? And what is the YFI token all about? You’ll find out all of this and more in this video.
Okay, let’s start with what Yearn Finance is all about.
The main element of Yearn Finance is the Yearn protocol.
The Yearn protocol, in essence, is a yield optimiser that focuses on maximising defi capabilities by automatically switching between different lending protocols.
Before we explain the mechanism of the protocol itself let’s see how yEarn came into existence. In early 2020, the author of Yearn protocol - Andre Cronje, started looking into automating his strategy for choosing the highest paying lending protocol for his stable coins.
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