DFI.Money

DFI.Money

DFI.Money YFII Rank #618

Ultimate Guide to Investing in DFI.Money (YFII) Token. What is it, price and staking

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What is DFI.MONEY (YFII)? DFI.MONEY, also known as YFII, is a fork of the popular decentralized finance (DeFi) aggregation platform yearn.finance (YFI). Launched in July 2020, it aims to maximize returns for DeFi investors while adhering to changes proposed in an upgrade plan called YIP-8. In addition to protocol changes, DFI.MONEY has also launched new products, the first of which, Vault, is described as their "killer product." The native token of DFI .MONEY is YFII, a fixed supply token that liquidity providers earn based on their interaction with the network. Who are the founders of DFI.MONEY? DFI.MONEY was born as a hard fork of yearn.finance, the DeFi yield aggregator created by Andre Cronje. Cronje left yearn.finance's original incarnation, iEarn, in early 2020, only to return to continue its development, after which his popularity grew dramatically as DeFi became more mainstream. In July 2020, yearn.finance's YFI token mining and farming ended, and a proposal to protect the whales' liquidity supply garnered 80% support among protocol participants. However, it was not adopted because it did not meet the 33% quorum requirement required by yearn.finance. As a result, a group of users hard forked the protocol to create DFI.MONEY, with its own token, YFII. The hard fork was implemented in the proposal, known as YIP-8, which decreases YFII rewards each week, following a pattern popularized by Bitcoin (BTC). What makes DFI.MONEY unique? DFI.MONEY essentially plays the same role in the DeFi market as yearn.finance, subject to different protocol rules for its token and with some new features. Therefore, its appeal is aimed at users of its predecessor who voted in favor of YIP-8, as well as newcomer DeFi investors who want to maximize returns by providing liquidity. The DFI .MONEY website claims that its protocol is owned by the community and does not offer trading incentives like developer rewards by default. Users join one or both of the two liquidity pools with Curve (CFI) or Balancer (BAL), earning YFII tokens as a reward for providing liquidity. DFI.MONEY also introduced a new feature, the Vault, which seeks to automatically earn the highest returns on any token based on user-submitted strategies, without users setting up transactions manually. Related Pages: Read more about yearn.finance here Read more about Harvest Finance here New to crypto? Find the answers to all your questions with Alexandria, CoinMarketCap's dedicated educational resource. How many DFI.MONEY (YFII) coins are in circulation? YFII is a standard ERC-20 token with a fixed supply of 40,000 YFII. In accordance with the established and accepted characteristics in YIP-8, no pre-mined, pre-sale or developer-allocated tokens were taken from the total supply. DFI.MONEY says that the only way to earn YFII is to provide liquidity to the protocol. Tokens are distributed based on liquidity provision, with rewards decreasing weekly. Each of the two liquidity pools started with an offer of 20,000 YFII. A program confirms that the distribution of the token was completed 10 weeks after the start, at the end of September 2020. How is the DFI.MONEY network protected? DFI.MONEY claims that YFII has a guaranteed fixed supply of 40,000 tokens that developers cannot manipulate. This was made possible by sending keys that allow new tokens to be minted to an address called a "black hole" and access to them is permanently lost. The developers have posted links to transactions showing the transfer of keys to the black hole. Where can you buy DFI.MONEY (YFII)? YFII has become a popular trading token since its launch. As of October 2020, it is available on several major exchanges, with trading pairs including cryptocurrencies, stablecoins, and other DeFi tokens. Finance, OKEx, and Huobi Global are among the exchanges with the highest YFII volume. Are you still a beginner in cryptocurrencies? Read our easy guide to buying Bitcoin or any other cryptocurrency.