The Yearn.finance (YFI) token experienced a slight decline of 1% against the US dollar over the 24-hour period ending at 2:00 PM Eastern Time on April 13th. At the time of reporting, one YFI token was valued at $9,078.78 or approximately 0.29782293 BTC on major cryptocurrency exchanges.
Yearn.finance boasts a total market capitalization of $297.68 million. Trading volume for the token over the past day reached around $63.23 million. Despite the recent dip, YFI has shown positive momentum over the broader seven-day window, recording a 6.2% gain against the US dollar.
How Other Cryptocurrencies Performed
Here’s a look at how several other cryptocurrencies performed during the same 24-hour period:
- KILT Protocol (KILT): Increased by 3.4% to $0.35 or 0.00001146 BTC.
- Aidi Finance (AIDI): Decreased by 2.2% to $0.0000.
- Zoo Token (ZOOT): Fell by 2.2% to $0.0652 or 0.00000239 BTC.
- CareCoin (CARES): Declined by 2.2% to $0.0809 or 0.00000297 BTC.
- OmniaVerse (OMNIA): Dropped by 1.1% to $0.0020 or 0.00000007 BTC.
- Kitty Inu (KITTY): Decreased by 3.3% to $94.38 or 0.00336546 BTC.
- Hokkaidu Inu (HOKK): Rose by 2.3% to $0.0005 or 0.00000002 BTC.
- Lego Coin (LEGO): Gained 3.6% to $0.0184 or 0.00000060 BTC.
- Jeff in Space (JEFF): Fell by 2.2% to $2.75 or 0.00010076 BTC.
- Lumi Credits (LUMI): Increased by 2.7% to $0.0050 or 0.00000016 BTC.
Understanding the Yearn.finance (YFI) Token
Launched on July 17th, 2020, Yearn.finance is a prominent player in the decentralized finance (DeFi) ecosystem. The project has a total token supply of 36,666 YFI, with a circulating supply of 32,788 tokens.
According to CryptoCompare, "Yearn.finance (YFI) is a DeFi protocol created by Andre Cronje that automates yield farming by finding and investing in the highest-yielding opportunities in DeFi. It aims to maximize returns and reduce risks for users and allows YFI token holders to participate in governance decisions."
The protocol’s official communication channels include a message board on Medium and its Twitter account, @iearnfinance. Its official website is yearn.finance.
How to Trade Yearn.finance (YFI)
Typically, investors cannot purchase alternative cryptocurrencies like YFI directly with U.S. dollars. The standard process involves a two-step approach:
- First, acquire a major cryptocurrency like Ethereum (ETH) or Bitcoin (BTC) on a fiat-friendly exchange platform.
- Then, transfer your ETH or BTC to a supporting cryptocurrency exchange that offers YFI trading pairs to complete your purchase.
This method provides access to a wide range of digital assets beyond just YFI. For those looking to diversify their portfolio with various DeFi tokens, you can explore more strategies on advanced trading platforms.
Frequently Asked Questions
What is Yearn.finance (YFI) used for?
YFI is the governance token for the Yearn.finance ecosystem. Holders can vote on proposals that dictate the future development and changes to the protocol. The platform itself automates yield farming strategies to help users optimize returns on their crypto assets.
How does Yearn.finance generate yield?
The protocol employs automated algorithms to seek out and allocate user deposits to the highest-yielding lending protocols and liquidity pools across the DeFi landscape. This process, known as yield farming, aims to maximize returns for its users.
Is Yearn.finance a good investment?
Like all cryptocurrency investments, YFI carries significant risk due to market volatility. Its value is tied to the performance and adoption of the Yearn.finance protocol. Potential investors should conduct thorough research on DeFi and assess their risk tolerance before investing.
What is the total supply of YFI tokens?
The total supply of YFI tokens is capped at 36,666. This fixed and relatively low supply is a key characteristic of the token's economic model.
Can I stake my YFI tokens?
Yes, YFI holders can often stake their tokens within the Yearn.finance ecosystem or on other supporting platforms to earn additional rewards or voting power, contributing to the protocol's security and operations.
Where can I find the latest YFI price chart?
Live price charts for YFI, tracking its value against the US dollar and Bitcoin, are available on most major financial data and cryptocurrency tracking websites. These charts provide essential data for technical and fundamental analysis. For a comprehensive view of real-time market data, you can view real-time tools offered by leading market analysts.