yearn.finance token is a protocol designed to deploy its contract on the Binance Smart Chain as well as other decentralized exchanges running on it, such as Balancer and Curve. In this way, holders are trusting that this YFI’s contract, as well as those in associated contracts on Balancer and Curve, will deploy on Binance Smart Chain in order to provide the advertised services. Users earn YFI tokens by locking their cryptocurrencies in Binance smart contracts using the yearn.finance platform. In this way, yearn.finance capitalizes on a practice commonly called “yield farming,” in which users lock up crypto assets in a DeFi protocol and referring more participants in the contact in order to earn more cryptocurrency. The more assets users lock in the platform, the more bnb’s and tokens they are awarded with from their refferals by this protocols.
yearn.finance was launched by independent developer Andre Cronje in 2020. Notably, Cronje received no funding for the yearn.finance protocol and reserved no tokens for himself initially, till it became deployed on the binance smart chain (BSC).
The YFI community rules are governed by the yearn.finance platform, This means members who owns YFI tokens can vote on the rules in which users must follow when using yearn.finance by voting on proposals. To be enacted in yearn.finance’s code, a proposal needs more than 50% of the votes. Anyone may make a proposal, but only YFI holders may vote on it. Of note for investors is that YFI has an initial fixed supply of 70,000,000 tokens, but this supply could increase if YFI holders elect to do so.
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