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YFII or DFI Money is a fork of yEarn Finance. What Is YFII (DFI Money) and How Is it Different From yEarn Finance? However, soon after issuing the cryptocurrency, YFI's price skyrocketed due to the high interest among traders and investors, jumping to as much as $41,400 in September from July's $765.Ĭurrently, the cryptocurrency's supply is capped at 30,000 YFI, with the tokens being distributed among liquidity providers. YFI, the platform's native token, was created by the project's founder solely for governance purposes (e.g., voting on network upgrades and adding new liquidity pools). While farmers can choose between multiple pre-vetted pools to stake liquidity, the service automatically moves user funds between various protocols to find the one with the highest interest rates and maximize profit.Įventually, Cronje handed over yEarn's governance to the community. Yield farming is a trending practice in the crypto space, in which users supply liquidity to DeFi pools while earning rewards on idle coins. To understand YFII or DFI Money, it’s essential to know what yEarn Finance (YFI) is and how it works.Ĭreated by Andre Cronje earlier this year, yEarn is a decentralized finance (DeFi) platform that allows crypto enthusiasts to leverage automated yield farming strategies across numerous lending pools (e.g., Aave, Compound Finance).
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Quick Recap on yEarn Finance (YFI) and DFI Money Today, we will be exploring YFII (also called DFI Money), a popular yEarn fork that has sparked quite some controversy in the crypto space. Did you know that there are four different yEarn Finance (YFI) forks present on the DeFi market? That's right.Īs it can get confusing to know the difference between each, we are creating multiple guides on AAX Academy to help you out.
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