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Information about "DFI.Money"
What Is DFI.MONEY (YFII)?
DFI.MONEY, also known by its ticker YFII, is a spinoff of the well-known decentralized finance (DeFi) aggregator platform yearn.finance (YFI).
Debuting in July 2020, its mission is to enhance returns for DeFi investors while incorporating modifications suggested in an upgraded plan called YIP-8.
Beyond just changing its protocol, DFI.MONEY has launched new offerings, most notably the Vault, which it touts as its "killer product."
The native cryptocurrency of DFI.MONEY is YFII, a token with a capped supply that liquidity providers receive in return for engaging with the network.
Debuting in July 2020, its mission is to enhance returns for DeFi investors while incorporating modifications suggested in an upgraded plan called YIP-8.
Beyond just changing its protocol, DFI.MONEY has launched new offerings, most notably the Vault, which it touts as its "killer product."
The native cryptocurrency of DFI.MONEY is YFII, a token with a capped supply that liquidity providers receive in return for engaging with the network.
Who Are the Founders of DFI.MONEY?
DFI.MONEY began as a hard fork of yearn.finance, a DeFi returns aggregator originally developed by Andre Cronje.
Cronje initially left his project, iEarn, at the start of 2020, only to return later and continue its advancement. This led to a surge in its popularity as DeFi gained mainstream traction.
In July 2020, the mining and farming of yearn.finance's YFI token ceased, and a proposal to limit the influence of larger holders on liquidity provision garnered 80% support from participants. Unfortunately, it didn't pass due to falling short of the required 33% quorum for yearn.finance.
This prompted a group of users to break away and create DFI.MONEY, introducing their own token, YFII.
The fork integrated the YIP-8 proposal, which institutes a weekly reduction in YFII rewards, mirroring the model used by Bitcoin (BTC).
Cronje initially left his project, iEarn, at the start of 2020, only to return later and continue its advancement. This led to a surge in its popularity as DeFi gained mainstream traction.
In July 2020, the mining and farming of yearn.finance's YFI token ceased, and a proposal to limit the influence of larger holders on liquidity provision garnered 80% support from participants. Unfortunately, it didn't pass due to falling short of the required 33% quorum for yearn.finance.
This prompted a group of users to break away and create DFI.MONEY, introducing their own token, YFII.
The fork integrated the YIP-8 proposal, which institutes a weekly reduction in YFII rewards, mirroring the model used by Bitcoin (BTC).
What Makes DFI.MONEY Unique?
DFI.MONEY serves a similar function in the DeFi space as yearn.finance but operates under different token rules and includes additional features.
It attracts users who supported YIP-8 in yearn.finance and new DeFi participants looking to boost their returns through liquidity provision.
According to DFI.MONEY's website, its protocol is owned by the community and does not inherently offer commercial benefits, such as developer rewards.
Users can participate in one or both of two liquidity pools, involving Curve (CRV) or Balancer (BAL), and earn YFII tokens as a reward for their contributions.
Additionally, DFI.MONEY introduced the Vault, which aims to secure the highest possible returns on any token using user-submitted strategies, eliminating the need for manual transaction setups by users.
It attracts users who supported YIP-8 in yearn.finance and new DeFi participants looking to boost their returns through liquidity provision.
According to DFI.MONEY's website, its protocol is owned by the community and does not inherently offer commercial benefits, such as developer rewards.
Users can participate in one or both of two liquidity pools, involving Curve (CRV) or Balancer (BAL), and earn YFII tokens as a reward for their contributions.
Additionally, DFI.MONEY introduced the Vault, which aims to secure the highest possible returns on any token using user-submitted strategies, eliminating the need for manual transaction setups by users.
How Many DFI.MONEY (YFII) Coins Are There in Circulation?
YFII is an ERC-20 token with a total fixed supply of 40,000 tokens. Based on the guidelines outlined in YIP-8, there were no premined tokens, presales, or allocations reserved for developers from the total supply.
DFI.MONEY outlines that providing liquidity to the protocol is the sole method for earning YFII. Tokens are allocated based on the provision of liquidity, with the rewards diminishing each week. Initially, each of the two liquidity pools was allocated 20,000 YFII.
A distribution schedule indicates that all tokens were distributed over a 10-week period, concluding at the end of September 2020.
DFI.MONEY outlines that providing liquidity to the protocol is the sole method for earning YFII. Tokens are allocated based on the provision of liquidity, with the rewards diminishing each week. Initially, each of the two liquidity pools was allocated 20,000 YFII.
A distribution schedule indicates that all tokens were distributed over a 10-week period, concluding at the end of September 2020.
How Is the DFI.MONEY Network Secured?
DFI.MONEY ensures that the total supply of YFII is fixed at 40,000 tokens, which cannot be altered by developers.
This was achieved by transferring the keys that allow token minting to a "blackhole" address, making them permanently inaccessible.
The developers have shared transaction links to demonstrate the transfer of these keys to the blackhole.
This was achieved by transferring the keys that allow token minting to a "blackhole" address, making them permanently inaccessible.
The developers have shared transaction links to demonstrate the transfer of these keys to the blackhole.
Where Can You Buy DFI.MONEY (YFII)?
Since its launch, YFII has become a sought-after trading asset. By October 2020, it was listed on various major exchanges, available in trading pairs with cryptocurrencies, stablecoins, and other DeFi tokens.
Exchanges such as Binance, OKEx, and Huobi Global report the highest trading volumes for YFII.
New to the crypto world? Check out our straightforward guide on purchasing Bitcoin or other cryptocurrencies.
Exchanges such as Binance, OKEx, and Huobi Global report the highest trading volumes for YFII.
New to the crypto world? Check out our straightforward guide on purchasing Bitcoin or other cryptocurrencies.
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