YEARN FINANCE And YFI Token Explained | DeFi, Ethereum
ฝัง
- เผยแพร่เมื่อ 4 มิ.ย. 2024
- Confused about how Yearn Finance works? And what is the YFI token all about? You’ll find out all of this and more in this video.
Okay, let’s start with what Yearn Finance is all about.
The main element of Yearn Finance is the Yearn protocol.
The Yearn protocol, in essence, is a yield optimiser that focuses on maximising defi capabilities by automatically switching between different lending protocols.
Before we explain the mechanism of the protocol itself let’s see how yEarn came into existence. In early 2020, the author of Yearn protocol - Andre Cronje, started looking into automating his strategy for choosing the highest paying lending protocol for his stable coins.
The protocol, in essence, creates a pool for each stable coin. By depositing a stable coin to a pool, the user receives their yTokens that are yield-bearing equivalents of the coin that was deposited. For example, if a user deposits DAI, the protocol issues yDAI. The DAI that is pooled together can then be moved between different lending protocols to always maximise the yield.
For instance, if Aave offers a better yield on DAI than Compound, the yearn protocol can decide to move all or some of the DAI to Aave. The protocol checks if there is a better yield available at the time a user deposits or withdraws money from the pool, triggering a rebalance of the pool if necessary. If a user wants to withdraw their initial DAI + accrued interest they can redeem their yDAI and receive the underlying DAI.
One thing that the protocol always assures is to never swap the initially deposited stable coin to a different stable coin, even if there is a higher yield available. So for example, if a user deposits DAI, the protocol would never swap it to USDC, even if USDC has a higher yield. This is because most users want to withdraw the same stable coins as they initially deposited.
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❓What do you think about Yearn and YFI? Have you managed to participate in their initial token distribution?
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How the gas fees are handled? I dont get why at first someone wanted to do daily withdraw/deposits of stablecoins since the price in gas, even then, would outweight the benefits? Two transaction a day, thats at least 10$ for 100$, a 10% loss a day.
@@OphiuchiChannel yes but it also cost arroun d $10 for $10000 ammount
You should definitely make video about Cream Finance as well! Really great project, and if you are into DeFi it is really good. I really like how Cream Finance joined with Yearn finance making Iron bank ! Definitely worth checking out ;)
Dude how tf are people even creating stuff like this.....just amazing
It’s incredible the amount of technology and development
Jesus Christ, a much better explanation than y learn or any docs and medium I found. Thanks a lot.
Thanks, you're welcome!
This one YFI explanation is easy to understand as well cryptotelegram.com/yearn-finance-explained/
@@Finematics check my other comment on this video. there was a spam reply faking like your account and stating a whatsapp number for providing crypto investment advices. Hope everyone will report them.
watch your mouth
There ought to be a liquidity pool that rewards Finematics for the all science he brings to the community
I found the liquidity pool www.patreon.com/finematics (anyone know of a liquidity pool for those who direct people to liquidity pools ?
وقت مردم رابیخودی ازبین میبرید کارتان خوب نیست
ئ
خیلی پول خوردی
@@JN003 مسخرخودتان هستید
Best video I found on YFI. As a French guy, I can understand very well your english. speak slowly, clearly . Super ....
Thanks! :)
Thanks a lot for this channel. We need stuff like this explaining rather than just pumping and hyping
Loving the whole series! Thank you ❤️
This was incredible! Thank you 🙏🏾
went from $49,000 to $78,000 in less than 24 hrs this what ppl wish butcoin could do
doesnt mean anything. check the market cap. it will drop once bitcoin hits highs
This channel has the best explanations! Thank you sir
thanks sir! :)
Thank you for providing such a great content😄👏Hope for more interesting videos are coming soon♥️
Thank you for these videos. Much love all the way from The Bahamas
I have been in crypto since 2016. My brother in law is about to retire at 30 because of YFI and the defi space after 6 months and a home equity loan. He does not do any farming. Just buys and holds the governance tokens of defi protocols he believes in. Tried to get me involved with YFI when it was 1,500. That was 31,690 dollars ago (as of today)...smdh. I am glad I found this channel. Can I just hire you to be my Andre? I can just give you say 3 BTC to start and we can negotiate your commission lol. In any case, job well done. This channel makes me feel more confident to go from my HODL strategy to delving into defi.
When was it at 1,500?
@@truth4099 Late July. Like around the 22nd or 23rd maybe? Don't remember exact date but I do know I thought it was way overvalued at the time. The defi space is very volatile.
M B in matter of couple months this token went to 31k, how is that even possible ? Took bitcoin years just to stable at 11k.
Do you know what make prices rise etc... Is Defi coins completely different from the other crypto’s ?
dude your videos are amazing, I'm binge watching them!
thanks!! binge watching is the way to go :)
It's a Saturday night and binge watching too!!
What a super-informative, clear and accessible video. No hype here - just a good clear explanation. I've been struggling to get my head around Defi - so very helpful. I've subscribed now. Look forward to many more!
Thanks Ben!!
Now you can change your name to Deeply Not Confused.
Great explanation for a complex topic, thank you!
Thanks!
Loved it thank you! Great job your channel is really perfect.
Thank you!
I love this channel. Great work!
Thanks! :)
Amazing content, would love a video on Cake DeFi and their DeFi Chain token!
Simply the best channel about DeFi out there ! Props from France guys.
Thank you!
Keep on man, you have the best tutorial!
Thank you!
nice and clear! thank you!
You're rendering a priceless service to the Crypto community. 💐
I would love a video on Tron network and their version of yeld farming. You have the best content ever !!!!
You are a star! Excellent work
Thank you! 😊
Great explanation. Thank you.
Very nice video. Thank you for the clarity.
You are welcome!
great work! Please do a video on YFValue (YFV) ? Thanks!
Thank you for your tremendous work! 🌈
Thank you for your content ! Just subscribed.
Thanks! :)
excellent work explaining Yearn!
thanks!
Now I understand when it has so much value. Thanks for the clear explanation. I’ve been reading about YFV and how it’s working to be the next big thing. What do you think of YFV and Can you please do a video on YFV. Thanks.
Thanks for your diligent and professional work! Would really love to see a video on Andre's new project Keep3rV1?
Great video, thank you!
A very good explanation.
Thanks!
Another top video. Keep it up mate
Thanks! :)
Good stuff here...thanks
Magnificent!
What a awesome clip!
Thanks!
Timely to understand Yearn Finance.
The most undervalued crypto in the space : Blocknet !
I dont want to shill but nobody knows about it so i make you learn !!
And by the way Cosmos has stolen its Internet of Blockchain spell from Block ;)
Also Binance was stealing and spying !
Thank you for a great video. DeFi is a revolutionary financial technology that I really like. Personally I use PointPay platform. They have a lot of advantages over other projects. First of all you don’t need to pay these crazy fees to withdraw your liquidity. And secondly they have really high interest rates. For example 6.1% APR for BTC and 4.6% APR for ETH. Also the platform is very comfortable and easy to use, so I recommend it to you!
فقط پول می خو رید کارتان هیچ خوب نیست وقت آدم را میگیرد چیزی پخش نمی کنید
Great video! 😊 Very easy to comprehend. Please do one on Wolfage Finance (WEFI). Been hearing some awesome stuff about it
Hey Guy, I really enjoy your channel and your articles and reviews.
I have noticed that SpaceSwap has been going up a lot lately and can't find any recent news related to it, do you know anything about it?. Keep up the great content.
Cheers!
Good job! would be great to see a vid on YFD!
Amazing, informative content. I love your breakdown style and how you make Defi easier to understand.
Keep it up FInematics!
Thanks a lot! :)
absolutely love it
Thanks!!
My question is: Please clarify on why the price appreciation was so high - was it based mainly around the number of signers increasing in order to make it less possible to be manipulated? Is that was caused the buying spree to occur?
Amazing TH-cam channel! Very good explaination. Please create a renVM video as well and blockchain interoperability.
thanks! renVM is on my list :)
I hardly get t but maybe I’m just a bit slow, trying my best to absorb this knowledge 🧠
very helpful thnx
you're welcome!
The catch in all this is that supply key. That's the biggest risk
Very good explanation video, great stuff. I think YFV is up next very open communication and well build, more to come as well.
Pls is YFV related to the YFI token?
@@rabbicircletraders2773 YFII is the unique opportunity, I think, because economics data is similar to YFI (AND NOW HOUBI EXCHANGE LISTED !!!! )
Ok guys so there are many YF cryptos that are going insane in price right now,
YFI is the original and is the bitcoin of defi.
Ive put in higher than the rest but this game is still early on, if this thing hits In the billions ull be able to buy bitcoin for yfi easily! Let’s do this!
The future of finance.
I'd like to see a video on how yearn vaults actually work - where is the deposited ETH, DAI, TUSD etc. going and what are these coins doing to earn such a ridiculous APY; and how often is the interest added to your vault; how and when is the interest converted into your chosen coin (assuming you've earned farmed token).
Did you ever find an answer to this? I'm wondering the same thing.
@@AndyShepard You can easily search for the vault strategy to get to the APY. However, I haven't looked into the smart contract to know the exact parameters when the token converts execute.
Thank u
You're welcome!
great video
Thanks!
Yearn token = Bone token ,y ecosystem = shibaswap...Pretty interesting how Shib token has incorporated the best things from many good coins or tokens
I hold softyearn. But they changed contract.. what to do? Is it poosible to upgrade to Soft yearn v2
That was a very great explanation how this coin works....Thanks.
Glad it was helpful!
Nice video. Thank you. Can you do YFValue
wow.thanka
What do you think about yearn finance diamond tokens?
I didn't understand how the COMP farming made searching for best yield hard and inneficient. Can someone elaborate ?
Cheers
YFI Rules !
i also love yfvalue
Late to this video, but where are the links to the other products you promised?
👍🏼
Any thoughts on YFDAI?
YFII Max Supply is 40,000 therefore similar to YFI token with Max Supply 30,000 .
YEARN came out strong in 2020
Whenever I want to learn about these new DeFi topics I always get so overwhelmed with new concepts and terms... Do you know some "DeFi for Dummies" introductory materials?
You can watch my other video "Decentralized Finance Explained". I don't know any good materials for beginners, but I'll be working on a DeFi 101 course soon! :)
@@Finematics thank you I already did. Such a course would be awesome!
I don’t understand what underlies the value of this system. Who is borrowing these tokens and paying interest? Why are they borrowing? Please explain.
So what is the value or utility of the YFI token besides governance?
Has no value whatsoever. These are 21st century ponzi schemes.
its a great question, do you think its worth 30k+ to have 1/30000th rights in governance?
Good question
Can u explain yearn finance II YFII?
I bough like 10 of them at $750
I love the "wifi" token haha
we have a non anonymous dev...
$YELD and YELD.Finance
#YFIVE FINANCE $YFIVE FINANCE .. LISTING ON FINANCING WITHIN 24 HOURS, DONT WAIT.... RUN!
Where can i invest?
The best place for all the DeFi tokens is always one of the decentralized exchanges such as Uniswap or Balancer
millions sub channel in future!
Thanks!!
I did get YFi while I was a LP on yCurve. But unfortunetly I sold for around 5k. Not to bad but lost it all the upside after that...
what is a depisit or you saying deficit?
People talk about crypto being trustless, well, that's BS,
Belief and trust is THE game in crypto.
It's about the technology that doesn't require trust as you cannot modify once deployed smart contract. It's not always about the price.
YFV is the next one.
The most undervalued crypto in the space : Blocknet !
I dont want to shill but nobody knows about it so i make you learn !!
And by the way Cosmos has stolen its Internet of Blockchain spell from Block ;)
Awesome video definitely explained a lot of unanswered questions for me. Would you consider doing one on Decntr (DEC)? I know a lot of big names are behind that project and I’m curious to know more than my current limited understanding
look the chart of YFII (the fork), in HOUBI... In only 2 week can arrive price to 40k (similar YFI) because max supply is finish ! I think is the unique real opportunity for 10x. Is the unique, because other YFI token don't have a max supply!!
you like my prevision? (only today 120%). Now, LISTED ON BINANCE ! YFII can arrive in only one-two week, to 40k
@@francescogarofalo3191 YFII Max Supply is 40,000 making it almost as rare as YFI token and much rarer than Bitcoin .
@@-Atmos1 now many people of YFI trasfer in YFII for triplicate your gain
I don't know how I miss this.
Make a vidéo for each product of the ecosystem pls
IF yearn protocol could also invest in equity .. it would disrupt the mutual fund industry.
Seen the token go to the moon 2 days ago. Is it to late invest?
I invested 2 days ago at $30k, so far so good
Why cant i convert bitcoin to Yearn on Coinbase?
All the DeFi action is usually happening on decentralized exchanges such as Uniswap or Balancer
@@reycrypto6366 no but you can transfert your btc to binance then swap btc for yfi on binance
@@Imgz I think it will teach 100k by the end of the year or b4
So is THIS the token that kicked off Defi Summer and subsequently the mother of all Bull Runs?
So it's a trading Bot?
30k supply! Bam!!!!
If this is in fact ONLY a governance token then I feel that the equal public distribution model was great and a potential perspective to get a sense of the intrinsic value of token in future could be to view it as an insurance token. Users of the platform that have a greater exposure ( or investment) should have a greater interest in securing its operation, however, users that have more trust in the platform would have less incentive to purchase the ability to improve it.
great video, maybe you can take a look on non custodian BTC exchange nash.io ?
Hello guys.I was surprised at $YFI 🚀🚀🚀pumping so much on #MXC_Exchange❤️❤️❤️ and now just found out popular influencers are reviewing $YFI. I think I need to buy more when it dips again!! 🌕🌕🌕
Look at “Quick Swap token”it’s the new ship to moon from 25$ to 650$ less than a week
Too bad the eth gas fees are so high that it costs you $100+ to get YCRV into YEARN. For a $1000 deposit it will take a month just to break even + future APY and fees are not guaranteed.
Feel your pain. I haven't tried it yet, but I think you can exchange ETH directly to yCrv on Balancer. The yCRV contract usually has to exchange 1 stable coin to multiple ones in correct ratio, wrap them and deposit to the pool. All of these cost a lot of gas.