YFI Coin, the native token of the Decentralized Finance Yearn Finance (YFI) platform has eclipsed Bitcoin’s value and posted a new all-time high of $38,655 (around 3.2BTC).
YFI coin soared by 17% in the last 24 hours from around $26k to $38K, reaching a new time high providing rapid returns for its investors.
The Decentralized Finance (DeFi) project of Yearn Finance was officially released around the 17th of July by Andre Cronje, YFI coin was trading for around 7k. The DeFi platform aggregates lending services such as Aave, Compound, DyDx and Fulcrum in a bid to simplify the process of Yield Farming.
YFI platform allows users to to provide funds to vaults, which automatically rotate them between dydx, Aave and Compound lending protocols, in search of the best yield. The entire process is managed by a smart contract and is fully automated.
The yield providers earn profits for staking their funds, as well as acquiring YFI tokens. This allows them to participate in governance and vote on important parameter changes. It can also be sold on exchanges for profit. The total supply is capped at 30,000 YFI tokens.
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