yEarn promises to be the best when it comes to giving profits from yield farming because it has a strategy that is not just good but also void of human errors because it is automated. It gets most of its liquidity from DeFi lending companies.
yEarn’s liquidity pools include yearn.finance and Curve’s Y pool . On Curve’s Y pool, lenders can give USDT and three other stablecoins so that yEarn will use it for the BUSD curve pool. Lenders are assured of their interest when they get the yToken.
Contributors to yEarn can earn its governance token known as YFI. You can get YFI when you stake your proof of liquidity. YFI is of those cryptoassets whose total supply was not determined before its launch. It also has the record of not organizing any offering before its launch.
The man behind the existence of yEarn is Andre Cronje and the project was deemed successful in February 2020. Andre Cronje did not start a coin offering for yEarn but instead focused on making software for his use.
Andre is known for not using a testnet while building a contract and it doesn’t bother him if he loses money in the process since making mistakes is part of learning.
It has been long since Andre stopped controlling yEarn but handed it over to its community. To further give them rights over the protocol, he created the YFI token for governance left everything about it to them including its mining.
To know more about yEarn, visit the governance forum
Reasons to choose yEarn
yEarn is ideal for those that want to earn from yield farming in a very easy way. yEarn also intends to introduce new pools with the overall aim of making users happier.
You don’t need to be so active on yEarn to get the best of it. So long as you participate by contributing to one or more of its pools, you can earn like in other businesses but with an advantage of avoiding the cost of running a plant.
Increasing your YFI
The YFI token has gained a lot of investors’ attraction lately. Many of them have been asking questions about how they can stake some proof of liquidity on any of the approved finance pools so that they can also get some YFIs. Presently, only ten thousand YFIs can be accommodated in a pool until the community decides otherwise by voting but that can only happen when all the pools are full.
Do not forget that YFI yield farming has been the most complex topic to discuss among DeFi users till today and its risks are also one of the highest.
If you are interested in farming YFI, get the step by step guide from DeFi Dad as he starts with the evolution of DeFi to clearly illustrate what yield farming is all about as well as exchanges to benefit from.
How to use yearn.finance
To benefit from yEarn, the first thing to do is visit yearn.finance. On the site, one can choose to benefit from any of the available products.
The product called “Earn” is the most sought after among others and has made yEarn to be popular. It is one of the best sellers because of the profits it yields.
With Zap, a user can easily migrate to Curve Finance to benefit from stablecoin lending which include DAI, TUSD, USDC, and USDT. You won’t be left in the dark regarding the interest rate for yEarn and with the APY given to you, you will be able to compare it with other protocols.
Cover gives insurance to users in partnership with Opyn. With Pool, one is assured of rapid exchange among the four stablecoins such that there is little or no loss of money during transaction.
A web3 wallet is needed to start using “Earn”
After this, the user will see trading pairs to start working with. For instance, when DAI pops up, the user is expected to decide on how much of it he is willing to deposit into the lending pool.
If the user finally decides to deposit DAI, he will get yDAI in return which is a way of yEarn acknowledging that the depositor has become eligible for earning interest. The yDAI can also be lent to Curve for extra profits.
People hoping to earn from stablecoins can safely choose yEarn and there are lots of other assets from Ethereum to be added soon.
Be a part of it
To be up to date with yEarn, join the Twitter community and never miss an event.