Welcome to our Yearn.Finance Review!
There has been some buzz about this company so we decided to investigate what it was all about…
Some say it’s a scam while others Yearn.Finance reviews are saying legit so which one is it?
The good news is we are going to walk you through the company, products and compensation plan so you can make the right decision.
Let’s dig in this Yearn.Finance review…
YEARN.FINANCE: $1 BILLION IN 2 MONTHS
YFI, Yearn.Finance’s native governance token, is currently the second-largest decentralized finance (DeFi) coin in the cryptocurrency world. Its market capitalization exceeded $1.1 billion approximately one and a half months after inception.
There are four main factors that contributed to the impressive success of Yearn.Finance. They include:
- Its unique supply
- A active and engaged community
- Innovative products
- A well-respected developer
UNIQUE SUPPLY, DECENTRALIZED, NO PRE-MINE
The processes involved in the launch of Yearn.Finance gained the attention of quite a large number of DeFi enthusiasts since the early stages.
The main developer behind this Etherum’s DeFi darling is Andrew Cronje. He rebranded and re-launched with a suite of products. He then released YFI with a fixed supply of 30,000 tokens, no founder-reward, and no premine.
The uniqueness of this DeFi protocol stems from its decentralized and transparent launch, in addition to the fact that YFI token holders are giving all governance rights.
According to Daryl Lau, a contributor to Deribit Insights, Andre Cronje made a decision to create a $YFI token, and ultimately transfer control of the entirety of Yearn.Finance suite of tools. He further went on to say that even though Andre could have gifted himself a premine, also known as founder reward, the developer elected to keep no tokens for himself.
Another intriguing part behind YFI is its token. YFI has a fixed supply of just 30,000, which resulted in the price of a single token exceeding the price of one Bitcoin. In terms of market capitalization though, Bitcoin with a market capitalization of $216 Billion, far exceeds the market capitalization of YFI with a market capitalization on $1.2 Billion – despite the price of one token being $38,300.
RESPECTED DEVELOPER, IMPRESSIVE SHIPPING SPEED
Despite not receiving any major financial incentives from the launch of YFI, Andre Cronje has consistently introduced new DeFi-related products to the public. For example, Yearn.Finance announced its most recent product, Yinsure.Finance. This new product provides insurance coverage to all DeFi users.
Furthermore, Andre collaborated with top executives and developers in the industry to take things that one step further. He hinted acollaboration between himself and Sam Bankman-Fried, CEO of FTX and Alameda Research. FTX is one of the biggest derivatives exchanges in the cryptocurrency sector while Alameda Research is a cryptocurrency trading firm and OTC desk.
Andre further confirmed this potential collaboration by saying “Guess the cat is out of the bag,” but told the public that it will not be something coming out soon, so as to keep the expectations under control.
The combination of a uniquely low supply model, its transparent launch, and a consistent active developer ultimately led to the evolution of Yearn.Finance into one of the largest DeFi protocols spanning numerous metrics.
According to data gotten from DefiPulse, Yearn.Finance protocol is responsible for more than $790 million in total value. It trails behind Maker, Synthetix, and Aave.
Aaron and Shara What Do You Suggest?
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