Where yearn.finance (YFI) is Accepted Locally and Globally
YFI is the token of yearn.finance, which automates yield earning in Defi, which amazingly was once worth more than Bitcoin itself. Having reached a top 100 CoinMarketCap ranking and a stratospheric price, the token itself (or little bits of it) is accepted by some real-world businesses as payment via the crypto payment processor, NowPayments.
Who accepts YFI…
Are you an Entrepreneur, freelancer, or manager of a business accepting cryptocurrency?
Should you buy YFI?
The YFI token itself is a governance token, you don’t need to buy it to use yearn.finance which is a pretty exciting passive income opportunity. You just deposit crypto into “vaults” and then enjoy high-interest yields from their algorithmic Defi mechanism. You can Earn 114% more in weekly fees staking with yearn according to their website. But, fair warning, you should really know what you’re doing with Defi before using yearn.finance, there are ways to lose money with it…
Researching yearn.finance, I kept thinking, this sort of looks like a too good to be true thing — “You give us your money and you’ll get paid fantastic interest rates thanks to our super-smart trading algorithm!” But notably, yearn.finance’s founder Andre Cronje distributed the governance token (YFI) to users in a true “fair launch” with no ICO, pre-mine, founders’ allocation, or developer team rewards — that’s not something a scammer would do.
Some bad news, it suffered a hack in 2021 that left investors yearning for over $11 million worth of deposits made. But audits of its open-source code have restored confidence in yearn.finance as indicated by YFI’s astronomical token price.
About yearn.finance
The larger Yearn Finance grows, the more revenue goes to the YFI token holders, and the more demand there will be for YFI. But with a fixed 30,000 supply getting properly involved may soon become an option just for whales. As the central piece of the rapidly expanding Yearn Finance ecosystem, the YFI token is possibly the investment of the century.
From cryptotelegram.com
