What is yearn Finance and how does the YFI coin work?

Yearn finance: what is it and how does the YFI coin work? Yearn.finance is a decentralized ecosystem that uses external DeFi lending services to optimize its loans and has its own coin called YFI. There are several DeFi protocols that allow lending and borrowing tokens, and each offers different yields and interest rates.

What is yearn Finance and how does it work?

What is Yearn Finance? Yearn Finance is a cryptocurrency, and its coins are referred to as YFIs. It’s also a decentralised currency - which is a very complex notion, but essentially aims to disrupt the finance world to enable people to follow and lend in peer-to-peer networks, without needing a bank.

Is yearn finance the next bitcoin success story?

LIKE Shiba Inu and Bonfire, Yearn Finance is the latest cryptocurrency to hit the market. It's recent arrival comes as a flurry of new coins have boomed in value recently, battling to become the next Bitcoin success story. But be warned: buying cryptocurrencies is a very risky business.

What is the yearn finance protocol?

The Yearn Finance protocol started under the name of iEarn and it was built single-handedly by Andre Cronje. The protocol suffered an attack in 2020, which led to the founder taking time off the platform following an outcry from the project’s community. This attack basically exploited the fact that Cronje tests his software in a “live” environment.