DFI Money (YFII Coin) is a DeFi platform and cryptocurrency that focuses on liquidity provision and automated trading. In fact, YFII Coin is not an original cryptocurrency project and hence has attracted a lot of criticism. Initially known as YFII, the name of the cryptocurrency was later changed to DFI Money. This is believed to be due to the project being a complete copy of Yearn Finance (YFI).
DFI Money, which was created through a hard fork on the YFI network, gained significant attention and a price surge once it was listed on Binance. But what is YFII Coin, and why exactly does DFI Money (YFII) attract such interest?
What is DFI Money?
DFI Money is, in essence, no different from the early days of Yearn Finance. Known as YFII Coin, it serves as the governance token of the DFI.Money platform. At launch, YFII Coin traded at laughably low prices around 5 dollars, but it skyrocketed to a record high of 9,800 dollars.
Unfortunately, the day when ‘What is YFII Coin?’ searches peaked on Google was also the day the price peaked. Following that, YFII Coin experienced a sharp decline, falling below 3,000 dollars. As of the writing of this article, DFI Money YFII Coin is trading at around 4,000 dollars and is known to still have a serious investor base.
DFI Money Review
So, is DFI Money a buy right now or for the long term? Being a direct copy of YFI is actually a significant disadvantage. Investors, seeking similar profit margins, may turn to YFI, a project with more solid foundations. Besides its Binance listing, DFI Money has not made significant news lately, which is definitely a factor to consider.
However, DFI Money offers yield farming opportunities to its users through liquidity agreements with leading DeFi protocols like Aave, Compound, and Uniswap. Users selecting CRV, BAL, UNI, COMP, and LEND pools for Yield Farming can earn YFII in return.
Additionally, the listing of YFII on Binance is also seen as an important development.
Where to Buy DFI Money?
So where can one easily purchase DFI Money?
YFI can be easily purchased through the following steps on Binance:
- To buy YFI, first you need to deposit USD balance into the exchange or purchase a cryptocurrency that can be used instead. For this, first go to the Binance homepage, click on the “Buy Crypto” option in the upper left corner, then click on the “Credit/Bank Card” tab.
- In the tab that opens, select how much USD you want to trade with, and mark Tether i.e. USDT in the Coin section.
- After purchasing USDT, preview the “Buy-Sell” option in the upper left again and click on the “Classic” tab.
- In the section that opens, select the USDT tab from the top right, type YFI in the search button and select the YFI /USDT pair that opens below.
- Then go to the “BUY YFI” tab in the middle, enter the amount you want to buy.
- Enter the desired amount and complete the YFI purchase process by confirming the transaction.
