Yearn Finance (YFI) is the cryptocurrency unit of the Yearn Finance protocol, which has a liquidity pool system. Launched by Andre Cronje at a value of 0 dollars, Yearn. finance coin definitely stands among the most curious and followed cryptocurrencies of recent times. The YFI Coin caught particularly significant attention with its Binance listing.
So what is YFI Token, and how did it achieve a Binance listing in such a short period?
What is Yearn Finance Coin?
The clearest answer to the question “What is YFI Coin?” seems to be that the YFI Token is a cryptocurrency used to invest in other DeFi projects. Those who own YFI Token provide liquidity to the pool using this protocol and in return, gain access to the network’s governance token, Yearn.finance Coin.
Yearn Finance tells users exactly which project to invest in and what interest or return they will receive. This enables automatic management of factors such as transaction fee calculations, interest income calculations, and annual return rate calculations. It serves as a protocol not only for calculation processes but also for investing in other DeFi projects.
The possibility to invest in almost all leading DeFi projects through it, as one might expect, led to an increase in questions like “What is Yearnfinance?” Even though the answer to what is Yearnfinance is above, it is possible to read below for hints about whether the price increase will continue.
Opinions on YFI Coin
Looking at the comments on YFI Coin, it appears to have become one of the favorite projects of many analysts by achieving a 400% increase in just 30 days. Although YFI attained a significant part of this rise in a single day with its Binance listing, as of the writing of this article, it reached a unit price of 17,710 dollars not solely by this listing.
YFI being a DeFi-based project and almost seen as the backbone of this sector contributed to the rise of YFI Token. This shifts the focus from the question “What is YFI Coin?” to “Where to Buy Yearn Finance?”
Purchasing Yearn Finance
YFI Coin can be easily purchased through Binance.
- Firstly, to buy YFI Coin, you need to deposit USD balance to the exchange or buy a cryptocurrency that can be used instead. To do this, first go to the Binance homepage, click on the “Buy Crypto” option at the top left, and select the “Credit/Bank Card” tab.
- In the opened tab, choose how much USD you want to trade, and mark Tether, that is, USDT, in the Coin section.
- After purchasing USDT, again preview the “Buy-Sell” option at the top left and click on the “Classic” tab.
- In the opened section, select the USDT tab at the top right, enter YFI in the search button, and choose the opened YFI /USDT pair 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 buying process by confirming the transaction.
Acquiring YFI, which has surpassed the unit price of Bitcoin, is both easy and faster than ever with Binance.
