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What is YFI coin? What is YFI coin
As a governance token, Yearn Finance's YFI empowers holders with voting rights, passive income, and potential value appreciation through its limited supply.
Oct 09, 2024 at 07:00 am
What is YFI Coin?
1. Definition:
YFI (Yearn Finance) coin is the governance token of the Yearn Finance decentralized finance (DeFi) protocol. It grants holders voting rights on protocol changes and a share of the protocol's fees.
2. How does YFI work?
a. Governance: YFI holders can vote on governance proposals that determine the future of the Yearn Finance protocol, including changes to strategies, fee structures, and new integrations.
b. Fees: A portion of the fees generated by the protocol's lending and yield-farming services is distributed to YFI holders, providing them with passive income.
3. Key Features:
- Limited supply: Only 36,666 YFI coins exist, making the token scarce and potentially valuable.
- Community-driven: The YFI community is actively involved in the governance process and decision-making.
- Cross-chain compatibility: YFI is an ERC-20 token that can be stored on Ethereum-compatible wallets.
4. Benefits of Holding YFI:
- Governance power: Participate in the decision-making process of the Yearn Finance protocol.
- Passive income: Earn fees from the protocol's operations.
- Scarcity premium: Potential for value appreciation due to the limited supply.
5. Summary:
YFI coin is the governance token of the Yearn Finance DeFi protocol, granting holders voting rights, a share of protocol fees, and potential value appreciation due to its scarcity.
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