A little bit about the uncle of the treasure-level collection concept coin (YFI)
These days, I pay a lot of attention to my uncle, and I also want to stock up some YFI symbolically for speculation. In the process of reading the information, I summarized some basic profit points and my views.
What is YFI?
Last July, Yearn.Finance (the platform) launched its governance token YFI. Because this project has no pre-mining, no crowdfunding, and no team rewards, all 30,000 YFI are allocated to community mining, and tokens are allocated among liquidity providers.Bitcoin in the DeFi world, the skyrocketing kingare all synonymous with it.
Although the founder of YFI, Andre, said at the beginning of the launch of YFI"It's a totally worthless token", but in the secondary market, the price of YFI has surpassed Bitcoin. This is equivalent to Andre creating a project with a market value of hundreds of millions in a few months with a one-man team. There is no issue price for this currency, and all coins are mined.
To put it simply: Yearn is an aggregation platform that supports multiple defi loan agreements. It can automatically move positions between the agreements that provide liquidity mining, allowing platform users to obtain higher returns. And YFI is the token of this platform.
Basic situation of YFI's project Yearn.Finance
It is a Dapp deployed on the Ethereum blockchain and is one of the most decentralized projects of the year. It has done two things, one is to aggregate the lending market, and the other is liquidity mining.
Aggregated lending market:
Liquidity mining:
Liquidity mining:
That is, as long as users provide "liquidity", YFI can be dug out. Simply put, as long as you deposit stable coins, you can get YFI. To obtain YFI, the core is to provide manageable assets for the yearn protocol and provide ammunition for him to earn more income. The more stable coins users provide, the greater the value of the yearn protocol. Therefore, the yearn protocol uses YFI mining to attract users to provide more stable currency assets.
However, there are only 30,000 YFI in total. There are three liquidity mining pools, namely yPool on Curve, YFI-DAI pool and YFI-yCRV pool on balancer. Each of the three pools allocates 10,000 YFI.have been dug。
However, as can be seen on the yearn.finance website, the yearn agreement has begun toLeverage trading, market making, liquidationThe field expanded.
To say that it has a bad side is mainly to consider from the perspective of players getting profit opportunities. It is true that YFI is a skyrocketing currency, but if it does not follow up in time and take off in time, then the skyrocketing will bring more regrets than carnival. Due to the small number of YFI and its number is in the hands of a few people, there were not many players who could make a lot of money at that time.
So not long ago, there was its forked token YFII. The emergence of this forked token has brought a wave of good opportunities for those who have lost touch with the YFI currency, and it has also allowed YFII to quickly climb onto the various platforms as soon as it goes online. Large format.
YFI fork
What caused the fork?
At the end of July, some members put forward the YIP 8 proposal to the yearn community, with the goal of increasing the YFI supply of 30,000 tokens, bringing the total number of YFI to 60,000. According to the proposal, new tokens will be distributed through Bitcoin's halving model, reducing the rate of YFI issuance every week to reduce inflation.
While the community has decided to issue a new YFI token (YIP 0) in the future, YIP 8 was rejected. Critics of the proposal said that Bitcoin's deflationary model is not suitable for yearn, and the community needs to establish its own mechanism to combat inflation and issue new tokens.
Shortly after being rejected, the proponents of the proposal decided to initiate a fork and create YFII. In addition to minting new tokens, the developers also implemented Bitcoin’s halving mechanism on YFII. Compared with yearn, there are still some small differences in function.
Possibility of YFII
YFII is a fork of yEarn Finance. Like most forks in the encryption industry, YFII is very similar to the original chain: there is also no pre-mining, no public offering, no private placement, no community quota, no founder reward, and can only be obtained by providing YFII with stablecoin liquidity mining .
The forked token YFII has a strong blood relationship with YFI, the technology is in the same line, and the trading mechanism is also similar, so many people have seen the possibility of skyrocketing from YFII. In addition, the launch of YFII on the Uniswap decentralized exchange has further confirmed that it uses YFI technology, which is independently forked from YFI technology and is a decentralized mobile application of YFI. Therefore, there has been a qualitative improvement in operability, and players' trust in it has also taken a new round of leap.
Many people have given the conclusion that "YFI completed the ten-year journey of Bitcoin in one year". The explosive growth of liquidity mining is obvious to all.
The initial token distribution of the YFI project party is completely realized through liquidity mining, without team pre-mining, and without investment institution shares. This is a highly encrypted token distribution mechanism. At the same time, the capital utilization rate of YFI is very high. Through the governance and voting of DAO, many sources of income have been excavated.
The future development of YFI largely depends on whether Yearn's TVL can continue to grow rapidly in the short term. After all, the increase in the number of real users is the key to driving up the price of the currency. All orders, without a basic consensus, are brought about by asset inflation. The future growth is a vain bubble, which will burst sooner or later. Therefore, YFI speculation is a 50%:50% probability, that is to say, the gap between sudden wealth or sudden loss. So if you want to speculate, you have to look for it before you can get on it, and you can't be blind. I heard that the YFI fork is coming again later, what do you think about it? Anyway, I have more ^^~
