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yearn.finance / US Dollar Chart, YFI/USD ()
Yearn.finance is a DeFi platform based on the Ethereum blockchain. It is designed to manage assets and automate yield farming. Currently, it is represented by a set of four operating services and tools:
- Vaults — fund pools that automatically generate yield according to market possibilities. They are useful for socialising gas expenses, automating rebalancing and yield generation, and moving funds for the best value.
- Earn — loan aggregator that automatically moves users’ funds among protocols Aave, Compound, and dYdX according to changes in their interest rates. Investors deposit assets to the aggregator that optimises interest accrual so they always get a high rate of interest.
- Zap — a tool for switching between liquidity pools available on Curve.fi. The pools benefit from loan aggregators and receive a commission for users’ trading activities by providing liquidity on Curve.fi.
- yInsure (or Cover) — insurance service that covers users’ financial losses caused by issues in other smart contracts and protocols on Ethereum. Nexus Mutual provides a guarantee.
The team is already testing new services: yBorrow, yLiquidate, ySwap, yTrade, and StableCredit. Yearn strives to simplify making money for investors who lack technical thinking.
Iearn-Yearn project history
Establishment: January 2020, Cape Town (South Africa).
Founder: DeFi architect Andre Cronje.
Previous experience: Mr Cronje is known as the chief code reviewer in CryptoBriefing and a technical adviser in Fantom Foundation (he is still involved in these projects). He has also worked with blockchains in FUSION Foundation, Lemniscap, Kosmos Capital, CryptoCurve, Aggero, BitDiem, and Freedom Life.
Organisation: DAO of the same name managed by a community (of token holders).
Public launch: January 2020, name — iearn.
Relaunch and rebranding: July 2020, new name — yearn.
Investment in the project
The project did not receive investment from financial institutions and did not conduct a token sale. It is only known that two investment firms have added substantial sums of tokens to their portfolios. Polychain Capital bought 329 YFI (~ $2.8 million), and Three Arrows Capital — 135 YFI (~ $1.1 million).
Yearn.finance cryptocurrency aspects
YFI is a utility token to govern Yearn and receive a portion of commissions. Those who provided an integrated pool with liquidity received it as a reward. By holding YFI tokens, these active participants now control the platform, make proposals, and vote for them.
Proposals compliant with a quorum call (over 20% of tokens put out in a governance contract) and supported by the majority (over 50% votes) are implemented by the wallet with multi signatures from nine members. Whereas six signatures are enough to implement changes.
All Yearn services charge a commission for withdrawals — 0.5%. Various obtained tokens are collected in the Treasury Vault. It is used to cover operating expenses: developers’ work, grants, audits, contract deployment, and Ethereum’s gas. When the reserve exceeds an equivalent amount of $500 thousand, the entire surplus is distributed among participants who hold their YFI in the governance contract.
Yearn.finance (YFI) is a token of Ethereum’s ERC-20 standard. Mr Cronje said that he had created a useless token with zero financial value.
YFI token issue
During the July relaunch (under the name Yearn), developers created a token but did not issue it. They did not even make provisions for themselves. At the same time, they set the limit at 30,000 YFI. It can be potentially increased but only if such a proposal is accepted. As of November 2020, there are 29,967 YFI in circulation.
Initially, Mr Cronje had personally issued tokens for those who earned them by providing liquidity. Later, he had retired from the responsibility and delegated it to nine community members who had been elected by YFI holders.
Yearn.finance price dynamics
Exchanges started listing the token on 20 July 2020 at 1118.17 USD. The next day, the price dropped and set an all-time low at 906.71 USD. However, on 28 July, it crossed the threshold of 3500 USD and did not go lower anymore.
Further YFI price change in 2020
Let’s list only uptrends and downtrends with price extremes that are noticeable on the 2020 yearn.finance chart:
- 📈 Rise from 9 to 10 August: 4087.23 USD ⤴ 6263.32 USD.
- 📈 Rise from 15 to 21 August: 5031.23 USD ⤴ 15,362.53 USD.
- 📈 Rise from 28 August to 1 September: 14,216.83 USD ⤴ 34,900.77 USD.
- 📉 Fall from 2 to 6 September: 32,052.29 USD ⤵ 22,093.13 USD.
- 📈 Rise from 9 to 13 September: 22,340.61 USD ⤴ 43,274.41 USD — an all-time high.
- 📉 Fall from 15 to 24 September: 39,638.56 USD ⤵ 21,557.24 USD.
- 📈 Rise from 25 to 27 September: 25,134.16 USD ⤴ 31,661.40 USD.
- 📉 Fall from 28 September to 8 October: 30,561.23 USD ⤵ 14,899.79 USD.
- 📉 Fall from 10 to 30 October: 18,171.18 USD ⤵ 10,832.95 USD.
Yearn.finance predictions for 2020-2021 and prospects
In spite of yearn.finance operating on Ethereum, the YFI token does not correlate with the ETH coin at all. The chart below shows how the YFI price (green line) always diverges from the ether:
Taking into account this particularity, the price movement should be predicted depending on overall market trends, for example, when ETH and BTC simultaneously experience a sharp rise or drop. Token’s prospects are also affected by an increase in asset volumes that users lend and borrow. These indicators can be monitored on a separate project’s website: https://stats.finance/yearn
Besides, YFI can get more expensive when new services, which are currently tested, will be launched: yBorrow, yLiquidate, ySwap, yTrade, and StableCredit.
There is no official roadmap on the project’s website. The team publishes news only on the Medium blog. Thus, let’s compile our roadmap to analyse events that have affected the yearn.finance price and probably have a chance to influence it in the future:
- 26 January 2020: iearn.finance launch.
- 15 July 2020: relaunch as yearn.finance.
- 16 July 2020: launch of services ytrade, yliquidate, yleverage, ypool, and yswap.
- 17 July 2020: creation of a pool and a token (with zero issuance just yet).
- 24 July 2020: the yearn v2 release.
- 17 August 2020: launch of the yinsure prototype.
- 29 August 2020: creation of a new tool — Delegated Funding DAO Vaults.
- 10 September 2020: launch of the StableCredit protocol.