Yearn is still actively innovating at the furthest fringes of DeFi, with collaborations with other protocols like Sushiswap, Akropolis, Pickle and Cream churning out different hues of financial solutions for the ecosystem. Because of its simplicity and friendly UX, Yearn has been able to reach a billion-dollar of assets under management with its early users reaping in mind-blowing APY returns with percentages in the thousands for lending their funds and providing liquidity to certain pools. Yearn has added other solutions like Yearn Vaults, which leverages multiple protocols and strategies-and not just lending-to help maximize yields, even for users who do not have the technical capability to understand all of DeFi.
So he moved the coins between various platforms.īut in his words: “This quickly became tedious, so I wrote some solidity to move it for me.” In other words, he wrote a smart contract to help him.Īndre’s solution allows users to automatically switch and redirect their funds between different lending protocols like Aave and Compound to gain the most yields at any time. In an interview, he explains he wanted to maximize the yield he was receiving on his funds. Yearn began as a problem Andre wanted to solve for himself. What it does is it automatically moves your deposited funds of stablecoins like DAI, USDT and USDC between different lending protocols to optimize their yields. Yearn Finance ExplainedĪt its heart, Yearn is an experimental, decentralized yield aggregator or yield bouncer platform.
Yearn finance yfi code#
Already known for his influential code reviews on the Medium platform, Andre is somewhat of a cult personality and his projects are always pushing the boundaries of DeFi. Andre has many other DeFi projects to his name including: Eminence, Keeper Network, DeriSwap, Fantom and Fusion. It’s formerly known as iEarn, and was single-handedly created by crypto’s legendary DeFi architect, also known as the “Father of DeFi”, Andre Cronje. At one point it was the hottest project in town, and Yearn’s token $YFI made headlines for beating Bitcoin with an all-time high of around $43,000 on when Bitcoin was around $10,500. YeeFI, WiFi or Wifey? When you think of DeFi, one project that surely captures the entire movement, in essence, is Yearn. What is Yearn Finance? YFI Token and Yearn Finance Explained 2021
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