What is yearn.finance (YFI) and how to get an instant YFI loan
Amidst all the wonderful decentralized finance (DeFi) applications out there, yearn.finance has made a big name for itself due to its ability to let users optimize their earnings on cryptocurrencies through various lending and trading features. Built on a group of protocols that run on the Ethereum blockchain, yearn.finance publishes its services using only complex code. Hence, there is no need for an intermediary financial institution like a custodian or bank. To enhance this, yearn.finance built a system of automated incentives around its native cryptocurrency, YFI.
Users can earn YFI tokens by locking in their cryptocurrencies inside yearn.finance smart contracts. Therefore, yearn.finance capitalizes on this event commonly called “yield farming.” When users lock up their crypto assets in a DeFi protocol like yield.finance, they earn cryptocurrency. The more assets that a user locks in the platform, the more tokens they are awarded by the protocols.
Yearn.finance was created by Andre Cronje in 2020, an independent developer. The project received no funding from the start nor did Cronje reserve any tokens for himself before yearn.finance launched, making it an extremely rare case amongst other DeFi projects.
Pros and Cons of yearn.finance (YFI)
- Community governance
- Significant returns on investment
- YFI is flexible with any Ethereum wallet
- YFI has enjoyed nice uptrends since the issuance
- The platform can be difficult to use for newcomers
- Potential risks to holding crypto there
- Not much information about the core team
How to get an instant YFI loan
If you are a passionate YFI holder, then the odds are you have no intention of selling your YFI anytime soon. That’s ok though. Everyone needs money and that’s where YouHodler comes in. Eliminate the need to sell your YFI for cash. Instead, use it as collateral for an instant cryptocurrency loan! That way, you don’t have to miss out on any future growth from YFI while still using the value of YFI for whatever you need cash for.
Getting a loan on YouHodler is easy. Simply deposit YFI, choose a loan plan, and get your cash all within minutes. We don’t require any credit checks or mountains of paperwork. It’s really as easy as one, two, three.
Multiply YFI with Multi HODL
YFI is also available to use in YouHodler’s innovative Multi HODL tool. This tool helps you multiply YFI up to x30. Powered by an automated crypto loan engine, Multi HODL lends you money to either buy or sell more YFI depending on which market the direction is moving. This is a fantastic tool to help you multiply crypto in both bull and bear markets. Give it a try today!
It's worth trying! Forget selling your
with instant crypto backed loans on YouHodler
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