Yearn Finance is a platform that belongs to the crypto category of DeFi or decentralized finance.
Yearn Finance was launched in July 2020 by André Cronje, a well-known figure in the DeFi field.
Yearn Finance is a tool that enables users tooptimize their DeFi investments.
The platform runs on the Ethereum blockchain.
DeFi features numerous protocols for earning passive income.
These protocols are known as decentralized because they use smart contracts to manage transactions, thus avoiding the need for intermediaries such as a bank, for example.
When you place your money with Yearn Finance, the platform takes care of finding you the DeFi products (from the Ethereum blockchain) that offer the best returns.
Yearn Finance acts as a sort of “DeFi broker”.
The platform offers a range of products, including :
- veYFI to participate in governance ;
- yCRV, which enables any swap of tokens (belonging to the yCRV ecosystem) to be carried out in a single operation to optimize the cost of the operation;
- yETH and yPRISMA for staking and farming;
- Vaults, which brings together investment strategies to benefit from the highest available DeFi income;
- yBRIBES to buy or sell voting rights.
YFI is an ERC-20 token, the native token of the Yearn Finance platform.
It also enables participation in the protocol’s governance.
You can consult the Yearn Finance course.