Article Summary, Automatically Generated By AI
Summary of DFI.MONEY (YFII)
Overview
- DFI.MONEY is a decentralized finance (DeFi) aggregator platform and a fork of yearn.finance (YFI).
- Launched in July 2020, it aims to optimize returns for DeFi investors.
Founders
- DFI.MONEY originated as a hard fork of yearn.finance, created by Andre Cronje.
Uniqueness
- DFI.MONEY fulfills the same role as yearn.finance, with different protocol rules and new features.
- It appeals to users who voted in favor
About DFI.Money: Unlocking the Power of Decentralized Finance
Introducing DFI.MONEY (YFII): A Comprehensive Overview
DFI.MONEY, also known as YFII, is a fork of the esteemed decentralized finance (DeFi) aggregator platform yearn.finance (YFI), a prominent player in the digital asset space.
Launched in July 2020, this innovative platform is designed to maximize returns for DeFi investors, while seamlessly integrating the proposed changes outlined in the YIP-8 upgrade plan.
Beyond protocol enhancements, DFI.MONEY has unveiled a suite of innovative offerings, prominently featuring the Vault, touted as its flagship “killer product.”
The native token of DFI.MONEY is YFII, a token with a fixed supply, which liquidity providers can earn in proportion to their network engagement.
The Visionaries Behind DFI.MONEY: Meet the Founders
DFI.MONEY emerged as a hard fork of yearn.finance, the pioneering aggregator of decentralized finance returns conceived by the visionary Andre Cronje.
In early 2020, Cronje departed from the initial iteration of yearn.finance, then known as iEarn, only to return and resume its development, which subsequently led to a significant surge in popularity as DeFi gained widespread acceptance.
In July 2020, the mining and farming of yearn.finance’s YFI token came to a close, and a proposal aimed at shielding liquidity provision from the influence of whales garnered an overwhelming 80% approval rate among protocol participants. However, it ultimately failed to gain traction, as it fell short of yearn.finance’s requisite 33% quorum threshold.
Consequently, a faction of users decided to implement a hard fork of the protocol, thereby giving rise to DFI.MONEY, accompanied by its proprietary token, YFII.
The hard fork successfully implemented the proposal, dubbed YIP-8, which introduces a gradual reduction in YFII rewards on a weekly basis, mirroring the paradigm pioneered by Bitcoin (BTC).
Unveiling the Unparalleled Excellence of DFI.MONEY
DFI.MONEY essentially assumes a parallel role to yearn.finance in the DeFi marketplace, albeit with distinct protocol rules governing its token and introducing novel features.
Its appeal is thus targeted at users of its predecessor who endorsed YIP-8, as well as novice DeFi investors seeking to optimize returns through liquidity provision.
According to DFI.MONEY’s website, its protocol operates on a community-owned model, eschewing commercial incentives, including developer rewards, as a matter of principle.
Users can participate in one or both of two distinct liquidity pools, featuring Curve (CRV) and Balancer (BAL), respectively, and receive YFII tokens as a reward for their provision of liquidity.
DFI.MONEY has unveiled a groundbreaking innovation, the Vault, designed to optimize returns on tokens by automatically executing user-submitted strategies, thereby eliminating the need for manual transaction setup by users themselves.
The Circulating Supply of DFI.MONEY (YFII) Coins: An Overview
YFII is an ERC-20 standard token boasting a fixed supply of 40,000 units, with a distinct characteristic of having no premine, presale, or developer-allocated tokens deducted from the total supply, as outlined and ratified in YIP-8.
DFI.MONEY asserts that the sole means of acquiring YFII is by furnishing liquidity to the protocol. Tokens are allocated in proportion to liquidity provision, with rewards diminishing on a weekly basis. Initially, each of the two liquidity pools boasted an allocation of 20,000 YFII.
A definitive timeline reveals that the token distribution process was successfully concluded 10 weeks after its inception, culminating at the end of September 2020.
The DFI.MONEY Network’s Robust Security Framework
DFI.MONEY asserts that YFII boasts a capped supply of 40,000 tokens, impervious to manipulation by developers.
This was made possible by transmitting keys that enable the minting of new tokens to a so-called “blackhole” address, thereby rendering access to them irretrievably lost.
Developers have publicly disclosed links to the transactions, thereby verifying the transfer of keys to the black hole.
Where to Acquire DFI.MONEY (YFII): A Comprehensive Guide
Since its inception, YFII has emerged as a highly sought-after trading token. As of October 2020, it has garnered widespread availability across multiple prominent exchanges, boasting an array of trading pairs that encompass cryptocurrencies, stablecoins, and other DeFi tokens.
Notably, Binance, OKEx, and Huobi Global are among the top exchanges boasting the highest YFII trading volumes.
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