What is YFI
Content
What is YFI?
The Yearn.finance platform joined the yield farming team in 2020 and quickly drew the attention of the fans of DeFi.
The YFI token was created in the summer of 2020. In total, 30,000 coins were issued, but the project creators did not leave a single token for themselves. The cryptocurrency fans who want to get the maximum profit without spending a lot of time studying the DeFi market have become the main investors. At the same time, each lucky owner of YFI can influence the further development of the platform and cryptocurrency since Yearn.finance is a governance token that gives the owner the right to vote. On WhiteBIT, users have an option to trade this asset paired with USDT at a fee of just 0.1%.
How Much Does YFI Cost?
At the start of token sales in July 2020, the price of 1 YFI was about $900. From the first days, the price went up, and a month later, it jumped to the first peak value, exceeding $40,000. Moreover, it was the Yearn.finance token that became the first cryptocurrency, the price of which exceeded the cost of Bitcoin.
In 2021, the price of YFI fluctuated between $20,000 and $40,000 per token, but in May, the crypto hit a new high. The cost of one token exceeded $80,000. However, the peak price did not last even a week, after which the rate returned to the previous price range. It is difficult to predict future price fluctuations, but one can assume that, as long as the DeFi market remains on the rise, the token will maintain a high value.
What Are the Prospects for YFI Coin?
The Yearn.finance platform uses smart contracts to maximize investors’ profits. The creators of YFI rely on regular code audits to protect assets and keep investments safe. At the same time, the company is constantly introducing new features and expanding capabilities to ensure that the token’s value is maintained in the long term.
While yield farming has its detractors, most experienced and novice crypto investors enjoy the benefits of DeFi. In turn, high demand strengthens the position of this crypto in the market.
How to Buy YFI?
The easiest way to buy YFI is to buy it on the Basic Trade page of our exchange. All you need is a WhiteBIT account and a couple of minutes of your time. Make sure you have enough funds to buy YFI on your balance and go to the Basic Trade page. Select the pair you need, then pick the type of order you want. Fill out all the necessary fields and click Buy. Wait for your order to get executed.
To purchase for dollars, rubles, or for other fiat currency, you will need a verified account. The KYC procedure will take some time, but additional options will open up to you, including the purchase of any tokens without restrictions.
FAQ
Use the Basic or PRO Trade page of the exchange to buy YFI.
The main limitation is the amount of the desired crypto in the system. If there are not enough funds in circulation to complete the operation, the WhiteBIT interface will automatically reduce the exchange amount to the maximum possible. When the desired token appears in the system again, you can conduct a second transaction. It is worth noting that WhiteBIT has enough funds even for large transactions.
Like most crypto-farming tokens, YFI has been rapidly gaining at price over the past year. Not without periodic ups and downs. To track information about the crypto exchange rate against the dollar and other tokens, use the WhiteBIT spot or margin trading interface.
