Therefore, a clear interface for simple user experience was created to cater to the needs of those who are not technically savvy to understand all nuances of the DeFi crypto-industry. The founder of the project believes that the sphere has become so complicated that the average person doesn’t understand it and doesn’t know how to interact with it. YEarn.finance was launched with one simple goal to make profitable investing easy for users. His reviews written for Crypto Briefing contributed to his popularity. He also worked closely with the teams of Curve Finance and Aave projects. By that time, he was a well-known person in the crypto community as he often published his in-depth code reviews on Medium. When Andre Cronje created a programming code that enabled switching between different DeFi protocols, to deliver the highest yield to the investor, he decided to make it public. He borrowed 20k USD on his house to finish the project. Its creator Andre Cronje spent 42,467 USD on its development and double that sum on hosting and audits. YEarn.finance started as a hobby project. At this, creators of the project warned all members of the ecosystem that there was no ICO or pre-mine, and the tokens have no value. YFI is the token of the project that was launched on July 17, 2020. yEarn.finance is an ecosystem relying on DeFi lending protocols to maximize APY (annual percentage yields) for its users. It was made to alleviate popular DeFi protocols for non-savvy users and provide the largest profit to the holders of cryptocurrencies. The more assets users lock in a platform, the more tokens they are awarded by the is a DeFi lending protocol built on Ethereum. Additionally, yearn.finance capitalizes on a practice commonly called “yield farming,” in which users lock up crypto assets in a DeFi protocol to earn more cryptocurrency. The yearn.finance system retains $500,000 of fees and distributes the rest to YFI holders. Users who hold YFI can receive revenue collected by the protocol in the form of fees. YFI is also used to encourage users to lock cryptocurrencies in yearn.finance and its contracts running on Balancer and Curve. YFI has an initial fixed supply of 30,000 tokens (which could increase if YFI holders elect to do so). Anyone on the platform can propose, but only YFI holders may vote on it. To be enacted in yearn.finance’s code, a proposal needs more than 50% of the votes. Anyone who holds YFI tokens can vote on the rules users must follow when using yearn.finance. YFI in practice YFI is the cryptocurrency that governs the yearn.finance platform. Due to its governance model, these percentages are subject to change by consensus at any time. Yearn.finance makes a profit by charging withdrawal fees as well as 5% gas subsidization fees. The platform makes use of various tools to act as an aggregator for DeFi protocols such as Curve, Compound and Aave, to bring those who stake cryptocurrency the highest yield possible. One of the aims of yearn.finance is to simplify DeFi investment and activities such as yield farming for the broader investor sector. Cronje has a long career in cryptocurrency and has held positions at smart contract ecosystem Fantom and CryptoBriefing. A brief history Yearn.finance was launched by independent developer Andre Cronje in 2020.
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