BTSE welcomes the Yearn token (YFI) to its expanding suite of digital asset offerings, part of the exchange’s commitment to making high-quality listings available to its growing user base. Listing YFI, the governance token of Yearn Finance, is yet another step forward given BTSE’s goal of bringing greater efficiency, stability and liquidity to the crypto space. Some of the latest crypto assets listed on the exchange recently include Franklin token (FLy), Huobi (HT), and LINK (LN).
BTSE users can now tap into the Yearn Finance ecosystem developed to enhance the value for crypto enthusiasts. The DeFi protocol rewards holders with tokens that can sustain value more than most other DeFi tokens.
Yearn Finance comprises a group of protocols built on the Ethereum network that allow crypto users to optimize earnings through trading and lending services.
Launched in mid-2020, Yearn Finance has quickly made a name for itself as a leading platform for DeFi users looking to earn passive returns on their crypto holdings.
Many in the crypto sector view the protocol as the Robo-adviser for yield farming in DeFi. YFI token made headlines in Feb 2021, when its price crossed the $50,000 mark, beating Bitcoin to that milestone.
Astonishing price jumps
YFI price gains first occurred when New York-based crypto management giant Grayscale Investments registered for a prospective Yearn Finance Trust, prompting many speculative traders to raise their bids for the token. Total value locked (TVL) in the Yearn ecosystem surpassed the $2 billion mark in Q1 of 2021.
A recent Q2 report from the Yearn Finance revealed some impressive earnings of nearly $5 million in Q1 this year. These outstanding profits are 30% more than the protocol earned all of last year.
Most of the gains came from Yearn Finance’s yVault product line, which employs strategies to automate the best staking and yield farming opportunities available in the DeFi landscape. yVaults are simply strategies that involve maximising profits from lending and staking assets in vaults. The vaults work more like how the Yearn protocol works, but with more innovative ways to earn massive profits.
DappRadar shows that Yearn Finance currency boasts a TVL of over $3 billion. This liquidity has been achieved without any token subsidies or various incentives usually offered by competing DeFi protocols.