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What is yearn.finance
YFI, an ERC-20 token, is the governance token of yearn.finance. Yearn.finance is a platform built to utilise other DeFi services (such as Uniswap) for the purpose of simplifying the use of yield farming and maximising its effects.
This governance token, YFI, has a fixed supply of 30,000. At launch, no pre-mining or pre-sale opportunities were provided.
Upon depositing tokens to the yearn.finance platform, users are issued with yTokens which are supplied by liquidity providers (who have been provided with YFI by the protocol). YFI is only distributed to those providing liquidity to the platform through certain yTokens.
Control of the YFI was transferred to a multi-signature wallet, requiring 6 out of 9 participants to agree on proposed changes. Owners of the YFI token are entitled to governance privileges. Any changes to the protocol are always done via on-chain proposals and voting by YFI holders
The token ticker for yearn.finance is YFI.
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