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What is yfi currency (yfi is a scam that costs 200,000)?

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What is yfi currency? In the yfi project, users can borrow the token YFI by col

What is yfi currency (yfi is a scam that costs 200,000)?

What is yfi currency? In the yfi project, users can borrow the token YFI by collateralizing ETH on the DeFi lending platform. Currently, its liquidity has reached around $100 million.

According to DeBank data, the current market value of YFI is $277 million. Debank market data shows that YFI is currently trading at $3.71. Additionally, YFI price has dropped by over 10% in the past week. According to DeBank data, yfi has fallen below $0.004. According to YamFinance officials, a restart is planned and is expected to launch in September.

What is yfi currency, a scam that costs 200,000?

Editor’s note: This article is from Bitcoin8btc, written by Kyle, and authorized for publication by the Planet Daily.

YFI, a decentralized finance protocol, is one of the hottest projects in the DeFi field. According to official sources, the project’s token YFI has completed its presale, but currently only supports ETH and ERC-20 tokens. According to official announcements, at the beginning of the launch, YFI was priced at around $0.005, and was later hyped up to a high of 0.00002 ETH, with the highest price reaching $0.024. However, this new concept doesn’t have much substantive meaning behind it. The initial goal of the project was to provide an incentive mechanism to encourage user participation in governance voting. But later, as its price continued to rise and more research was conducted by the community, people began to discover the possibility that it could even be a scam.

In fact, since June of this year, yfi has attracted a lot of attention in the cryptocurrency industry. Recently, the media has pointed out a new scam related to DeFi: YFI issuer yEarnFinance.

According to reports, the YFI token was issued by the decentralized smart contract network, yEarnFinance. Over the past year, yEarnFinance has locked over $12 billion in assets, nearly half of which are allocated in the platform’s ETH/USDC liquidity pool. Additionally, since YFI tokens do not use collateral or lending capabilities, it can be traded as any type of transaction medium. If someone wants to exchange these tokens for YFI, they will have to pay a certain fee. If someone wants to purchase in another way, they will first have to sell the tokens at a fixed ratio and receive the corresponding return (e.g. a 5% annual return). Additionally, many products in the DeFi ecosystem rely on the yEarnLabs team.

And this is not a completely new concept. On the contrary, in early September 2019, a new project called “StakingRewardsForYearn.finance” was launched on yEarn. This project allows users to distribute rewards to users who hold its tokens or receive additional rewards (such as yCRV). The tokens of this project will earn a portion of value from the “StakeReward” reserve. StakingRewardsForYearn.finance is one of the core functions of YFI, and “yEarnRewardsForYearn.finance” is planned to launch in the coming weeks.

According to the official website, yEarn.finance is an organization composed of YFI developers, dedicated to creating a fully decentralized and fair economic entity. It aims to make YFI accessible to anyone seamlessly while minimizing intermediaries, hackers, and fraud risks.

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