DFI.Money (YFII) news

What is DFI.Money?

DFI.Money, also referred to as YFII, is a DeFi platform that was created as a fork of the popular DeFi aggregator, yearn.finance (YFI). Its launch took place in July 2020, and it aims to maximize the benefits for DeFi participants by following the changes proposed in an upgrade plan called YIP-8. The platform's native token is YFII, which is a fixed-supply token that liquidity providers receive based on their interaction with the network. DFI.Money also offers a unique feature called the Vault, which it describes as its "killer product."

How does DFI.Money Work?

DFI.Money is a DeFi platform that allows users to join one or both of its two liquidity pools, which feature Curve (CRV) or Balancer (BAL). As a reward for providing liquidity, users receive YFII tokens. The platform also offers a unique feature called the Vault, which aims to provide users with potential returns on any token automatically, based on user-submitted strategies. This eliminates the need for users to manually set up transactions, making it a potentially useful tool for those seeking to optimize their DeFi participation. DFI.Money's protocol is community-owned and does not offer commercial incentives such as developer rewards by default. It caters to users of its predecessor, yearn.finance, who voted in favor of the YIP-8 upgrade plan, as well as new DeFi participants.

History of DFI.Money?

DFI.Money was created as a hard fork of yearn.finance, a DeFi returns aggregator developed by Andre Cronje. In July 2020, a proposal to safeguard liquidity provision from whales received 80% support among protocol participants but was not adopted due to not meeting yearn.finance's requisite 33% quorum requirement. Consequently, a group of users decided to hard fork the protocol to establish DFI.Money, which has its own token, YFII. The hard fork implemented the proposal, known as YIP-8, which adjusts YFII distribution every week, following a pattern popularized by Bitcoin (BTC).