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What is yfii coin (Is yfii a reliable coin)

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What is yfii coin? Yfii coin is initiated by the YFI community and is an ERC20

What is yfii coin (Is yfii a reliable coin)

What is yfii coin? Yfii coin is initiated by the YFI community and is an ERC20 token based on Ethereum. The coin is burned through contract transactions. Specifically, yfiicoin can be referred to as a “liquidity mining token”.

yfii coin is a project launched by DeFi protocol Compound and is developed and operated by its development team YieldGuildGames (YFII). After its launch, the Compound Foundation will provide funding and rewards for YFI. At the same time, yfIndex has also been released on the official website, and users can earn profits by participating in yffiestaking.

Is yfii a reliable coin

Is yfii a reliable coin? It is an open financial contract platform. Users deposit assets and borrow liquidity funds to earn profits and rewards (such as interest, governance rights, dividends). Currently, the platform’s collateral rate is around 50%.

YFI was launched by Andre Cronje at the end of 2017, but there has been no progress for more than half of the time. In May 2018, he started transferring token issuance from Ethereum to the ERC20 protocol. According to Debank data, as of the end of August, its price has risen by more than 30%.

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