Yearn (yEarn; YFI)

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Yearn finance logo.jpeg
Founded 2020
Key People Andre Cronje, Founder
Products DeFi trading, lending and borrowing platform

Launched in July 2020, yEarn is a profit switching lender as well as the name for decentralized finance protocol.[1] Profit switching refers to moving between various DeFi protocols to increase yield on cryptocurrencies that are being lent.

There is also a single-sided market maker called

The YFI token governs the yEarn ecosystem which is expected to grow to include at least these additional services:

  • - Leveraged stable coin trades (in testnet phase)
  • - 0 capital automated liquidations for Aave (in testnet phase)
  • - Credit delegation vaults for smart contract to smart contract lending (in testnet phase)[2]


YFI is the governance token for the yEarn protocol. It can be earned by participants on the platforms associated with yEarn by providing liquidity.[3]

The protocol's founder Andre Cronje said about the issuance of YFI tokens when the protocol was launched in July, "In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it. Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts (we will provide an interface for this), and you will earn a (governance controlled) amount per day."[4]

In late August 2020, YFI tokens soared in value to almost $40,000.[5]