YFII (YFII/USDT – Trade it Here) is DeFi protocol that facilitates yield aggregation and uses a token halving model to ensure equitable distribution of tokens. It is a fork of Yearn Finance, mostly known as YFI. In this article, we will discuss everything you need to know about DFI.Money plus a guide on how to buy YFII tokens on MEXC.
Who created DFI.Money or Yearn Finance II (YFII)?
Both DFI.Money (YFII) and Yearn Finance (YFI) are created by a South African coder, named Andre Cronje who has contributed to more than 25 DeFi projects. In July 2020, mining and farming of yearn.finance’s YFI token ended, and a proposal to protect liquidity provision from whales earned 80% support among protocol participants. However, it was not adopted due to yEarn Improvement Proposal #8 (YIP-8) which proposed to prolong the minting of the platform utility token YFI by another 2 months and with a weekly-halving emission curve was rejected and also because not meeting yearn.finance’s requisite 33% quorum requirement. As a result, a group of users opted to hard fork the protocol to create DFI.MONEY, with its own token, YFII.
Governance of DFI.Money or Yearn Finance II (YFII)
During the bootstrap phase of YFII, the developers have chosen to use a multi-signature governance model where power is shared between 11 signatories. For a resolution to be passed and enforced, 7 out of the 11 signatories need to approve the action using a gnosis-vault. This is a temporary measure that improves the speed of contract deployment whilst power is transitioned to the YFII governance DAO (YFII voters get to vote on what to implement).
What is DFI.Money or Yearn Finance II (YFII) Pool & Vault?
Pool 1: YFII and CRV (governance token of curve.fi platform);
Pool 2: YFII and BAL (governance token of Balancer);
Pool 3: Stake YFII to earn interest on Yearn protocal (discontinued);
YFII Vault is a yield aggregator for farming pools that targets highest APR using a set of strategy contracts. Basically you deposit the token it supports and automatically get the yield that the strategy has farmed. Everyone is welcomed to write their own strategies and those with the highest votes from the community will be implemented. The Vault also saves you tons of gas during complex contract interactions because all you need to do is just deposit and withdraw.
How to buy DFI.Money or Yearn Finance II (YFII)?
You can buy DFI.Money or Yearn Finance II (YFII) on MEXC by the following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “YFII” using the search bar to see the available trading pairs. Take YFI/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of YFII you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy YFII] to confirm your order. You will find the purchased YFII in your Spot Wallet.
Recent DFI.Money or Yearn Finance II (YFII) price & performance
The circulating supply is 38,596 tokens on the Ethereum blockchain platform. YFII reached the highest price (ATH) of 8,690 USDT on September 1, 2020. The lowest price since the date of ATH was 358.2 USDT on June 12, 2022. The 30 days performance sees the highest price at 1,121 USDT on August 30, 2022 and lowest at 822.2 on September 19, 2022. At the time of writing, Its current performance is 9,193.3 USDT with a market cap of $35,459,958 and fully diluted market cap of $36,175,662
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