YFII (YFII/USDT – Trade it Here) is a DeFi protocol that facilitates yield aggregation and uses a token-halving model to ensure the equitable distribution of tokens. It is a fork of Yearn Finance, mostly known as YFI. Basic information for their token is available on the MEXC Digital asset introduction page.
The Creators
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?
YFII Pools
The first Pool: 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 protocol (discontinued);
YFII Vault
YFII Vault is a yield aggregator for farming pools that targets the highest APR using a set of strategy contracts. Basically, you deposit the token it supports and automatically gets the yield that the strategy has farmed. Everyone is welcome 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.
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 a fully diluted market cap of $36,175,662. You can check the live price of their token right here!
How to buy Yearn Finance II (YFII)
You can buy Yearn Finance II (YFII) on MEXC by 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 YFII/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.
You can find a detailed guide on how to buy YFII token here.
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