Why does YFI surpass Bitcoin

08/03/2023 12:54 • Metaverse Matters • 102 views

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YFI surpasses Bitcoin with ‘ alt=” alt=’ Yearn. finance, a DeFi protocol, why surpass Bitcoin? Why surpass Bitcoin? In the field of Cryptocurrency, many projects are using Ethereum network to implement decentralized applications. But compared to other DeFi products, it is more like an open network that allows users and protocols to collaborate, progress together, and reap benefits At present, the price of YFI tokens is around $5, which means that their prices have dropped by nearly 50% from their peak in April. According to statistical data on the issuance of YFI tokens, as of the time of publication, the total supply of YFI tokens was 278 million. Since September 2018, the price growth rate of the token has remained stable and has now reached a historical high However, the rise of YFI tokens has not been accompanied by any significant technological advancements – such as the launch of DeFi and the development of DeFi products, which are still in their early stages. On the contrary, due to the continuous decrease in the number of assets it has locked in, its market value has been steadily increasing. YFI is the first community driven product aimed at helping users quickly create their own applications by providing an easy-to-use interface, while allowing more people to participate. The YIP-4 proposal will launch a new governance framework. The proposal mainly includes three aspects: 1. Depositing funds into yEarnDAO; 2. Add ETH to yEarnDAO. In addition, YFI will also migrate all ETHs back to the wallet. 3. Pledge YFI to yEarn Although YFI was initially initiated by a community experiment initiated by an anonymous team, it has been proven to have some issues, such as insufficient savings support and incentives to ensure the security and integrity of the protocol. Therefore, in order to enhance the attractiveness of YFI tokens, it requires a large amount of funds to maintain network security and increase the depth of liquidity. The YIP-5 proposal proposes two improvement suggestions: firstly, rewards will be given to all newly added projects in the coming months. Secondly, if we want to continue developing this ecosystem, we must consider how to build a fully scalable and sustainable growth potential new agreement. The YIP-7 voting plan will be released in the third quarter, most of which will be used to fund agreement upgrades In the coming months, YIP-8 will introduce a new feature, YieldFarming. YFI holders can earn more revenue through the YFI pool as they wish to deploy their YFI to the protocol. Then, they can also borrow funds through collateral YFI or purchase other DeFi products with the money they choose. These strategies will greatly benefit them, especially as more and more people start to come into contact with the DeFi market, these strategies become more flexible. The YIP-8 proposal also provides a new tool that allows developers to easily deploy their projects to the Ethereum blockchain,

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Why does YFI surpass Bitcoin

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