What is the surge in the yfii coin (yfi coin is what)?

What is the surge in the yfii coin? According to official sources, there has been a significant increase in the yfii coin. According to CoinMarketCap, as of 16:04 (GMT+8) today, the YFI coin has experienced a 16.68% increase in the past 24 hours. The reason for the surge in the yfii coin is due to a vulnerability in the YFI contract code, which has caused users to be unable to withdraw their funds.

It is understood that yfii is a DeFi lending platform developed by yearn.finance. It generates income through liquidity mining and transaction mining. Currently, it has been launched on various public chain networks, including the Binance Smart Chain and the Huobi Ecological Chain, and has established a partnership with the decentralized exchange dYdX.

What is the yfi coin?

Editor’s Note: This article is from 8btc, authorized by Kyle, and published by Planet Daily.

yearn.finance is a decentralized finance project aimed at facilitating interaction between decentralized cryptocurrencies and blockchain applications by providing an open platform. It was developed by the DeFi protocol Synthetix team.

The token of this project is called yfi (YFI). According to DeBank data, the current market capitalization of yfi is $291 million. However, its biggest competitors, such as MakerDAO and Compound, have already dropped out of the top 10 ranking.

YearnFinance was established in May 2020 and is a decentralized liquidity pool trading platform based on the Ethereum blockchain. Its core code has been open-sourced and publicly audited. It has completed the first round of testing and final audit. (Bitcoinist)