What is the name of the yfi Coin (yfiii Coin)

What is the name of the yfi Coin? Editor’s Note: This article is from the Fenghuolun Community (ID: FHBT18), authored by Peipei, authorized for reprint by Odaily Star Daily.

Hello everyone, I am Peipei. Today I will tell you about the name and characteristics of yfi Coin. What is it called? Actually, this word is a bit strange, right? For example, yield farming is a decentralized mining project. Its model is similar to traditional centralized exchanges, but there are also some new ideas in it. Of course, the codename is degenerative finance, so many novices may not understand why it is written like this, but I think it can be used because many DeFi project codes have come out on the market, and these codes are developed through smart contracts. So here we simply introduce some concepts of yfi Coin and its related technical principles. So what do these two coins look like? It’s very simple, first of all, from the name, it can be seen that it is a token issued by a decentralized application on the Ethereum blockchain, which means “Digital Gold” and also refers to a digital asset established and operated based on the cryptocurrency economic model.

In addition, there is another important change, which is that it will distribute tokens to developers or users who have used the platform, but if they do not understand this field, they can also directly conduct transfer transactions, thereby avoiding tokens that have caused losses due to high transaction fees; Another point is that the token itself will also generate a certain value support, just like Bitcoin. Therefore, the value anchoring of this coin is due to its governance mechanism (YFI). This statement is reasonable, after all, it is an indisputable innovative coin, and this native Token will not have too much volatility at the time of issuance, and it will gradually release more potential over time, so its value will definitely continue to increase. In addition, some new design concepts can also be seen in it, that is, tokens similar to Bitcoin and Litecoin, but they do not have the ability to become currencies, but serve as a medium of exchange, such as Bitcoin Cash or Litecoin, they just represent a string of characters in a virtual world, not something in the real virtual world. So it has been given a brand new concept-DeFi-Finance-DAO.

In short, the DeFi-Finance ecosystem has developed very quickly. No matter how you say it, the entire encrypted market now has various protocols emerging in endless stream, but in fact, most of them are based on Ethereum and not underlying public chains like EOS.

For DeFi, besides the basic tokens, the most important function is to allow funds in DeFi to participate, such as liquidity provision, trading pairs, etc., all of these businesses can be done on it.

yfiii Coin

yfIII Coin (YFI token) is the first project issued by Fcoin and the only coin listed. It has gained a lot of support and opposition in the community discussions.

It is reported that YFI is a project incubated by SoraVentures, a Korean blockchain startup, aiming to integrate blockchain technology into the traditional financial system. The project is positioned as a new asset category in the Ethereum ecosystem, which allows investors to participate in the DeFi market in a low-threshold, fast, and secure manner, and earn cryptocurrency interest through its platform. (Medium)