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YFFI Yield Farming – did we finally find the best $YFI fork?

YFFI is a YEarn inspired governance token that is rewarded to cryptocurrency yield farmers (also known as liquidity miners). Due to the rising popularity of yield farming and the $YFI token, projects have taken the opportunity to create alternatives that can appeal to different communities. YFFI is one of such forks and it labels itself as “You Finally Found It – the Freshest Crops in Town”. This variant includes code similar to YFII, which halves new token distribution every week.

YFFI claims that the ability to create new tokens has been destroyed by setting the “reward” address to 0000000. We haven’t fully looked at the code and there could be additional undiscovered vulnerabilities.

Low Supply Warning

The reason why YFI coins are highly volatile is due to the extremely slow initial supplies of the coins. As there is no pre-mine, team tokens and minting, the initially supply will only be from yield farmers. This means that in the first few days, supply will be extremely low, but increasing dramatically at 100% per day. This leads to wild swings in price and high volatility.

How do you yield farm YFFI

*NOTE: Yield farming is extremely dangerous and can include risks such as infinite mint / smart contract vulnerabilities / token price volatility. This activity is not SAFE and should be viewed as EXTREMELY experimental. You have been warned*

YFFI can be mine using two major methods, each with different risks and steps:

  1. POOL 1: This uses the yCurve tokens generated on https://www.curve.fi/iearn.
    1. Log onto https://www.curve.fi/iearn
    2. On the Deposit page, deposit either USDT, USDC, TUSD or DAI
    3. This will generate yCurve tokens
    4. Stake yCurve Tokens on https://www.yffi.finance/ in the “yearn” pool
    5. RISKS: Y Curve Pool uses stable coins and automatically invests them into different protocols. This is considered high risk as any vulnerabilities in any of the protocols can lead to theft of funds.
  2. Pool 2: This uses Balancer’s 98% DAI: 2% YFFI liquidity pool
    1. Stake either YFFI or DAI in the Balancer Liquidity Pool https://pools.balancer.exchange/#/pool/0xFe793bC3D1Ef8d38934896980254e81d0c5F6239
    2. This will generate BPT tokens
    3. Stake BPT tokens on https://www.yffi.finance/ in “Balancer (YFFI-DAI)” Pool

After successful staking, you should be able to see “rewards available” increase over time with more YFFI tokens. Tokens can be claimed at any time using “claim rewards”. On top of this, staking staked tokens can also be unstaked at any time with no lockup

Premine accusations & resolution

Premine accusations – YFFI was accused of having early pre-mine due to the early stages where the pools only had 7 different participants with 10yCRV each. This means that early rewards were split between very few people, allowing them to accrue higher rewards. To address these issues, the admins have decided to burn 175 YFI that was mined during the early stages.

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The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

Michael
I’m Michael Gu, Creator of Boxmining. I’ve been involved in the digital asset and Blockchain space since 2012. Something I immediately noticed was that accurate information is hard to come by in this space. More often than not, we find extremely biased information that exploits the complexity of blockchain to obscure facts. Having been around before bitcoin or blockchain was even “cool” meant that I had to do a lot of discovery myself, and along the way, I had many successes, but also made mistakes. I started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share my experiences. Being based in Asia, I also found a huge discrepancy between digital asset trends and knowledge gap in the West and China. So I leveraged my knowledge and positioning to bridge that information gap and let people know what is truly happening. This journey has been nothing short of exhilarating for me, starting from when I mined Bitcoin in grad school to appearing on China’s national television as an overseas expert on blockchain technology, and having the honour of interviewing leading crypto entrepreneurs, including Binance CEO Changpeng Zhao and FTX founder Sam Bankman-Fried.

2 COMMENTS

  1. Hi Michael,

    I just bought YFFI on uniswap, do you know how I can send my YFFI to a secure wallet and what wallet to use?

    Kind regards

Comments are closed.

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