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:
- POOL 1: This uses the yCurve tokens generated on https://www.curve.fi/iearn.
- Log onto https://www.curve.fi/iearn
- On the Deposit page, deposit either USDT, USDC, TUSD or DAI
- This will generate yCurve tokens
- Stake yCurve Tokens on https://www.yffi.finance/ in the “yearn” pool
- 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.
- Pool 2: This uses Balancer’s 98% DAI: 2% YFFI liquidity pool
- Stake either YFFI or DAI in the Balancer Liquidity Pool https://pools.balancer.exchange/#/pool/0xFe793bC3D1Ef8d38934896980254e81d0c5F6239
- This will generate BPT tokens
- 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.
Decentralised Finance (DeFi) series: tutorials, guides and more
With content for both beginners and more advanced users, check out our YouTube DeFi series containing tutorials on the ESSENTIAL TOOLS you need for trading in the DeFi space e.g. MetaMask and Uniswap. As well as a deep dive into popular DeFi topics such as decentralized exchanges, borrowing-lending platforms and NFT marketplaces
The DeFi series on this website also covers topics not explored on YouTube. For an introduction on what is DeFi, check out Decentralized Finance (DeFi) Overview: A guide to the HOTTEST trend in cryptocurrency
Tutorials and guides for the ESSENTIAL DEFI TOOLS:
- MetaMask Guide: How to set up an account? PLUS tips and hacks for advanced users
- Uniswap review and tutorial: Beginners guide and advanced tips and tricks
- Serum DEX guide and review
- SushiSwap ($SUSHI) explained
- 1inch Exchange, Mooniswap and Chi GasToken: The ultimate review and guide
More videos and articles are coming soon as part of our DeFi series, so be sure to SUBSCRIBE to our Youtube channel so you can be notified as soon as they come out!