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/biz/ - Business & Finance

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20774282 No.20774282 [Reply] [Original]

What the fuck am i supposed to do with my YFI tokens?Do these tokens actually have a purpose?

>> No.20774323

>>20774282
>What the fuck am i supposed to do with my YFI tokens?Do these tokens actually have a purpose?

Yearn.Finance (YFI) is a quality of project that only comes maybe once every 1 to 2 years in crypto. Their vision is that eventually yStables will be used as the de facto settlement asset for all financial activity in crypto if not the world. Here’s an analogy. USDC is like keeping USD under your mattress. cUSDC is like putting your USD in a savings account at a bank. yUSDC is like putting your USD with a robo-advisor who then puts your USD in the highest savings account it can find and automatically rotates it to the best interest-bearing savings account across all the banks while charging you nothing. Currently, in the crypto space, stablecoins are used for transfers, margining, borrow/lending. They are used across DeFi and CeFi (exchanges and OTC). Anything USDT can do, yUSDT can do better. Why not trade FTX perps with yUSDT margin? Already FTX takes cUSDT as collateral. Why even have a BTC-USDT pair on Binance when you could have BTC-yUSDT? All that USDT OTC flow from China could be yUSDT. Lastly, why even borrow or lend DAI when you can borrow or lend yDAI (just think about that one). The implications are huge. YFI is a share of the network.

>> No.20774392
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20774392

>>20774282
I'm just gonna hodl my shit all the way to $1 mill. They're waiting on a vote to pass, we're gonna go absolutely fucking parabolic once they're done. Huge money entered last night

>> No.20774393
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20774393

I'm all-in, never selling. It is more scarce than Bitcoin. Only 30,000 people can ever own 1 YFI.

>> No.20774414

>>20774282
never selling

>> No.20774805

>>20774392
Can you help a brainlet out? How do I get in on this? I have 5 yfi right now but am struggling to understand how to take advantage of them?

>> No.20775237

>>20774805
5 YFI..that's a pretty good make it stack

>> No.20775300

>>20774323
based AF until the end
>YFO is a share of the network.
but its not really a share though right? its a governance token, so its just a voting right, no?

are there any sort of fee/staking rewards for yfi holders?

>> No.20775816

>>20775300
lmao who gives a fuck what it does as long as it's making us moneyz, I'm a low IQ brainlet who's in it for the tech