What is YFI3?
YFI3 is the token used for governing YFI3.money protocol.
YFI3.money is a yield aggregator for DeFi lending platforms that rebalances for highest yield during contract interaction which supports Compound, dYdX, Aave and DDEX protocols. When users put their money into the platform, it automatically transfers the assets into the protocol that has the highest yield, and returns a proof of stake called yToken. Users can send back yTokens at any time to withdraw their deposits along with the interest.
YFI3 belongs to the community. No pre-mining. No dev team rewards. YFI3 is the token for community governance and the key to farming yields of various DeFi platforms. It is used for revenue allocation and voting in the YFI3 DAO.
YFI3 Governance Token
The total supply of YFI3 is 40,000 tokens. YFI3 is the token for community governance and the key to farming yields of various DeFi platforms. It is used for revenue allocation and voting in the YFI3 DAO.
Pool 1: Curve yCRV: You'll need yCRV to farm YFI3 from Pool 1
Pool 2: you need DAI in your wallet before farming. Stake assets in Maker to borrow DAI or go to your favourite exchange to buy DAI.
YFI3 Vault is a yield aggregator for farming pools that targets highest APR using a set of strategy contracts. Basically you deposit the token it supports and automatically get the yield that the strategy has farmed. Everyone is welcomed to write their own strategies and those with the highest votes from the community will be implemented.
When a vault user deposit USDC/USDT/DAI/yCRV/ETH or other assets into the YFI3 Vault, iTokens of the corresponding currency will be generated and issued to this user. For instance, if you recharge the vault with USDC, you get iUSDC.
The total supply of YFI3 is 40,000. Each of the two pools will be emitting 15,000 tokens to yield farmers, starting at 10,000 in the first week halving every 7 days. The number of tokens farmed is in proportion to the liquidity farmers provide to the pools. YFI3 will be completely distributed in the following 10 weeks.
28 Sep, 2020
Nov 15th, 2020
6,000 YFI3 ( $6 )
3,000 YFI3 ( $9 )
1,000 YFI3 ( $12 )
If you have any other questions, please get in touch with us.
What are governance tokens?
Governance tokens confer holders the power to influence decisions concerning the core protocol, product or feature roadmap, hiring and staffing, and changes to governance parameters.
All software needs mechanisms for being updated or patched. Unforeseen vulnerabilities might be found. In addition, the community could find that poor token design or unforeseen events have left elements of the codebase irrelevant, nonfunctional, or even illegal.
Finally, there are usually small parameters in a codebase that must be updated over time. Tokens with governance rights confer holders some degree of influence over these issues, typically through a voting process, though this influence can vary remarkably.
What is YFI3?
(YFI3) is an ERC-20 asset that empowers community governance of the yearn finance 3 protocol; YFI3 token-holders and their delegates debate, propose, and vote on all changes to the protocol.
By placing YFI3 directly into the hands of users and applications, an increasingly large ecosystem will be able to upgrade the protocol, and will be incentivized to collectively steward the protocol into the future with good governance.
What is Decentralized Finance (DeFi)?
Decentralized Finance (or simply DeFi) refers to an ecosystem of financial applications that are built on top of blockchain networks.
More specifically, the term Decentralized Finance may refer to a movement that aims to create an open-source, permissionless, and transparent financial service ecosystem that is available to everyone and operates without any central authority. The users would maintain full control over their assets and interact with this ecosystem through peer-to-peer (P2P), decentralized applications (dapps).
The core benefit of DeFi is easy access to financial services, especially for those who are isolated from the current financial system. Another potential advantage of DeFi is the modular framework it is built upon - interoperable DeFi applications on public blockchains will potentially create entirely new financial markets, products, and services.
How does YFI3 work?
YFI3 is a sophisticated lending and arbitrage protocol that routes liquidity across different corners of DeFi to earn the best returns. Using lending protocols like Curve, dYdX, Compound, and Aave along with AMMs like Uniswap and Balancer opens the door for cross-protocol returns extremely difficult to mimic as an average user.
The protocol YFI3.money, shifts capital between top DeFi lending protocols like Compound, Aave and dYdX – ultimately geared at providing lenders the best return on liquidity.
YFI3 is the token for community governance and the key to farming yields of various DeFi platforms. It is used for revenue allocation and voting in the YFI3 DAO.
YFI3.money offers an easy and intuitive way to enter various yield farming opportunities in a few clicks.
Why was YFI3 born?
YFI is the token used for governing Yearn protocol. Its initiator Andre Cronje admitted that he had no interest in participating in the governance and wished the community to be autonomously organized. Until July 26th, YFI has been issued to yield farmers who provide liquidity to the pools (Info from debank.com).
YIP-8 and forking of YFI
As mentioned above, the mining/farming of YFI has stopped on July 26. In order to prevent a sharp drop in liquidity of the pools, the community proposed YIP-8, suggesting a weekly halving model for yield farming. Though more than 80% of the votes are FOR the proposal, it has been declined because of the unmet 33% quorum requirement. To protect Andre's genius design from being spoilt by whales, was forked YFI to YFII. The issuance of YFII imitates the halving model of Bitcoin so that the tokens will be fairly distributed to the community.
YFII will be completely distributed in 2020-10-06. So the community decided to fork YFII to a new and improved project known as YFI3.
Time of the YFI3 Genesis: UTC 19:00 December 3, 2020
Pool 1 opening: UTC 19:00 December 3, 2020
Pool 2 opening: UTC 15:00 December 4, 2020
What is the role of iToken?
The most important role of iTokens is to prevent the outflow of funds that have entered the YFI3 Vault. When the user needs funds, they don't need to withdraw their principal from the Vault (currently a 0.2% withdrawal fee is applied). They may choose to directly trade their iTokens for Tokens on Uniswap. The value of iToken will always be higher than the original Token, but the growth rate of the price may slow down later, because the more funds in the vault, the more diluted APY there will be. The 0.2% withdrawal fee is designed to prevent the whale from diluting the APY on the one hand, and the other function is to lock in more AUM (Assets Under Management).
What is the smart contract?
People may be worrying that if the developers would issue infinite number of YFI3 tokens to steal their money. The answer is: impossible. The minting keys will be burnt by transferring the admin role to the blackhole address (0x00) so that no one has this privilege to mint new tokens.
Our contract address is: 0x09843b9137fc5935b7f3832152f9074db5d2d1ee
What cryptocurrencies can I use to purchase?
You can purchased YFI3 Tokens with Ether, once the sale period is launched (October 2020).
Is there a purchase limit?
The limit of tokens per wallet will be 2500 YFI3 tokens.
What will be done with the money raised?
The money raised will be used to pay for smart contract audits of new products to be developed, promote the use of the YFI3 protocol through an educational marketing campaign, and improve the quality of the code.
What will the price per token be ?
The sale will be carried out in three phases and the price per token will change in each phase
6,000 YFI3 $6 per token
3,000 YFI3 $9 per token
1,000 YFI3 $12 per token
When will be available the tokens on exchanges?
The YFI3 token will be available for trading after the sales phases are over.
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