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DFI.MONEY

What Is DFI.MONEY? How To Buy, Expectations And Predictions. Everything You Need To Know About DFI.MONEY

DFI.MONEY is a DeFi platform with a big goal in mind. It wants to provide products based on aggregated liquidity. It may still be unclear to you what this means. When you know what DFI.MONEY is and how it works, this will all become a lot clearer. You will therefore know a lot better how you can earn the DFI.MONEY (YFII) token yourself.

What is DFI.MONEY (YFII)?

DFI.MONEY (YFII) is a decentralized financial ( DeFi ) platform. The purpose of DFI.MONEY is to build products based on providing aggregated liquidity. They also provide leveraged trades and engage in automated marketing. DFI.MONEY is therefore a versatile platform that has many functionalities.

The DFI.MONEY platform is very similar to yearn.finance, as it was spun off from this blockchain in 2020 . After some disagreement, it was decided to create a hard fork and continue as DFI.MONEY. The role that DFI.MONEY wants to play in the financial market is therefore very similar to the role that yearn.finance also wants to play.

However, DFI.MONEY was founded because it wanted to optimize the return for investors. It adheres to the upgrade plan called YIP-8 in doing so. Here are the proposed changes to the blockchain. In addition to the protocol changes, new products were also released by DFI.MONEY.

The main product released by DFI.MONEY is called Vault. But they also released a native token.

What is the name of the DFI.MONEY token?

YFII token is the utility token of the DFI.MONEY platform. It is possible for users to earn the token, although they have to do something for this. Unlike Bitcoin and Ethereum blockchains , users have to contribute to the liquidity of the platform and use the token to make the platform grow. When they do this, they can earn YFII based on their work.

That is a big difference with a blockchain that uses a consensus algorithm such as Proof of Work . There, users are rewarded for validating transactions, so that new blocks can be added to the blockchain. There is a similarity that with both forms the platform will eventually grow. So the goal is the same.

What can you use YFII tokens for?

DFI.MONEY’s YFII tokens have several functions. First, the token can be used as a reward. DFI.MONEY users can earn YFII tokens when they provide liquidity to the pools. The tokens can be sold for USD, EURO or other cryptocurrencies.

Another function of the tokens is that it can be used as governance. That means users can vote with the tokens. This gives the network the opportunity to vote on the future of the network. For example, they help determine decisions and implementations of the blockchain. DFI.MONEY is therefore a democratic blockchain in which participants can also determine the future of the DeFi blockchain.

The security of the DFI.MONEY network

A total of 40,000 YFII tokens have been released by DFI.MONEY. These tokens cannot be modified by others. Therefore, it is impossible to manipulate the tokens. This is done by sending the keys of new coins to an address that does not exist. This is also known as a ‘blackhole’ address. When the keys are sent here, access to the tokens is lost forever. This is how DFI.MONEY wants to guarantee the security of the tokens.

Sending keys to blackhole addresses is a bit like Proof of Burn . Here, coins are burned by sending them to addresses that don’t actually exist. For example, burners can burn crypto coins, in order to achieve consensus within the blockchain network.

The difference between DFI.MONEY and Yearn.finance

It is no wonder that DFI.MONEY is very similar to yearn.finance, as it is a hard fork of the latter blockchain. In addition to the many similarities between these two platforms, there are also a number of major differences. These differences may lead investors to choose DFI.MONEY over yearn.finance.

Difference in protocol rules and functions

The role between DFI.MONEY and yearn.finance is the same, but the protocol rules for tokens are different from each other. Also, there are several functions that differ. For example, the return at DFI.MONEY has been further optimized. Investors in DeFi can get returns by providing liquidity. Also, DFI.MONEY states that the protocol they use is owned by the community. The protocol does not provide developer rewards like other blockchains like Bitcoin and Ethereum do.

Vault

Vault is a feature created by DFI.MONEY. It allows users to get the highest returns as it automatically seeks out the highest possible returns. Vault does this based on strategies entered by the users themselves. Users no longer have to manually schedule transactions themselves.

Liquidity Pool: Curve of Balancer

Another difference is that DFI.MONEY users can choose which liquidity pool they participate in. They have a choice between Curve (CFI) and Balancer (BAL). Both pools allow them to earn YFII tokens, by providing liquidity to the platform.

The features we have mentioned cannot be found at yearn.finance. That’s why there are many people who say that DFI.MONEY is much more advanced than yearn.finance. There is a lot more possible, and users can earn more returns by participating in the DFI.MONEY platform than participating in yearn.finance. Yet the price of yearn.finance is many times higher than the price of DFI.MONEY.

Rare success

The success of the YFII token is very rare. In the past, it has hardly happened that hard forks turned out to be a success. The design of DFI.MONEY has made many Chinese people decide to become a user of DFI.MONEY.

The way of providing liquidity was also picked up by other projects. For example, NEST, Curve, Aave , Balancer and Syth have adopted this method. In addition, the number of projects that are also doing it in this way is steadily growing. That is not surprising, given that DeFi is becoming more and more popular. For example, the projects surrounding DeFi are increasingly used by companies and private individuals. It is nice to see that DFI.MONEY plays an important role in this.

Who created DFI.MONEY?

We can say that it has not been long since DFI.MONEY was conceived. As mentioned, it originated as a split from yearn.finance, which was conceived by Andre Cronje. He left and later wanted to come back to further develop the platform in 2020. In the meantime, DeFi had become wildly popular.

The mining of the YFI token has stopped in July 2020. The liquidity supply against whales was protected by a proposal that 80% of protocol participants agreed to. However, this was not enough, which resulted in a split. So a hard fork took place here.

The future of DFI.MONEY

So it is clear that DFI.MONEY is dealing with DeFi. Still, you will ask yourself what the future plans of DFI.MONEY are, given that the blockchain has a practical function. The same future plans will help determine the value of DFI.MONEY (YFII). When these plans have enough wirepower, and investors believe in the execution of the plans, this will increase the value.

Still, DFI.MONEY doesn’t exactly have a roadmap for the future of the platform at this point. That is why it is difficult to say anything about the future. However, it is clear that DFI.MONEY is continuously updating. We see that the system is continuously being developed. Every week, DFI.MONEY informs their users about what they have completed in that week.

It is therefore important for DFI.MONEY to continue to grow and to develop the platform, to allow DeFi to grow even further. They also find it important that users of the platform, who are in a certain sense ambassadors of the platform, stay up-to-date about what is happening within the platform.

How much YFII is in circulation?

At the moment there is a fixed stock of 40,000 YFII. It is only possible to earn YFII by providing liquidity to the protocol of DFI.MONEY. The tokens are then distributed according to an algorithm, with rewards decreasing every week. The liquidity pools started with a stock totaling 20,000 YFII. 10 weeks after the start, the token distribution was completed (in late September 2020).

The price of DFI.MONEY (YFII)

At the time of writing, DFI.MONEY price is worth $2,245.83 with 24-hour trading volume of $92,539,631. It has a circulating supply of 38,000 coins and a max supply of 38,800 coins. The token originated on July 29, 2020, with a price of $460.74. During the first week, the price of the token fluctuated between $200-$300. In the last week, however, the currency has increased in value. The price rose until today it stands at $2,245.83. It should be clear that there is a good chance that DFI.MONEY will succeed and the tokens will become increasingly valuable.

What is Decentralized Finance (DeFi)?

We come across the term DeFi more and more when it comes to blockchains. It is becoming more popular every day, which is why it is important to know what DeFi is. With DeFi, current financial services and programs are transformed into decentralized services and applications. At the moment this is all still done centrally. For example, an insurance company or bank is centrally located. Data is stored on its own server, and no one else but you and the bank can access it. Even when you want to carry out a transaction, this is done via the bank. Or if you want to report a damage, you must do this via the insurance company.

DeFi wants to ensure that this can all happen via the blockchain. Payments can already be made via the blockchain, with cryptocurrencies such as Bitcoin and Ethereum. It is also increasingly possible to perform other financial transactions via the blockchain. Contracts can be set up and executed by means of smart contracts . These are pre-programmed contracts, which are automatically executed when certain conditions are met.

For example, you no longer need a notary. Suppose you buy something, a smart contract can check whether the product has actually been shipped. At that point, the money is automatically transferred to the beneficiaries. Distrust is a thing of the past with this application.

DeFi can therefore offer various solutions. One of the biggest advantages for users is that it costs less money. There are no more costs to be paid to the intermediary. The transaction costs for the blockchain are in most cases many times lower than is normally the case.

DeFi and DFI.MONEY

Thus, DFI.MONEY is a blockchain and platform that also deals with DeFi. That means DFI.MONEY is busy transacting financial services on the blockchain. They do this by letting users provide liquidity to mining pools. That is why you have no miners within the DFI.MONEY blockchain. Users are rewarded, but this is done with YFII tokens.

There is a big difference between cryptocurrencies and tokens, while many people are not even aware of the difference. Cryptocurrencies are equivalent to the blockchain, while tokens are built on an already existing blockchain. For example, DFI.MONEY could develop tokens for the Ethereum blockchain. However, it is not possible for DFI.MONEY to run a crypto coin on the Ethereum blockchain. In general, cryptocurrencies have been used much more often than tokens. That makes sense, because Bitcoin is the most famous crypto currency, which is in the news a lot.

DFI.MONEY price

Where can you buy DFI.MONEY (YFII)?

Since October 2020, YFII has been for sale on all major crypto exchanges where other cryptocurrencies and tokens are also for sale. For example, you can buy YFII on Gate.io , Binance , ByBit and Bitmex. To store YFII it is important to have a wallet that supports the protocol of this coin. Since YFII uses the ERC-20 protocol (most widely used protocol for tokens), you will hardly come across any wallet that does not support this cryptocurrency. So you don’t have to worry about this either.

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