DFI.Money ($YFII) is a DeFi-farming aggregator based on the Ethereum and BNB Chain. It automatically puts your crypto assets to earn high yield profits.

YFII is a fork of the YFI project from the YIP-8 upgrade in July 2020.

What is Yearn and YFI?

Yearn Finance is a yield aggregator for DeFi lending platforms. It rebalances for the highest yield during contract interaction and 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.

Moreover, Yearn and Curve together created y.curve.fi, a pool for stable coin exchange. Besides enjoying the interest on lending, yToken holders can put their tokens into the exchange pool of y.curve.fi to become a market maker, generating extra income. This combo now ranks first among all DeFi platforms by APR.

YFI is the token used for governing the 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 the forking of YFI

As mentioned above, the mining/farming of YFI stopped on July 26th. To prevent a sharp drop in liquidity of the pools, the community proposed YIP-8, suggesting a weekly halving model for yield farming. Although more than 80% of the votes were in favor of the proposal, it was declined due to the unmet 33% quorum requirement. To protect Andre's genius design from being spoiled by whales, we forked YFI, naming it YFII. The issuance of YFII imitates the halving model of Bitcoin so that the tokens will be fairly distributed to the community.

YFII Token Design

The total supply of YFII is 40,000. Each of the two pools will emit 20,000 tokens to yield farmers, starting at 10,000 in the first week and halving every 7 days. The number of tokens farmed is in proportion to the liquidity farmers provide to the pools. YFII will be completely distributed in the following 10 weeks.

Burning of admin key
People may be worried that the developers would issue an infinite number of YFII tokens to steal their money. The answer is: impossible. The minting keys have already been burnt by transferring the admin role to the blackhole address (0x00) so that no one has this privilege to mint new tokens. You can examine the burning transactions below, which are also documented on a specific page.

DFI.MONEY, also known as YFII, is a fork of the popular decentralized finance (DeFi) aggregator platform yearn.finance (YFI).

Launched in July 2020, it aims to optimize returns for DeFi investors while adhering to changes proposed in an upgrade plan called YIP-8.

In addition to protocol changes, DFI.MONEY has also released new products, chief among which is the Vault, described as its killer product.

The native token of DFI.MONEY is YFII, a fixed-supply token which liquidity providers earn in accordance with their network interaction.

DFI.MONEY originated as a hard fork of yearn.finance, the aggregator for DeFi returns created by Andre Cronje.

Cronje left the original incarnation of yearn.finance, iEarn, in early 2020, only to return to continue its development, whereupon its popularity grew considerably as DeFi became more mainstream.

In July 2020, mining and farming of yearn.finances YFI token ended, and a proposal to protect liquidity provision from whales earned 80% support among protocol participants. However, it was not adopted due to not meeting yearn.finances requisite 33% quorum requirement.

As a result, a group of users opted to hard fork the protocol to create DFI.MONEY, with its own token, YFII.

The hard fork implemented the proposal, known as YIP-8, which makes YFII rewards decrease each week, following a pattern popularized by Bitcoin (BTC).

DFI.MONEY essentially fulfills the same role in the DeFi marketplace as yearn.finance, subject to different protocol rules for its token and with some new features.

Its appeal is thus aimed at users of its predecessor who voted in favor of YIP-8, as well as newcomer DeFi investors who want to maximize returns by providing liquidity.

DFI.MONEYs website states that its protocol is community-owned and does not offer commercial incentives such as developer rewards by default.

Users join one or both of two liquidity pools which feature Curve (CRV) or Balancer (BAL), earning YFII tokens as a reward for providing liquidity.

DFI.MONEY also introduced a new feature, the Vault, which seeks to gain users the highest returns of any token automatically according to user-submitted strategies, without the users themselves manually setting up transactions.

YFII is an ERC-20 standard token with a fixed supply of 40,000 YFII. According to the characteristics set out and accepted in YIP-8, no premine, presale, or developer-allocated tokens were taken from the total supply.

DFI.MONEY states that the only way of earning YFII is by providing liquidity to the protocol. Tokens are distributed according to liquidity provision, with rewards decreasing weekly. Each of the two liquidity pools began with a supply of 20,000 YFII.

A schedule confirms that token distribution was completed 10 weeks after it began, at the end of September 2020.

DFI.MONEY states that YFII has a guaranteed fixed supply of 40,000 tokens that cannot be manipulated by developers.

This was made possible by sending keys allowing minting of new tokens to a so-called blackhole address, and access to them is permanently lost.

Developers published links to the transactions showing the transfer of the keys to the blackhole.

YFII has become a popular trading token since its launch. As of October 2020, it is available on multiple major exchanges, with trading pairs featuring cryptocurrencies, stablecoins, and other DeFi tokens.

Binance, OKEx, and Huobi Global are among the exchanges with the largest YFII volume.

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