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Crypto staking quickly became a popular technique allowing token holders to generate passive income without having to sell any of their holdings.
The YeFi staking platform is a great way to profit from the value of crypto assets over the long term and earn some interest today.
YeFi.one is a DeFi project at its core. In the future, other functions such as DEX, Loans & Borrowings, and NFT will be added.
Each function of the YeFi.one protocol will interface and integrate with external protocols as a central component of Lego DEFI.
Basically, Yefi.one works as a DeFi staking platform that allows users to put crypto assets into the YeFi Dapp.
Users of the app can earn passive income, like many other staking pools. However, YeFi.one is an open source, non-depository protocol.
YeFi app
The YeFi dApp is simple to use, fully scalable with BSC, and accessible from any wallet that supports BSC.
The ease of use and robust security that sets YeFi.one apart from the DeFi crowd is worth noting.
Beosin, a blockchain external audit firm, carefully audited the smart contract and found it to be secure and exploit tolerant. YeFi.one eliminates the possibility of impermanent loss, giving it a significant security advantage over other DeFi tools.
Another distinguishing feature is the history of the project’s development. YeFi.one has emerged as a connection point for two dominant players in the digital world: decentralized finance and decentralized data storage.
The team
The creators of YeFi.one have combined the best of both fields to produce a one-of-a-kind DeFi solution that aims to help the development of decentralized data storage systems through decentralized finance.
The YEFI team takes an energetic and measurable approach to governance. They believe that their fundamental goals and concepts are important and that effective community governance cannot be implemented in a DEFI project without a strong funding model.
As a result, the development team will actively participate in the Protocols Governance Committee in the early stages to help the community transition to an organic governance environment.
The token is available for trading on MDEX, WBF and PancakeSwap. In addition, the total token supply is 84 million with a token mining capacity of 200 YEFI every 10 minutes.
For more information on the token, or how to buy it, simply click here.
Milestones
The YEFI protocol officially started its development in November 2020. In January 2021, the platform token was launched with the possibility of cash mining and blind mining application.
At the same time, the platform has developed its portfolio integration function by voting the launch of instruments as well as proposing the grant rate mechanism for their liquidity providers.
Additionally, interest rates for borrowers were also announced during this step to generate a comprehensive protocol platform.
A month later, in February 2021, the Yield Farm Mechanism was introduced following other important features such as Oracle Integration, Smart Contract Investigation, Code Freeze, and the following official launch on GitHub. .
Become a position of influence
To establish a strong position within the DeFi industry, the platform itself has taken several important steps throughout its development.
Notably, YeFi had completed the mapping of YottaChain – an original blockchain platform from Binance Smart Chain. Then, the token evolved to be able to connect to all the wallets accessible to Binance Smart Chain.
The token was listed on WBF Exchange where it peaked after its authoritative launch, demonstrating an impressive increase for just one month.
To further expand its reach, PancakeSwap, which is one of the more well-known DeFi platforms, listed the YEFI token on June 18. As a result, the token was listed on MDEX.
Significantly, Beosin – one of the top blockchain and crypto verification companies has officially investigated and confirmed its approval for the YeFi protocol, which improves its levels of trust in the DeFi community.
It is important to note that the YEFI token will be listed on Bittrex in the near future, which is another popular trading platform that will add liquidity to the token.
main Features
YeFi.one works on the basis of various main features that stand out from other DeFi platforms.
The first feature of the platform is security which is determined as its complete audited function.
In addition, the platform also provides a workable way to connect decentralized data storage projects to DeFi sink performance blockchains thanks to its ideal feature – cross-chain compatibility.
In doing so, YeFi highlighted its multi-functional ability as well as strong collaboration with the blockchain industry.
Significantly, to mark its goal of scalability, the platform is evolving into an even more complete DeFi platform with the all-inclusive operating capability including the lending and borrowing solution, DEX capabilities and especially NFT are about to be introduced soon.
The platform indicates its strong focus on user benefits through its outstanding feature – no risk of impermanent loss which is identified as risk free stake, where users can easily withdraw assets from initial deposit amount in case they decide to leave the platform.
Additionally, users can increase their APY with the functionality provided by YeFi.one by sending invitations to new users.
Stay ahead in a competitive market
Operating within the fastest growing industry in the world, YeFi.one has many competitors who offer similar functions and functionality in the crypto world.
Significantly, Compound is considered by many to be the most similar platform, due to the mostly overlapping feature sets.
However, YeFi.one has managed to establish its unique position due to its combination of DeFi and decentralized operation, which is its most recognizable point in setting itself apart from other DeFi companies.
Additionally, many data storage projects such as Swarm, Chia, Filecoin and many more have been developed to compete with YEFI’s goals of generating profit from data storage.
In particular, these projects will enable users to leverage YEFI tokens and hence earn profit through decentralized data storage.
One major decentralized storage that can be mentioned is Dfinity – a public blockchain network that is operated by various independent data centers around the world.
YeFi.one has three important main USPs, namely impermanent loss protection, guaranteed security and the unique “quantum computing” power mechanism.
The first advantage is simple. The platform promises that users will be able to withdraw the exact amount of deposited assets even when the value of those assets has fallen.
With the second USP, officially audited and approved by Beosin, users can have confidence that the YeFi.one protocol is completely safe and, therefore, benefit from an extremely secure platform.
The latest feature called APY boost will help users achieve higher computing power by recommending new users to use the platform.
Conclusion
In an effort to evolve further within the crypto industry, YeFi.one makes all the right development decisions to stay relevant in a highly competitive market.
While there are other platforms with similar functionality, YeFi has demonstrated its commitment to creating a secure platform that can scale with the DeFi industry.
DeFi and staking is an area of ​​incredible development, and YeFi.one is creating a multi-faceted platform that can deliver what investors of all sizes need to stay ahead in the token markets.
If you want to learn more about YeFi.one and follow its evolution, just click here for more information.
The future of finance is decentralized – and YeFi.one is working to make it a reality.
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