Coinsquare is the most trusted cryptocurrency trading platform in Canada. We facilitate your participation in the cryptocurrency space with over 50 of the top crypto coins on the market, including the popular Yearn Finance (YFI) coin.
Want to learn more about how to invest in cryptocurrencies like YFI? This page covers the essentials for beginning crypto investors, with instructions on how to get started quickly.
Add money in the currency of your choice (this can include CAD). These funds are what you’ll use to buy YFI.
Before you buy, you can check the current price of YFI, or any other token listed in Coinsquare in CAD or USD.
Congratulations! You are now an owner of the YFI cryptocurrency, along with thousands of others in the YFI community!
After making your purchase, your YFI will be stored in your secure and insured Coinsquare wallet. If you wish, you can withdraw the coin to your own external wallet.
Yearn Finance offers DeFi products, including lending aggregation, yield generation, and insurance on the Ethereum blockchain. The protocol is managed by independent developers and governed by YFI holders, ensuring decentralized provision of all Yearn's features.
Yearn Finance was created and launched by Andre Cronje, who did not raise any private or public funding for the protocol. Cronje, a veteran in the cryptocurrency space, is closely involved with DeFi. Originally known as iEarn.finance, the project quickly gained popularity, with its native token hitting a market cap of over $1 billion by August 2020. Despite its rapid success, Cronje announced his separation from the project and DeFi in October 2020. He later worked on projects like Fantom before stepping away again in 2022. Despite this, the protocol took off quickly! Yearn Finance has thrived since the founder's departure, with its community driving the project towards stability.
Yearn Finance offers four tools to help you grow your crypto:
People can lock up their crypto by using different DeFi platforms to grow their tokens. The more crypto they lock up, the more they earn. This is called "yield farming”. Yearn Finance earns profits through a 0.5% withdrawal fee and a variable 5% gas subsidization fee based on Ethereum network congestion. User consensus can adjust these rates because of its decentralized governance model.
The native Yearn Finance crypto coin is called YFI. The YFI token powers DeFi services on the platform and promotes user engagement. It also has roles in community governance and project funding. Furthermore, the Yearn Finance crypto serves as collateral for Yearn Finance Vaults, allowing users to deposit their cryptocurrencies and earn yields through yield farming strategies. The yields generated from these Vaults are given to YFI token holders. YFI holders can also vote on proposals to set rules for using the protocol. Proposals need over 50% of votes from YFI holders to be implemented. Anyone can propose, but only YFI holders can vote on proposals.
The Yearn Finance crypto coin was initially created to reward early adopters of Yearn's platform. After the distribution of YFI, holders now govern Yearn's platform through a decentralized autonomous organization (DAO) by locking their YFI as veYFI for voting.
Yearn Finance crypto wants to simplify DeFi investment and activities like yield farming to make them more accessible. The platform uses custom tools to aggregate protocols like Curve, Compound, and Aave, allowing users to find the highest interest rates for staking cryptocurrency. Users can earn YFI by providing liquidity and participating in the Yearn ecosystem. The more YFI you hold, the more power you have to vote on how Yearn is run.
There are only 36,666 YFI tokens in circulation. During its launch, 10,000 YFI tokens were allocated to the yCRV liquidity pool and 10,000 YFI tokens to two Balancer pools. Following a vote, 6,666 YFI were minted to support protocol development. One-third went to key contributors, while the rest went to the governance-operated treasury.
Investors with all levels of knowledge are welcome to participate in the exciting world of YFI investing, trading, mining, and all other activities in this technology space. As an inclusive community, crypto arenas work to be accessible to everyone.
Coinsquare is vigilant about education, maintaining a real-time news feed in its mobile app, and providing 24/7 customer service support for all our account holders.
Before investing in YFI, do your research and your due diligence. Evaluate the market performance, the YFI community, and the security aspects of YFI. As you immerse yourself in the crypto space, you can go further: assess the project’s partnerships with other companies and organizations, figure out what YFI’s plans are for the future, and evaluate the YFI community’s engagement, online presence, and enthusiasm.
Anyone who wants to invest in YFI should understand basic concepts like what a blockchain is, how blockchains work, and the purpose of consensus mechanisms like Proof of Work and Proof of Stake. These concepts are reasonably accessible and essentially the same for all cryptocurrencies. You can find plenty of online guides to explain them. If they don’t make sense to you right away, stick with it and search for resources that are suited to your learning style.
YFI’s market performance and price data over time isn’t representative of where YFI is going, but it will give you a sense of the confidence other investors have had in it. As with all investments, past results are not indicative of future performance, so be diligent in your research before buying any type of investment
Also, consider the market capitalization for YFI. The market cap is a metric used to indicate the total value of YFI. Each cryptocurrency has a market cap. This figure is important because it can be used to compare different cryptocurrencies and evaluate their relative dominance on the market overall.
Coinsquare makes this data easily accessible. We provide all the information you need to make an informed decision about buying YFI.
Sufficient liquidity when purchasing YFI on the trading platform you choose is important so that it’s easy to buy and sell without significantly impacting the price. Trading volume can be used as an indicator for trading interest in YFI within a specific timeframe.
Look into the partnerships that YFI has established with other companies and organizations. Partnerships with reputable, well-respected companies indicate trust in YFI. These partners often conduct extensive due diligence, which will give you confidence in YFI and its ongoing viability.
Partnerships with tech companies can also give YFI access to resources like expertise and equipment, while strategic partnerships can provide the financial backing that YFI needs to shore up its stability and continue to innovate and grow.
Overall, solid partnerships suggest that other companies see value in YFI and are willing to back it with their own resources.
A large and active community is important to a cryptocurrency’s success. Follow YFI’s social media channels to see how involved people are with YFI, keep up with the news about it, and get a sense of the community vibe. Developer support for YFI can give you additional information about the YFI community.
Investigate any past security incidents and see how they were addressed. Check on the social media chatter about these incidents to evaluate how the public and the YFI community responded.
Collecting information about YFI before you invest will help you make better investment decisions and manage any potential risks. Coinsquare is dedicated to giving you as much information as possible to help you get comfortable in the crypto space.
You have options for trading platforms in Canada. Why choose Coinsquare?
Here are the advantages we offer to individuals or organizations interested in YFI or other cryptocurrencies:
Since its founding in 2014, Coinsquare has become a leader in the cryptocurrency space in Canada. Over the past decade, we have welcomed over 500,000 Canadian users to the crypto space and facilitated trades in excess of 8 billion Canadian dollars. We have the experience, customer base, and dedication to the community to have earned an outstanding level of trust and success. Open an account today; let’s see where we can go together!
