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The Decentralized Finance world came into existence in 2017, launching a lending platform, Maker Dao. Since then, more and more Defi projects have been launched, each with unique services that help users earn income. The most popular services include staking, lending, liquidity mining, etc. However, there is still a lack of efficiency in the lending, staking, and general Defi world.
Recently, a new protocol, Yefi, was launched to help streamline Defi with staking and other services. So, what is Yefi?
Yefi.One is a decentralized finance project introduced to provide a vast array of Defi options for the benefit of the Defi community. The flagship project is staking to earn passive income. The Yefi.one’s advent revolutionizes the Defi industry and has already engaged more than 10 thousand users globally.
Indeed, staking has recently become the most marketable Defi service, allowing crypto holders, traders, and Defi enthusiasts to earn passive interest at attractive APY rates.
Users have the flexibility of choice to stake for 1 day or 15 days, with an auto-renew function available. In addition, the Yefi smart contract executes rewards and interest every 10 minutes after the completion of block minting.
One block of YEFI contains 200 YEFI tokens. However, this protocol has instituted policies to ensure the token maintains its viability in the long run. Primarily, there will be an annual halving of the YEFI block rewards, which will contain the token supply, effectively increasing demand and prices.
The staking DApp interacts with assets accepted for staking, and the users can earn excellent rewards. This staking model offers an excellent way of maximizing your income passively. The YeFi protocol is non-custodial, and users can withdraw their interest at any time.
Yefi Protocol Now Supports Bitcoin
The Yefi network continuously updates its systems, adding trusted assets to give investors various choices. The platform supported only assets like USDT, BNB, FIL, YEFI, YTA, and ETH.
Just recently, the platform included the Bitcoin asset support for the network. Therefore, crypto enthusiasts can take advantage of the benefits brought about by owning and using Bitcoin. Users can stake BTC and the other assets for rewards.
Supported By Bittrex Exchange
The YEFI token is already listed in some of the most popular exchange platforms like Pancakeswap, MDEX, and Wbfex. PancakeSwap is the top DEX in BSC; thus, BSC users can enjoy buying the assets easily.
On the 22nd of July, the YEFI token will be listed on Bittrex Global. Listing on this exchange will open YEFI and the entire network to the whole larger crypto world.
The Yefi platform is also accessible in multiple wallets supported in the BSC. For example, it’s connected to BSC-based Dex like Pancakeswap, where you can easily trade YEFI tokens.
Why Should You Use Yefi?
The Yefi One network has implanted many features to ensure that the platform users benefit from the Defi and Decentralized storage world. Generally, the staking feature mentioned is created to benefit both beginners and experienced crypto enthusiasts. A user stands to earn more by inviting new users to leverage the platform’s services, effectively increasing their APY.
YeFi.one leverages one of the hottest DeFi functions – staking – to support the development of decentralized data storage projects. This is done by incentivizing users to stake tokens of the related projects at significantly higher APY rates. Indeed, if you stake the native token of Filecoin, FIL, your interest will increase by 1.5 times.
Top Features of Yefi.one
Apart from the fact that this network will combine multiple services to bring the entire Defi on one dashboard, this platform also has special features to reach its goal. The primary components of the platform include:
- World-class security. The Yefi.one sets security as the top priority. The smart contract has been audited by Beosin and Certik, two of the most trusted blockchain auditors today. Therefore, the investors are sure of their safety while interacting with the YeFi platform.
- Cross-chain compatibility. The Yefi network also allows for cross-chain interaction, including bridges for data storage projects to high-profile blockchains.
- Scalability. Another feature that helps ensure the YeFi.one network offers top services is the scalability of the network. Due to scalability, this network will host a world of services, including DEX, NFTs, lending, and borrowing services.
- Staking at no risk. In Yefi, users can stake without any risk of impermanent loss.
Yefi Protocol Governance
According to the roadmap, Yefi.one will introduce a DAO governance system. This DAO feature will grant full governance power of the network to the users. Ultimately, all decisions made will have to be approved by the community of the platform’s regular users.
After looking into the YeFi.one network, it’s clear that this platform offers excellent services. Majorly, this article has looked into staking, but more services are coming according to the platform’s roadmap. Among the services include lending, NFT, and a DEX function. Furthermore, Yefi.one will introduce its services to the Ethereum chain.
Yefi protocol comes with a world of advantages, including security, scalability, and cross-chain networking that will help grow the platform. In the future, Yefi could implant other services like a DEX and NFT platform to reach the whole Defi market. Further information on Yefi development is continuously updated on their social media pages like Twitter, Facebook, and Medium.
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