Here's A Look into YeFi.one Comprehensive Review
The advent of decentralized finance (DeFi) took the crypto and decentralized application (DApp) markets to new highs with the elimination of a central authority system. Currently, worth billions of dollars, the DeFi is one of the biggest trends in the crypto space facilitating secure, transparent, and seamless transactions. It does so without relying on central financial intermediaries.
Some of the booming DeFi products are staking, liquidity mining, and yield farming. These functions involve locking tokens on DeFi platforms for a predetermined period to earn rewards in the form of the platform's governance token or any other token. Having quickly gained widespread acceptance in the crypto space, DeFi platforms that offer such functions boast billions of dollars worth of crypto assets locked up to date.
While there has been an uptake of DeFi protocols thanks to massive profitability, the billion-dollar practice is yet to realize its full potential. DeFi growth has largely been hampered by a lack of creativity among the newly-emerged platforms, evidenced by widespread clones. Some low-quality projects simply replicate what has already been implemented, leading to stifled zeal among investors. Even worse, some are unsafe, causing investors to lose their hard-earned cash.
Amidst the numerous DeFi platforms, YeFi.one stands out with its revolutionary features, notably cross-chain staking. Follow along to learn more about this innovative passive-income-earning tool causing ripples in the lucrative DeFi sector.
About YeFi.one
YeFi.one is an open-source and non-custodial DeFi staking platform that allows users to earn passive income by depositing their crypto assets for a period of 1 day or 15 days. They can also choose to auto-renew their staking period or withdraw their assets. The platform leverages a smart contract that determines the interest rates and executes reward allocation every 10 minutes at the minting of each block. Even better, users can withdraw the accumulated interest at any time.
YeFi.one is fully compatible with Binance Smart Chain (BSC) and can be accessed with any wallet that supports BSC. The platform allows users to stake a wide range of assets, including BTC, ETH, BNB, USDT, YEFI, FIL, and YTA. Additional cross-chain bridges will be deployed and assets of other decentralized data storage networks, notably Swarm, Dfinity, Chia, will be integrated over time.
YeFi.one stands out among the numerous DeFi platforms by integrating two popular services in the crypto space- Decentralized finance and Decentralized data storage. As such, the platform takes a front seat in supporting the development of decentralized data storage systems via decentralized finance. By bridging decentralized data storage and decentralized finance (DeFi), YeFi.one allows users to contribute to decentralized data storage while enhancing their yields.
In addition to staking, YeFi.one seeks to expand to other DeFi products, such as lending & borrowing, DEX, and NFT functions, and further evolve as a comprehensive DeFi platform. These developments are set to take place in the future and will interact and integrate with external protocols.
YeFI.one Background
YeFI.one was launched in March 2021, while the official development began in November 2020. The platform launch coincided with the launch of its governance token, YEFI. Concurrently, the platform introduced its wallet integration function, conducted an external smart contract investigation, and launched its staking mechanism.
YeFI.one has established itself as one of the leading DeFi staking platforms with the achievement of several milestones, including:
Binance Smart Chain compatibility. It’s now accessible through all wallets that support Binance Smart Chain.
The YeFi.one protocol has been officially audited and approved by the leading blockchain and crypto audit companies, Beosin and Certik.
The YEFI token has been listed on WBF Exchange and reached a high of 45 USD since the launch — achieving 6x growth in a month.
The YEFI token has been listed on Pancake Swap.
The YEFI token has been listed on MDEX.
The YEFI token has been listed on Bittrex.
The Team behind YeFi.one
YeFi.one founders deserve all the credit for putting together an innovative DeFi platform that supports the development of decentralized data storage projects through decentralized finance. The team behind YEFI.one is led by its CEO, Pekka Kelkka. Pekka is an experienced Blockchain Business Consultant and digital strategy professional. Other members of the team include Christopher Quet – CMO and Ahmed Ebrahim – Risk Management Director. The platform founders are part of the protocol's governance committee that ensures a smooth transition to an open-source community governance policy.
Staking on the YeFi DApp
The YeFi DApp is an intuitive protocol, fully integrated into Binance Smart Chain (BSC), and is accessible from any crypto wallet which supports BSC. The platform offers stakers lucrative interest rates of up to 80% APY (annual percentage yield). Tokens of decentralized data storage projects, such as Filecoin (FIL), earn users a higher interest, i.e., up to 1.5 times higher APY rate. Such a DeFi model promotes the development of decentralized data storage projects, which currently are the new, unfound, highly potential use case of blockchain.
YeFi.one stands out in the DeFi market by providing a lucrative opportunity to earn passive income at some of the highest APY rates in the DeFi space. Even better, the platform integrates the innovative “APY booster” mechanism – that enables users to permanently increase their interest while another user stakes assets with their invitation code.
YEFI Token
The YeFi.one platform is governed and secured by the YEFI token. YEFI has a maximum supply of 21 million tokens. Of the total tokens generated, 94% are purely generated through mining. YEFI token is mined in blocks, each block releasing 200 YEFI tokens every 10 minutes at the initial stage. The amount is halved after one year. The token is currently listed on several exchange platforms, including PancakeSwap, MDEX, and Bittrex. Users can participate in the project governance through democratic online voting.
YeFi.one Main Features
Security: YeFi.one is a comprehensively audited DeFi platform. As such, it's improbable to suffer from a security breach.
Cross-chain Compatibility: It assists in bridging decentralized data storage projects to DeFi through high-performance blockchains.
Scalability: YeFi.one is evolving to become a comprehensive DeFi platform with a fully functioning lending & borrowing solution, DEX, and NFT tools coming up soon.
Staking at no risk: There is no risk of impermanent loss – you can withdraw the original amount of the deposited assets when you decide to exit the protocol, regardless of whether the value of an asset has gone down.
APY-boost mechanism: Interest earned is not necessarily related to the amount of money put in the staking pool. Users can also gain higher passive income through an APY-boost feature by referring new users to the platform.
Final Words
YEFI.one is an outstanding open-source DeFi platform that allows users to earn lucrative passive income by staking their crypto holdings. YeFi stands out in the vastly competitive DeFi space with its unique features and value proposition enabling crypto users to earn via their crypto capital. The multi-face protocol integrates decentralized data storage and DeFi, allowing users to maximize returns on their crypto assets while supporting decentralized data storage projects, the next frontier in cloud storage leveraging blockchain.
YeFi.one is poised for greater success in the DeFi market. It’s all thanks to its uniqueness, attractive interest rates, community governance, and the upcoming launch of additional DeFi products. They include features such as borrowing and lending, DEX, NFT, as well as cross-chain bridge deployment, and the addition of other supported cryptocurrencies. The platform has already attracted more than 10,000 active users worldwide. Its native token YEFI has displayed significant growth since its launch two months ago, evidencing the platform's massive potential.