Place/Date: USA - November 21st, 2022 at 3:47 pm UTC · 4 min read
Contact: Tradersam, Source: C18 News
YFII’s price has risen by 300% in the last two months. It is reported that YFII will be launched on Robinhood and the news will be announced on November 26, next Saturday.
It is reported that YFII coin is a token, and the mining income will be automatically converted into YFII tokens and distributed to users, and the value of the tokens will be increased through distribution and destruction. YFII token also serve as a tool for community governance voting.
YFIl Finance is the realization of IP-8 add-issuance proposal that Yearn Finance put forward in the process of community governance. The proposal, which once gained more than 80 per cent support, has led some members of the predominantly Chinese community to fork off the Yearn Finance project and operate it independently, in order to avoid the community being dominated by the whale account. YFII will work to protect liquidity funds from large-scale withdrawal from the agreement and attract more liquidity providers to participate in mining and governance after YFI token mining ends.
YFI has stopped mining on July 26, 2020. In order to ensure that liquidity does not withdraw from mining on a large scale, Community governance YIP-8 has put forward a proposal to halve the weekly amount of additional issuance for each mine pool. The proposal was approved by more than 80 percent of the vote, but the proposal was finally ineffective because it failed to meet the minimum requirement of 33 percent of the vote (8.8 percent turnout).
In order to ensure that genius Andre’s conception and system were not controlled by the early Whale account, a group of community members forked the YFI project, code-named YFII. YFII adopts the same mechanism as Bitcoin to ensure that tokens are distributed to community members more fairly.
YFI is a very meaningful experiment in DeFi innovation. Through Yearn Finance, we see decentralized governance token distribution, which fully stimulates the passion of mining and governance in the DeFi community. On the basis of YFI, YFII realized the YIP-8 proposal and explored a possibly fairer governance proxy distribution scheme, which had a great influence in the community in a short time with an amazing development momentum.
After YFII forks from YFI tokens, its uniqueness lies in three aspects :
The YFII community has been fully operated in the form of DAO. The community is divided into three sections: development, audit and operation, and the operation is relatively mature.
The YFII community is mainly governed by Chinese members. After 10 weeks of mining, the community pushed the project to develop its own unique product mechanism, which is now working well. YFII token acts as the governance token of the platform, and at the same time, the transaction fee of the machine gun pool is given as the value support. The project is running well at present, and there are no major loopholes in the contract. The project products are still exploring the combination with other DeFi products, which can be followed in the long term.
At present, YFII coin project risks also include smart contract vulnerability risk and DeFi combination risk, etc.
The above content illustrate what YFII is. The article also analyzes the prospect and investment value of YFI in detail. Although the overall development of YFII coin is relatively fast, the risk contained in the project cannot be ignored. C18 Express suggests that investing in YFII coin appropriately, and it is best to observe for a period of time before investing, so that you can know more about YFII coin items. It can also prepare for investors to avoid losses in the later stage. If there are investors who want to buy YFII coins but do not know the tutorial, it is recommended that you check the YFII coin buying and trading tutorial in the C18 Express website, which is detailed and safe.
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