When was YFI coin issued? Learn about the origin of YFI coin in one article

YFI Coin, a decentralized finance (DeFi) protocol, was first issued on July 17, 2020 through a liquidity mining event.

Oct 06, 2024 at 08:36 am

When was YFI Coin Issued? Exploring the Origin of YFI

1. Background of YFI Coin

YFI, also known as Yearn Finance, is a decentralized finance (DeFi) protocol that automates yield farming strategies for users. It was created by Andre Cronje and Anton Nell in July 2020.

2. Issuance of YFI Coin

YFI coins were first issued on July 17, 2020 through a liquidity mining event. The initial supply was set at 30,000 YFI, with no pre-mine or allocation for the team.

3. Liquidity Mining Event

Users were able to participate in the liquidity mining event by providing liquidity to the YFI/ETH Uniswap pool. In return, they received YFI tokens as rewards. The event ended on July 25, 2020.

4. Distribution of YFI Coins

The initial distribution of YFI coins was as follows:

• 8,000 YFI (27%) to liquidity providers in the YFI/ETH Uniswap pool
• 17,000 YFI (57%) to Yearn Finance governance participants (YFI holders)
• 4,000 YFI (13%) to the Yearn Finance team and treasury
• 1,000 YFI (3%) to advisors and contributors

5. Significance of YFI Coin

The issuance of YFI coins marked a significant milestone in the development of Yearn Finance. It allowed users to participate in the governance of the protocol and earn rewards for their contributions. The limited supply of YFI coins also made it a highly sought-after asset in the DeFi ecosystem.

Conclusion

YFI coins were first issued on July 17, 2020 through a liquidity mining event. The initial supply was set at 30,000 YFI, with no pre-mine or allocation for the team. The distribution of YFI coins was carefully designed to incentivize users to participate in the governance and growth of Yearn Finance.