DiFy Finance (YFIII) Is an In-Development Software Fork of Yearn Finance (YFI)
DiFy.Finance, like YFI, the platform it is based on, is an environment of decentralized finance (DeFi) lending aggregators: it allows users to provide liquidity for the ecosystem by parking their cryptocurrency tokens in a smart contract vault and earning interest in return.
By the virtue of it being an aggregator of lending services, YFIII users are able to optimize their interest yields in an automated manner by frequently rebalancing their investments between available options.
What Makes DiFy.Finance Unique?
DiFy.Finance is part of the larger trend of decentralized finance: an industry that is focused on building decentralized financial instruments on top of existing smart-contract-enabled cryptocurrencies. These instruments include cryptocurrency lending, insurance, decentralized exchanges and other use cases.
As of October 2020, it is a rapidly growing industry with over $10 billion in locked assets, up from just over $500 million in October 2019.
YFIII specifically is an aggregator of cryptocurrency lending platforms, same as the platform it was forked from — yearn.finance. It allows users to deposit their cryptocurrency, which is converted into yTokens — on-blockchain obligations that are secured by collateral in a different cryptocurrency. These tokens are then automatically parked in different DeFi lending services in order to maximize the lenders’ profit in the form of interest.
YFIII’s unique advantage, and the reason for forking away from YFI, is to provide a more optimized crypto lending experience for mobile platforms.
How Many DiFy.Finance [YFIII] Coins Are There in Circulation?
YFIII’s maximum supply is limited to 30,000 tokens, all of which are set to be openly distributed among the direct participants of the ecosystem with no pre-sale/ICO stage. According to the team behind the project, none of the YFIII tokens have been pre-allocated to the team members.
How Is the DiFy.Finance Network Secured?
YFIII, like the project it is based on — yearn.finance — is built on top of the Ethereum blockchain, meaning that its network is secured by the same hash function as ETH — Ethash. Ethash is a proof-of-work function that belongs to the Keccak family of hash functions.
DiFy.Finance — Farm:
DiFy.Finance — Farm offers cryptocurrency holders to pool their assets together to provide a large pool of liquidity for everyone who wants to exchange this asset, as a return, he receives a lucrative reward straight into the wallet.
DiFy.Finance — Stake:
It is a modern platform that allows DiFy.Finance and YFIII token holders to store their assets in a specially designed contract. The storage percentage is set automatically depending on the price of the underlying assets and the number of assets in the pool
DiFy.Finance — Borrow :
DiFy.Finance ecosystem is borrowing — Borrowers can borrow assets in an overcollateralized (perpetual) way, selecting USDT (Tether), Ethereum (ETH), or DAI, and earn YFIII as a reward for using the protocol.
DiFy.Finance — Vote :
DiFy.Finance — Vote offers a decentralized platform that allows the community to perform on-chain voting. All this voting data is record on blockchain which acts as a decentralized, immutable ledger, leaving no place for bureaucratic manipulation or rigging.
DiFy.Finance — Vault :
DiFy.Finance — Vault is a protocol that automates yield farming. It uses AI and BigData to look for innovative farming strategies, with the objective of bringing maximum yield to the community.
Website: https://dify.finance
Twitter: https://twitter.com/dify_finance
Telegram: https://t.me/difyfinance
Coinmarketcap: https://coinmarketcap.com/currencies/dify-finance/
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons
