Yearn.finance is a Decentralized Finance (Defi) project that allows its users to maximize profits from yield farming. The protocol was founded by Andre Cronje in February 2020. This is the first coin to be worth more than Bitcoin per unit – with the digital currency since hitting highs of over $88,000.
Do you want to invest in this coin and don’t know how to start? If so, we have come up with the ultimate guide. Here, we explain how you can buy Yearn.finance in a low-cost and simple way in less than 10 minutes!
One crucial characteristic of this Defi token is the absence of centralized control over the trading process.
As a Defi asset, there is no better way to buy Yearn.finance than through a decentralized exchange like Pancakeswap. This way, you do not need third-party facilitation to get things done.
Buy your Yearn.finance token via the steps below.
Enter the number of tokens you want to buy and click the ‘Swap’ button to end the process.
On completing the transaction, the Yearn.finance tokens will show in your wallet. There, your tokens are secure until you are ready to withdraw them.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
If you are not familiar with Defi coins or a decentralized exchange platform, the quickfire walkthrough might seem a little technical for you. Not to worry, below is a more detailed step-by-step guide on how to buy Yearn.finance.
As mentioned above, you need a cryptocurrency wallet to which you connect to your Pancakeswap. The wallet will enable you to store the tokens you buy. There are several wallets that you can use, but none has the suitability of Trust Wallet.
Trust Wallet can be used by both newbies and experts in the crypto field. Also, it has the support of the biggest cryptocurrency exchange in the world—Binance. To get a Trust Wallet, download it on your mobile device via Google Playstore or Appstore. After you have it installed, open and follow the necessary steps to create your login details.
Your login details will include your PIN and a 12-word passphrase. This passphrase is essential to recover your account in case you forget your login details or misplace your phone. Therefore, keep your passphrase somewhere safe.
After completing the Trust Wallet setup process, you need funds to begin any transaction. You can deposit them in one of the following ways:
It would help if you have cryptocurrency in an external wallet to transfer assets into your Trust Wallet. This is relatively easy; below are the steps to follow:
On confirming, the tokens will show in your Trust Wallet in up to 20 minutes.
The second way to deposit funds into your wallet is with your debit/credit card. This is applicable when you do not have any cryptocurrency in an external wallet. You can do this on Trust Wallet as it allows for the use of a debit/credit card to initiate a purchase. Below are the steps:
The next step after you have digital assets in your Trust Wallet is to buy Yearn.finance via Pancakeswap. This is done using the direct swap process.
Here is how it works.
You will receive Yearn.finance equivalent to the tokens with which you paid. Proceed by clicking the ‘Swap’ button.
It is that easy! You have successfully bought your Yearn.finance using Pancakeswap.
The journey into being a pro with Yearn.finance trading doesn’t stop when you buy. Well, you certainly will not let your Yearn.finance sit in your wallet forever; you will want to make profits from it. That is where selling comes in. Your selling strategy will depend on your objective with the coin.
Your goals could be:
If you want to change your tokens into another crypto, you can do so using Pancakeswap. However, to sell into fiat money, you will need to use a third-party exchange. This will require you to complete the KYC process which is in compliance with the anti-money laundering laws.
Even though the circulating supply of Yearn.finance is about 36,000 YFI, its market cap is over one billion dollars. This implies that it is quite popular and is therefore listed on several crypto exchanges. This gives you many exchange platforms to choose from.
Nonetheless, the best remains Pancakeswap.
Below are reasons to back up our statement.
Pancakeswap is a leading decentralized exchange on the Binance Smart Chain (BSC). Its Automated Market Maker (AMM) feature allows users to swap cryptocurrency assets, leverage liquidity and complex algorithms through farming, to earn fees in return.
Another significant advantage enjoyed by Pancakeswap users is their access to new tokens. It also provides a more cost-effective alternative to users. So, when you use Pancakeswap, you gain access to a cheaper and faster transaction. It is also a wise option for those seeking a private trading experience.
To get started with Pancakeswap, you need to have a compatible wallet. Trust Wallet is the best pick here as it integrates with Pancakeswap swiftly. Other wallet options are SafePay and TokenPocket.
Once you have gotten your Trust Wallet, you can either transfer cryptocurrency into it from an external wallet or by using your debit/credit card. With that done, proceed to Pancakeswap to swap your digital assets for Yearn.finance. It is as simple as that!
There are a number of ways you can buy Yearn.finance. Your choice depends on your disposition. For example, you might want to buy using a preferred payment method or a particular cryptocurrency exchange.
The best ways to buy Yearn.finance are:
For you to purchase Yearn.finance using your debit/credit card, you first have to buy a common cryptocurrency, like Bitcoin or Ethereum. Trust Wallet is the best to use here, as it supports this payment method. After, connect to Pancakeswap and swap the crypto bought for Yearn.finance.
Note that to buy using your debit/credit card, you will be required to undergo a KYC process. The implication of this is that you cannot make transactions anonymously.
You can either buy Yearn.finance using your debit/credit card or swap with another cryptocurrency. For you to do this, you need to have digital assets in an external wallet. After, all you have to do is swap the crypto for Yearn.finance via Pancakeswap.
You will have to transfer the cryptocurrency to a suitable wallet like Trust Wallet. This is recommended because it safeguards your token excellently and works with Pancakeswap conveniently.
Buying Yearn.finance is a decision you should make after adequate research on the token. This personal research will serve as the basis for your resolution and also help you understand the coin’s pros and cons.
Doing independent research can be a little tasking as you might not know the correct information to stick to. However, below are relevant considerations to put in place when buying Yearn.finance.
As mentioned earlier, Yearn.finance was launched in February 2020. Formerly known as iEarn, Yearn.finance has seen huge and remarkable growth. In November 2020, it was sold for about $11,000 per token. As of July 2021, it is worth about $33,000 per token, giving a nearly 200% increase in less than a year.
As mentioned earlier, Yearn.finance was the first digital asset to be worth more than Bitcoin (BTC) per unit. It had an all-time high of over $93,000 per token in May 2021. That was higher than Bitcoin's all-time high of around $62,000. Essentially, the coin’s price trajectory represents a remarkable growth since its launch
The founder, Andre Cronje, sought to maintain a high level of transparency regardless of Decentralized Finance's inherent risks. Noteworthy, these intrinsic risks that come with Decentralized Finance can make users lose money due to rapid market conditions. But this is an issue peculiar to the DeFi industry generally.
Still, on transparency, the protocol’s governance structure is community-based. This means that token holders have a stake in the decision-making process. The more tokens you have, the higher your decision-making power. This is impressive for YFI because proposals will only be tabled where 33% of token holders agree, making for a fairly democratized DeFi system.
Yearn.finance is a token that can be traded on any decentralized exchange platform. Also, it has pairs for cryptocurrencies, stablecoins, and fiat currencies widely available. Central exchange platforms dealing Yearn.finance includes Binance, OKEx, Huobi Global, and more.
A dip is a temporary fall in cryptocurrency prices. This could be as a result of negative news, government intervention, or adverse market conditions. When you buy the dip, it is an investment strategy that involves purchasing a digital asset when the price has gone down.
Yearn.finance had an all-time low of $739 per token in July 2020 and an all-time high of over $93,000 in May 2021. Thus, anyone who bought at $739 would have witnessed an increase of about 12,535% when it reached its all-time high.
Furthermore, at the time of writing in July 2021, Yearn.finance is priced at over $33,000 per token. Therefore, it might be a good buy depending on your purchasing capacity and how you perceive the dip. After all, based on this price, this works out at a discount of about 60%.
Yearn.finance Price Prediction
It is tempting to want to learn more about YFI’s price prediction. However, this requires utmost care because digital assets like this are volatile and often fluctuate in price. Therefore, any price prediction platform stating anything with certainty should be taken with a pinch of salt.
With sufficient research, you will understand that trading cryptocurrency has its pullbacks. For example, the price of Yearn.finance invariably changes when the market takes a turn. Additionally, there are several cases of cyber phishing since it is technology-based, putting digital assets at significant risk.
Notwithstanding, there are ways you can reduce the risks.
To safely secure digital assets, you need to keep them in a cryptocurrency wallet. Your choice of a wallet depends on the type of token you want to keep. To choose a wallet, you may want to focus on proficiency and security.
Here are the most reliable Yearn.finance wallets.
Trust Wallet is a wallet officially backed by Binance, and it is also the most popular among investors and traders. It is also a great wallet to store Yearn.finance. Likewise, it is best to use it when you are just getting started with cryptocurrencies.
Trust Wallet is a software wallet that can be accessed through a mobile device. To gain access, download the app via Google Playstore or iOS for free.
It supports several cryptocurrencies, is proficient, and gives you complete power over your private keys. You can also get digital assets using debit/credit cards and connect with Pancakeswap seamlessly.
Atomic Wallet is a wallet with Android, iOS, and several desktop versions available. It supports a number of cryptocurrencies including Yearn.finance. It is convenient to use and enables you to swap back and forth between digital assets.
If your focus on storing your Yearn.finance is convenience, then Atomic Wallet is the one for you.
Ledger Nano X is the best-encrypted hardware wallet to store Yearn.finance. It has the capacity to keep a large amount of Yearn.finance for a long period of time. It allows you to be offline without the fear of your account being hacked, keeping your digital assets secure.
Additionally, it has an option where you can use seed cards to recover your account in case of a network attack, damage, or compromise.
Yearn.finance has increased in popularity since its launch in February 2020 and is one of the coins with high value in the market currently. It was also the first coin to be worth more than one Bitcoin per unit.
To buy, there are several options to choose from, but none equals using a decentralized exchange like Pancakeswap. This platform uses a direct swap process where you can exchange one digital asset for another.
This guide has explained how to buy Yearn.finance through Pancakeswap, thereby discarding the need to involve a third party that would have required you to complete a KYC process.
Just like every other digital asset, the price of Yearn.finance is dicey. As of July 2021, the price of one token is worth just over $33,000.
Showing great yield since its launch in 2020, Yearn.finance still remains speculative and volatile. So, it's best you do some personal research before diving in.
You can normally buy any amount of Yearn.finance.
Yearn.finance had an all-time high on May 12, 2021, when it was priced at $93,435.
It's best to buy Yearn.finance through a decentralized exchange like Pamcakeswap. Start by using your debit/credit card to buy a digital asset on an external wallet, preferably Trust Wallet. Proceed to swap the asset you bought for Yearn.finance on Pancakeswap. That's it!
Yearn.finance has a total supply of 36,000 tokens and a market cap of over $1 billion as of July 2021.
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