A new governance token in decentralized finance (DeFi) is captivating yield farmers’ attention. Its creator didn’t set aside any of the tokens for himself and he insists the new token has no monetary value.
Still, that hasn’t stopped it from trading as high as $2,374 a pop, according to CoinGecko.
YFI is the governance token for Yearn.Finance, a site that performs a variety of functions for DeFi users, moving their assets in and out of different liquidity pools in order to find the best yields. Its name may also be a reference to an unflattering internet acronym.
“Each of these systems have control mechanisms, configurable fees, maintenance controls, and rules that can be modified. Thus far, these have been managed by us,” Yearn’s creator,