What is Yearn Finance (YFI)?
Yearn Finance (YFI) is a groundbreaking DeFi platform and cryptocurrency initially launched on Ethereum, but also available on Fantom, with a primary focus on yield optimization, liquidity provision, and decentralized governance. Its unique distribution model and innovative approach to DeFi have solidified its position as a key player in the crypto space, contributing to the evolution and growth of the decentralized finance ecosystem.
Yearn Finance is renowned for its innovative strategies in yield farming and DeFi optimization. The platform's developers continuously explore new opportunities and partnerships to enhance yield generation, making it a pioneer in the field of automated yield farming. The sustainability of Yearn Finance's ecosystem is ensured through the YFI token. As users contribute assets and participate in governance, they are rewarded with YFI tokens, aligning incentives and fostering long-term engagement.
Despite its complex backend strategies, Yearn Finance aims to provide a user-friendly experience. Users can access these advanced DeFi strategies with ease, allowing both newcomers and experienced DeFi enthusiasts to benefit from the platform's offerings. Learn more
How to Deposit YFI Into Your Coinmetro Account
For all information on how to deposit YFI into your Coinmetro account, please see the following help center article: How to Deposit YFI.
As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000 for ETH. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts or using a full ETH wallet as an intermediary.
How to Withdraw YFI From Your Coinmetro Account
For all information on how to withdraw YFI from your Coinmetro account, please see the following help center article: How to Withdraw YFI.
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be confirmed via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be canceled and the withdrawal status can be found by selecting the Wallet on your Coinmetro Dashboard. Please note that already-approved withdrawals cannot be canceled. If there is no Cancel button visible, this unfortunately means the withdrawal can no longer be canceled, and you will find a transaction ID (TXID) instead. This is a link to the relevant transaction hash on a Blockchain Explorer website where the status can be checked further.