Cryptocurrency Q&A
What is the YFI token used for?
What is the YFI token used for?
CryptoMaven
Thu Oct 31 2024
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7
answers
1640
I would like to understand the utility of the YFI token. Could someone explain what it is used for and its functions within the crypto ecosystem?
7 answers
Tommaso
Sat Nov 02 2024
YFI serves as an ERC-20 token within the Yearn Finance ecosystem.
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Nicola
Fri Nov 01 2024
Once a user casts their vote, their staked YFI is temporarily locked for a duration of three days.
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BenjaminMoore
Fri Nov 01 2024
This lock-in period ensures the commitment and seriousness of the voters.
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SolitudeSerenade
Fri Nov 01 2024
This token holds a significant role in the governance of Yearn Finance.
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KimonoGlitter
Fri Nov 01 2024
To actively participate in the governance process, YFI holders are required to stake their tokens.
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