What is DFI.Money? How to Exchange BTC to YFII?
Decentralized finance (DeFi), has taken the world by storm recently and it’s all for the right reasons. The majority of DeFi platforms promise as much as double or even triple the yields. While Bitcoin and Ethereum may be the original DeFi applications, newer apps are starting to dominate the DeFi conversation. A perfect example of this is DFI.Money, a result of a split within the yearn.finance community.
DFI.Money, a yearn.finance hard-fork, tries to solve some of yearn’s critical limitations all while providing a solution to achieving high yields. If your head is spinning as you wonder what DFI.Money is and whether or not it’s a good investment, you’re in the right place. In this article, we break down what DFI.Money is, whether it’s a good investment or not and how to exchange Bitcoin into YFII. Let’s dive in.
What is DFI.Money (YFII)?
DFI.Money is a native token of the YFII protocol. It is a fixed-supply crypto that liquidity providers get in accordance with their network interaction. Launched in August 2020, DFI.Money is still a baby in the cryptocurrency industry. However, that doesn’t mean that you should underestimate it. The YFII protocol is currently popular in the Chinese DeFi market with a major following on WeChat.
YFII or DFI.Money itself is a yield-farming aggregator that enables you to earn better and stable returns from your crypto investments. Wondering why the name sounds familiar? This is because it emerged from the shadows of yearn.finance (YFI) as a hard-fork. The main difference between the two is that DFI.Money implements a token halving model which keeps token distribution fair and prevents whales from farming all the rewards.
Liquidity is always changing within most crypto exchanges, which always causes prices to shift and make it challenging to access the best rates. Therefore, you have to manually compare all the platforms for the best rate. YFII’s protocol solves this problem by automatically moving funds between various lending pools such as Aave and Compound Finance to ensure that you always have access to the best returns with minimal time investment.
Is DFI.Money a Good Investment?
No matter how good cryptocurrency’s protocols or reasons for establishment are, the core question is always whether the coin is a good investment or not. With that said, let’s take a deep dive into YFII price history. Mere weeks after its launch, YFII enjoyed an impressive bull run hitting an ATH (all-time-high) of more than $9,000 in September 2020. Unfortunately, the token value dropped within months and the value has not recovered since then.
For the remainder of 2020 and for the most part of 2021, DFI.Money prices have oscillated between $1,500 and $3,200. In May 2021, YFII experienced the worst price movements due to some coding-related controversy. MetaMask, a popular crypto wallet app, issued a phishing warning about YFII that revealed that DFI.Money had a backdoor in its code, casting doubt about the token within the crypto community. According to the information, the protocol’s owner key could allow the creation of an infinite number of YFII tokens, which could render the platform useless.
While the community did “burn” the owner key, which stopped token minting without approval, it wasn’t enough to help in price recovery. At the moment, YFII’s price is still low compared to its ATH (all-time-high). While there is certainly no guarantee of a price recovery, YFII is still a young cryptocurrency with the potential to evolve. Ultimately, the decision to invest in DFI.Money remains solely up to you and whether or not you believe in its ability to prove its investment profitability.
Bitcoin vs DFI. Money
At the time of writing, YFII price trades at $4,048.51. The 24-hour trading volume of YFII is at $95,754,882. Within the last 24-hours, the price of YFII has increased by 1.86%. On CoinMarketCap, YFII holds the 199th position. However, with some development, upgrades, and changes within the DFI.Money blockchain, prices may reach higher heights in the future.
On the other hand, Bitcoin currently trades at $45,734.72. It has a 24-hour trading volume of $38,197,885,188 and within the last 24 hours, the price of Bitcoin has increased by 5%. Bitcoin still holds the number one spot in the cryptocurrency rankings. However, there’s really no telling whether prices might reach higher heights or simply decline in the future.
However, from the beginning of the 2021, DFI.Money’s price has experienced bullish moves that are actually higher than previously recorded ones. Given price fluctuations, consolidations, and corrections, YFII has had a very competitive market in 2021. If the trend continues, there are chances that YFII may cross the $5,000 resistance price, possibly moving even higher. Also, considering all the ongoing developments happening with the YFII ecosystem, there is a possibility that YFII coin may reach new heights within 2021.
Why Exchange Bitcoin to DFI. Money?
Between September 2017 and now, the total amount of cash locked up in DeFi contracts has grown from a mere $2.1 million all the way to a staggering $2.9 billion. Therefore, this has driven a massive rise in the market caps of all tokens being used for DeFi smart contracts with some tokens rising in value three or four times. Therefore, if you are a speculative trader, you might want to exchange your Bitcoin to DFI.Money.
Here are some of the top reasons why you should exchange Bitcoin to DFI.Money:
- Access to a Wide Variety of Financial Solutions
DeFi platforms have brought blockchain-based financial services within the reach of all individuals. There is a new paradigm shift in the economy where DeFi token users can now use them in a number of such cases as loans, savings, insurance, among others. This is a guaranteed solid reason to exchange BTC to YFII tokens.
- DFI.Money Coins as the New Future for Finance
DFI. Money as a DeFi platform can spell the next stage of evolution in the finance sector. For starters, it could help individuals borrow and lend with ease within a P2P network. Two, it could help YFII users access similar services provided by traditional and old-school financial providers.
- Capitalize on Current Profitable Trending Tech
At the moment, no one wishes to overlook the current DeFi technology trend which is showing a lot of potential for impressive growth. Right now, a majority of DeFi crypto tokens are still in their development stage. Therefore, there is a great need to capitalize on the current technology trend.
How to Exchange Bitcoin to DFI.Money?
To exchange Bitcoin to DFI.Money, you will require a BTC to YFII exchange that can process the transaction. We recommend that you take advantage of Swapzone to access the best BTC to YFII exchange rates in the market today.
Here’s the step-by-step on how to exchange bitcoin to DFI. Money:
Step 1. Launch the Swapzone website
Step 2. Look for the “Select Pair” tab and choose BTC to YFII pairing.
Step 3. Enter the number of Bitcoins that you wish to exchange for DFI.Money. Swapzone will provide you with a list of the best rates for BTC YFII coins from several exchanges.
Step 4. Pick the best one for you.
Step 5. Click on the “Exchange” button and provide your wallet details.
Step 6. Ensure that every detail is correct. If everything checks out, click on “Proceed the Exchange”.
Step 7. Wait for the deposit to be processed and for the process to finalize.
Step 8. YFII coins will be sent to your wallet address. After the transaction, take a moment to rate us so that we can gather information about the exchange for future improvements.
FAQ About Exchanging BTC to YFII
Why is DFI.Money Better than Bitcoin?
DFI.Money is at the height of a new DeFi technological trend. Unlike Bitcoin, DFI.Money has the potential for impressive growth in the near future. Thus, providing an excellent speculative opportunity for traders.
What is the Real-Time BTC to YFII Exchange Rate?
If you are looking to access real-time BTC to YFII exchange rate, simply head on to the Swapzone website and check out the best rates. Swapzone will collect the best real-time BTC to YFII exchange rates and all you have to do is sort, compare, and convert your BTC to YFII coins.
Why Is Swapzone the Best Place to Exchange BTC to YFII?
Swapzone is the best place to exchange BTC to YFII as it provides you with the best exchange rates in the world. Additionally, it does all this for free. With an easy to navigate user interface, Swapzone has received high praise among crypto industry enthusiasts.
What Are the Other Options to Buy YFII?