What is Yearn? A common question in the minds of those in the blockchain and cryptocurrency circles lately. Yearn is a decentralized finance gateway that allows users to access DeFi products like MakerDAO, Augur, and 0x. It is becoming a popular DeFi product, and for good reasons. This blog post will discuss what Yearn is and how it works. We will also explore some of the benefits it offers its users.
One can use Ether or other ERC-20 tokens deposited on exchanges to gain exposure to these protocols.Â
How Does Yearn Work?
To use Yearn, you first need to create a wallet. You can do this on the Yearn website or through the many wallets that support ERC-20 tokens.Â
Once you have created a wallet, you need to deposit some Ether or other ERC-20 tokens into it. You can do this by transferring them from an exchange or another wallet. Once you have deposited some tokens, you can use them to access DeFi products by sending them to the Yearn gateway address.Â
Key Benefits of Using Yearn
There are many benefits to using Yearn. Here are a few of them:Â
-Use either Ether or other ERC-20 tokens deposited on exchanges to gain exposure to these protocols
-The fees are much lower than the fees for using traditional financial institutions
-It is decentralized and trustless, so no worries about losing money if the company goes bankrupt
-Access a wide variety of DeFi products
-Easy to use with a user-friendly interfaceÂ
-Store tokens in the wallet or sell them for fiat currencyÂ
How to get started?
To get started with Yearn, head to yearn.io. It is downloadable as a mobile app on Android or iOS. If you need help setting up your wallet or depositing tokens, many tutorials are available on the website and YouTube channel. So wh? y wait? Start using Yearn today!
