Buy yearn.finance in Australia easily using a peer-to-peer (wallet-to-wallet) trading platform like Elbaite cryptocurrency exchange.
To buy yearn.finance (YFI) in Australia, simply:
1 - Get an Ethereum wallet
Since yearn.finance is an ERC20 token, you need an Ethereum wallet to purchase it. This is where you will store your purchased yearn.finance. You can get a free online wallet or purchase a hardware wallet. Elbaite is a non-custodial exchange. We do not hold your yearn.finance in a centralised wallet, meaning you are free to use any crypto wallet of your choosing.
2 - Find an offer from a trusted seller on Elbaite cryptocurrency exchange:
Elbaite connects trusted sellers to trusted buyers. Find an offer on Elbaite at a price and amount you would like to buy.
3 - Pay for your yearn.finance purchase
Pay the agreed amount using your bank account. On Elbaite you can pay using OSKO/PayID or mobile banking to the Elbaite escrow bank account where it is kept safe until you receive your YFI in your wallet. The seller will never know your banking details, keeping your data private.
YFI is a DeFI yield farming system created to make it easier for users to automate their yield farming strategies. Yearn.finance (YFI) is an ERC-20 governance token that powers the community governance of the Yearn.Finance system. Yearn is a collection of DeFi services, intended to act as a simple gateway for the wider DeFi ecosystem. Its highlight is the ability to automatically invest user deposits in the highest-yielding place available in the DeFi ecosystem, through Yearn Vaults. Users deposit funds into the vault, and those funds are then collectively allocated to the highest yield farming available, and the returns from those are distributed proportionally to users, accumulating to the yTokens users are given when they make deposits. Yearn can similarly let people make stablecoin deposits straight to the highest-yielding lending platform available, to earn competitive returns on stablecoins. In addition to the ease of use, this also helps batch transactions to save on Ethereum gas fees. The service doesn't come for free though, as performance fees and other costs are extracted along the way. These fees can be paid to YFI token holders as dividends, in an amount the community of token holders agrees on. This is where holding YFI governance token can be lucrative as it receives a cut of the fees within the Yearn.finance platform, and holders can vote to change, increase or add any other mechanisms.
Why buy yearn.finance (YFI) with Elbaite cryptocurrency exchange?Elbaite is the first non-custodial wallet-to-wallet Australian cryptocurrency exchange.
Unlike other Australian crypto exchanges that hold your cryptocurrency in their own centralised wallets, Elbaite's wallet-to-wallet trading means that your yearn.finance is not held by us at any point. This is a safer and more simple trading process, giving you greater control and freedom over your cryptocurrency!
How do I store my yearn.finance (YFI)?There are many Ethereum-based wallet options you can explore when it comes to safely storing your Enjin Coin, including using hot and cold crypto wallets. Conducting your own research is crucial to keeping your yearn.finance safe.
What are Hot Wallets?
Hot wallets are crypto wallets that are connected to the internet. They offer better accessibility which simplifies more frequent trading. However, they offer less security against hacks and fraud incidents.
What are Cold Wallets?
Cold wallets are crypto wallets that are not connected to the internet. The two main types of cold wallets are paper wallets and hardware wallets such as Trezor and Ledger wallets. Cold wallets are a popular option for those who value security, or for traders holding yearn.finance as a long term investment.
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