DFI.Money (YFII)

 Basics

• Based in: Asia
• Started in / Announced on: 8-2020
• Mainnet release:
• Fka FYII
• The first major fork of yEarn.
• DeFi yield aggregator
• Merged with SakeSwap (2-2021).

History

• From Week In Ethereum (2-8-2020):

"YFI and forks had quite a week: a fork called YFII catching fire in China before getting removed from the Balancer UI, YFI started farming YFII and dumping it, and then a different fork (YYFI) was a scam where the owner drained the Balancer pool."

• From the docs (12-7-2021):

"Mining/farming of YFI has stopped on July 26. In order to prevent a sharp drop in liquidity of the pools, the community proposed YIP-8, suggesting a weekly halving model for yield farming. Though more than 80% of the votes are FOR the proposal, it has been declined because of the unmet 33% quorum requirement. To protect Andre's genius design from being spoilt by whales, we forked YFI, naming it YFII. The issuance of YFII imitates the halving model of Bitcoin."

Audits & Exploits

• Bug bounty program can be found [insert here].
• SECBIT Labs conducted a security study of YFII smart contracts from July 27 to August 2, 2020:

"The changes to YFII compared to YFI, as mentioned, are minor overall."

Governance

Admin Keys

• SECBIT Labs conducted a security study of YFII smart contracts from July 27 to August 2, 2020:

"YFI-class tokens have mint interfaces, while addresses with mint privileges can issue additional tokens. Besides, YFI-class tokens also have a governance administrator with permission to add and remove minters. Ideally, these addresses with special rights should be multi-signature contracts or other specialized contracts. The administrator privilege destruction transaction can be found at https://burn.yfii.finance/. After inspection, we confirmed that administrator privileges are indeed destroyed. Only the Pool1 and Pool2 contract addresses currently have mint privileges on the YFII Token, which are necessary to achieve the periodic halving and cannot be abused in the future."

• From their docs (12-7-2021):

"People may be worrying that if the developers would issue infinite number of YFII tokens to steal their money. The answer is: impossible. The minting keys have already been burnt by transferring the admin role to the blackhole address (0x00) so that no one has this privilege to mint new tokens. You can examine the burning txns below which are also documented at a specific page."

DAO

• From their docs (12-7-2021):

"YFII has a governance contract from Genesis. Since the owner key has been burnt, monetary policies such as token issuance and inflation cannot be changed. Only 4 parameters in the gov contract are modifiable. These parameters can only be changed by a 7-out-of-11 multi-signature. Meanwhile, 6 community members and 5 core devs are holding these keys. You find out more information about the multi-sig contract and key holders here."

Token

Token allocation

• No pre-mining. No ICO. No dev team rewards. The only way to get YFII is to provide liquidity to the pools (12-7-2021):

"The total supply of YFII is 40,000. Each of the two pools will be emitting 20,000 tokens to yield farmers, starting at 10,000 in the first week halving every 7 days. The number of tokens farmed is in proportion to the liquidity farmers provide to the pools. YFII will be completely distributed in the following 10 weeks."

Coin Distribution

• YFII has a surprisingly large number of holders, 9341 in total (12-7-2021). This is 3 times more than Convex has, and 20 more than 10 times more than Olympus does. More than 50% of the supply is within Binance and Huobi. Half of the top 10 are exchange addresses, and the rest presumably whales. Biggest has 7.5% and the next one 6.6% of the supply. Number ten is finally a contract. This is very interesting, since it shows that this project is still being traded, but barely used.

Technology

• Whitepaper can be found [insert here].
• Code can be viewed here.
• Built on: Ethereum and Oasis Network (8-12-2020) "YFII will be launching on the Oasis Network in the coming months.".

Oracle Method

• Chainlink is mentioned as a partner, so we can assume it is used as oracle provider (12-7-2021).

Roadmap

• Can be found here and is empty.

Usage

• From a partnership announcement with Oasis Network (8-12-2020):

"Currently YFII has launched a few yield strategies including ETH, USDT, USDC, DAI, HUSD, BUSD, yCRV, and has created millions of dollars in profits for users."

Competition

• yEarn

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• 'Ron'

• SakeSwap and DFI.Money (formerly YFII) merged.

Partners 

• Is mentioned by Oasis Network as of its partners (30-12-2020).
• Their website mentions ‘DFI ecological projects’, five in total. WePiggy, FinNexus (the most known out the bunch), grap.finance, s.finance and a Chinese algorithmic stablecoin. Astonishing, the project says it has a whole bunch of them. The project however seems to have been dead for some time now, and it could very well be true that these projects did not give their permission to be named on the website, or are not ‘real’ partners. But it also mentions 5 ‘mining’ projects, including BoringDAO and Orbits. It also has 4 loaning projects, including ForTube. And a whole list of partners, including NEAR, Oasis, Binance, Chainlink, Acala and Polkadot. If these projects at the time indeed jumped on the YFII bandwagon,  this should give you some pause and rethink your stance on the importance of ‘partnerships’ and of these previously named projects' credibility.

(:

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