What Is Non-Fungible Yearn (NFY)?
Non-Fungible Yearn (NFY) is a DeFi platform that uses NFT tokens to make Yield Farming more flexible and secure by protecting users' wallets. As cited on its website, the platform creates the first transferable stake and makes Yield Farming secure. Non-Fungible Yearn aims to utilize the full potential of NFT tokens in the DeFi sector. As of now, DeFi is influenced by ERC-20 tokens, which are fungible. A fungible token means all tokens are the same and are not unique. There are token standards that get rarely mentioned, like ERC-721. The Non-Fungible Yearn platform aims to re-consider how these tokens have been used by creating a use case for them in DeFi. ERC-721 is an open standard to build unique tokens on the Ethereum blockchain.
Furthermore, the platform permits users to stake their various cryptocurrency holdings in multiple pools to earn NFY. NFY is the governance token of the platform. The NFY platform seeks to build an ecosystem where instead of a stake tied to a users' account, it is linked to a transferable NFT. The user, when stakes on the NFY platform, an NFT is minted, and details of the user's stake get stored in the NFT by referencing its unique token id. Minting is a method of producing coins for circulation or sale to collectors. Besides, users are provided with whether they want their rewards to be added to their NFTs or redeem their rewards. Moreover, NFY creates a secondary market for already staked tokens. Users can trade their stake directly rather than unstaking.
Additionally, when a user stakes their NFY liquidity token in the platform, it gets locked in the platform forever. Liquidity is the efficiency with which an asset gets converted into cash without affecting the market price. NFY aims to be a pioneer and the first one in the masses to have the ability of NFTs and the ERC-721 standard in DeFi. However, the platform charges no transaction fees while transferring NFY or NFT. Still, it seeks to have a fee in NFY when utilizing the trading platform.
History of Non-Fungible Yearn (NFY)
According to the link on its website, the total supply of NFY is one hundred thousand.
