This is a guide to buy RARI token from Rarible Crypto, an NFT marketplace for art and collectibles on Ethereum. RARI is unique in that it is one of the first mainstream NFT platforms that has issued its own fungible ERC20 token in the form of RARI. The stated goal is to bring more of a community ownership within the platform itself and reward collectors and artists both in addition to the broader NFT community.
In the current DeFi hype cycle, NFTs have received less attention. With the introduction of tokens like RARI, this is changing. Several DeFi enthusiasts and community members are looking into the NFT space and see RARI as a way to gain exposure to NFTs.
NFTs are much broader than ERC20s in that they can represent anything from digital art to in-game items. Therefore, it is not easy to gain exposure to NFTs broadly. NFTs also have unique characteristics like low liquidity and infrequent sales – think real estate more than stock trading. Some rare NFT items may change hands only once every several years, like some of the rare CryptoKitties (founders, first year fancies, etc.)
Also, if you have been an active NFT collector or seller on the Rarible platform, make sure to check if you got any RARI tokens airdropped. The team took the pains to go through active NFT holders and traders’ addresses on Ethereum and airdropped them some RARI at launch. This is much more valuable now than at launch.
How to Buy RARI Token
If you want to buy the RARI token, the good news is it is just like any ERC20 token instead of an ERC721 token, which is the standard for NFT assets. If you are familiar with holding and trading tokens like LEND, SNX, LINK, YFI, etc. then RARI should be similar (you can store it in your MetaMask or Ledger/Trezor for hardware wallets).
To buy RARI token, first go to 1inch to check the price and exchanges. This is because RARI liquidity is currently fragmented so you want to go through an aggregator to make sure you are getting the best price on your trade.
1inch also takes care of any conversion from one token to another. Therefore, you tend to get significantly better pricing via an aggregator like 1inch than directly on say Uniswap.
In the example above, if you are converting 1000 LINK to RARI, then you get 1614.6 RARI on 1inch as compared to 1577.1 RARI on Uniswap.
If you want to buy directly on an exchange, check out Uniswap and Mooniswap that have the most liquidity for RARI at the moment.
If you are starting from fiat instead of crypto, Coinbase is a good onboarding place to buy your first ETH. If you are coming from the Bitcoin world, you could go through Binance to convert your BTC to ETH and then into the DeFi and RARI worlds.
This is a guide on how to buy Sashimi, or farm Sashimi especially the first 14 days after launch when the rewards are high. Sashimi is a new DeFi token on Ethereum which can be farmed or bought and was released recently.
Sashimi is a Sushi clone but it being built by a non-anonymous team and there is no dev fund. This is important to the community due to way in which SushiChef, the creator of Sushi, sold the development share of SUSHI and exited the project (we think it was not technically an exit scam but very close).
The way Sashimi is intended to work is very similar to Sushi in that you stake your LP tokens, you get 10x farming rewards in the first 2 weeks, and then the team can migrate your LP tokens to a new exchange. To their credit, they did not clone the exchange but rather want to build something with added functionality than simply a Uniswap clone.
More importantly, Sashimi has the backing of the Aelf team. Other than the highly questionable choice of incentivizing SASHIMI/ELF LP token on Uniswap, this should be a good thing. After all, the team is not anonymous and have a real-world reputation if they tried to pull a fast one like SushiChef.
How to Farm Sashami
Currently, there are 11 LP pairs with which you can farm SASHIMI. Following best farming practices in DeFi, if you don’t want to farm with the token itself (since the impermanent loss can be brutal), that’s 9 LP pairs. We will also assume you are less interested in ELF-ETH pair since it already pumped over 100% since Sashimi launch. That leaves 8 major pairs: WBTC-ETH, USDT-ETH, USDC-ETH, DAI-ETH, YFI-ETH, LEND-ETH, LINK-ETH, SNX-ETH.
As we previously mentioned, other than the questionable ELF pairs (but understandable, to be sure) these are all good pairs to farm with. They know their audience – YFI, LEND, SNX are the triumvirate of yield farming right now, and the team has chosen them all for farming, in addition to the stablecoins. They also left out impractical pairs like UMA-ETH and BAND-ETH that Sushi adopted.
How to Buy SASHAMI
You can of course buy SASHIMI directly if you believe in the project or want to speculate on its price. Another reason to buy SASHIMI would be to farm in the SASHIMI-ETH pool or SASHIMI-ELF pool. Remember these are high risk, so don’t be attracted just to the high APYs and be sure you can withstand extreme impermanent loss that may easily become permanent loss.
Currently, the most liquid pool for SASHIMI is Uniswap. You can go directly there and buy SASHIMI with your ETH. However, if you want to do a trade with a non-ETH token, make sure to first check the price in an aggregator like 1inch.
For example, if you are starting with LINK, YFI, SNX, RLC, etc. and want to buy SASHIMI, just go to 1inch first and check the prices (as of this writing, they haven’t natively listed SASHIMI yet but you could check converting to ETH and then use Uniswap).
Website: sashimi.cool and connect your Web3 address like MetaMask to view the farms.
Token Contract on Etherscan – always double check against this token when you are buying or selling since anyone can create a fake token with the same name.
MasterChef Contract – similar to SushiChef contract. If you’re technical, always check a diff of this against the SushiChef contract.
This is a guide on how to buy SUSHI from Sushiswap, or in the early days how to farm SUSHI as well. Let’s look at more details on SUSHI and where it sits in the broader DeFi ecosystem specifically around decentralized exchanges (DEXes).
What is Sushiswap and SUSHI?
Without mincing words, Sushiswap is a Uniswap clone, but with a token. Yes, they want to take on Uniswap, the DeFi AMM (Automated Market Maker) juggernaut head on. They think the token, SUSHI, can provide that competitive advantage as well as initial liquidity migration from Uniswap.
However, don’t be fooled by that simple vision. After less than 12 hours of launch, the protocol has over $270 million locked in its contracts. That’s right, $270,000,000 is sitting in its smart contracts right now, less than 12 hours after launch. Clearly it has attracted some early yield farmers but also hopefully long-term users.
The plan to bootstrap Sushiswap is devious or ingenious depending on your point of view:
Give away most of the SUSHI tokens to yield farmers, some of the most active crypto traders and users.
Yield farming is done via Uniswap-LP tokens. In 2 weeks after launch, the Uniswap-LP tokens will be liquidated and converted to Sushiswap-LP tokens, thus providing initial liquidity.
LP fee is 0.25% and 0.05% per trade goes to holders of SUSHI tokens, thus incentivizing them to hold on to SUSHI tokens as a form of revenue stream based on the exchange’s usage.
In a nutshell, Sushiswap is Uniswap with a token before Uniswap could ever come up with a token. Unlike Uniswap, Sushiswap isn’t VC funded and can move at a much faster pace than VC backed startups.
How to Farm SUSHI
You can currently farm for SUSHI instead of buying SUSHI from the market. You can do this by staking select Uniswap-V2 LP tokens into Sushi staking smart contracts.
Warning: Sushi smart contracts are not audited yet and therefore are high risk. Don’t put in more than you can afford to lose.
You can farm SUSHI via Uniswap-LP tokens of the following DeFi tokens: USDT, USDC, DAI, sUSD, UMA, BAND, LINK, AMPL, COMP, LEND, SNX, YFI. All of these are ETH pairs, e.g. YFI-ETH Uniswap V2 pair. You can go to the sushiswap app to start farming SUSHI.
As you can see above, the APY is quite high – in the 1000%s range. This is not sustainable in the long-term so plan accordingly. Also, for the first 2 weeks, the rewards are 10x so take that into consideration if you want to farm for long or deciding when to start. You also get 2x the rewards on SUSHI-ETH Uniswap V2 LP token to incentivize more liquidity for SUSHI.
How to Buy SUSHI
Instead of farming SUSHI you can buy SUSHI from decentralized exchanges instead.
Currently, most of the liquidity is on Uniswap. You can buy SUSHI directly from Uniswap. However, you should always check an aggregator like 1inch to make sure you’re not missing a better price. This is especially important if you are going from a non-ETH token like LINK or YFI into SUSHI since Uniswap may not have the best liquidity for all these paths.
Update: Binance has listed SUSHI! You can trade there to save on some of the gas fees from Uniswap (currently around $20 per trade on Uniswap)
Step-1: Go to 1inch and enter the token you want to start with as input and SUSHI as output.
Step-2: Find the exchange path suggested by 1inch. If it is 100% Uniswap, just go to Uniswap instead to trade and save on gas. If it is not 100% Uniswap, then execute the trade directly on 1inch.
Step-3: Connect your Web3 wallet like MetaMask to 1inch and execute the trade. Alternately, just go to Uniswap, connect your MetaMask, and trade there if you are going there directly.
This post explores the bull case for YFI in a broader crypto bull market. The intention here is not simply a price prediction but to aid in analysis by crypto investors.
Warning: This is a post about the bull case for YFI. The bear case is $0 e.g. with a severe smart contract bug. Please do your own research and never invest more than you can afford to lose. Take this warning seriously.
At the time of starting this post, YFI was around $5000. Currently, it is $12,000 and climbing, just zooming past Bitcoin. That’s right, currently 1 YFI > 1 BTC in terms of price.
Before diving further, let us get the basics out first. YFI is a token from the yearn/iearn ecosystem of products launched by Andre Cronje, a DeFi prodigy famous for “testing in production” (there are risks but he moves at a pace unseen in the rest of the DeFi world).
YFI is often called the “Bitcoin of DeFi” for good reason. Unlike most VC-backed projects that aim to dump on retail investors after the initial hype, YFI has its hands clean. There are no VCs to answer to. There was literally no pre-mine. There is no allocation for developers or future team. There was no allocation even for Andre, the developer! (Satoshi vibes anyone?)
You could farm YFI at launch, so the most active DeFi traders who were early into yield farming were the ones who got their YFI. Many of course soon bought on exchanges as well. YFI remains one of the fairest launches and is a really well distributed token. You can read more about YFI token in our earlier post.
YFI Token Economics
Before diving into the earnings and revenue model, let us first look at the token economics of YFI.
YFI token economics is simple: The maximum supply of YFI is 30,000 tokens. You cannot farm for more YFI anymore.
This has been decided via a governance vote, which is a major strength of the ecosystem. The initial indication was that you could continue to farm YFI but the community decided against it. So the maximum YFI supply has been reached for now.
The other important thing to keep in mind is that YFI is a dividend paying crypto token. The dividends do not come from inflation, but rather from earnings that the protocol generates.
Lastly, YFI is a governance token. The holders of YFI have a real say in what proposals are considered by the community and what gets implemented.
YFI Business Model
With the above information, you can treat the YFI protocol and ecosystem very loosely as a company for the purposes of our analysis. The business model of YFI is asset management. To this end, the YFI ecosystem has several products launched and several in the pipeline.
For now, consider just the y-vault. y-vault is a two sided marketplace for capital providers and capital deployers. Let us understand the motivations of both these groups of people to understand how YFI holders ultimately benefit.
Capital Providers to y-vaults
For capital providers, y-vault provides an easy way to gain exposure to the highest yield opportunities in DeFi without having to worry about managing all the details themselves and without having to pay a ton of gas fees at every step.
As an example, consider the following simple situation: you have some idle capital that you want to put to use, say in USDC. You decide to lend it out on Compound for a measly APY but also some COMP rewards. You could probably do better, but you are not that sophisticated in DeFi yet.
Instead, you can simply deposit your USDC to the y-vault and it will automatically shift your money into the highest farming strategies. For example, it may move your money to Aave or continue to farm on Compound, but it might also move your money to Curve yPool and earn CRV to get a higher yield.
As another example, consider a more sophisticated DeFi investor who keeps up with all the latest trends and yield opportunities. Say you discover Curve CRV mining is the optimal strategy for you. However, you only have a few tens of thousands of USDC, so you pay a ton of gas in claiming CRV each time and selling CRV for USDC each period. This fee can be significant over the life of your investment.
Worry not – if you deposit your USDC into the y-vault, it will pool all the capital and make these gas-expensive transactions once for everyone, so you pool the transaction fees as well, thus saving you a lot of money in the process.
Therefore, capital providers to y-vaults have two primary motivations:
Not having to worry about finding the best yield strategy and instead letting y-vault give them the best yield over time.
Not paying for gas fees with the optimal yield strategy that can significantly lower returns otherwise.
Capital Deployers to y-vault
Capital deployers develop “strategies’ that determine how the capital is deployed. Their job is to come up with better yielding strategies over time with similar or lower risk, so that capital can move towards their strategy. The more capital deployed in a strategy, the more the creator of the strategy makes.
Currently, Andre the founder is creating all strategies and giving them away for free. In the future, you could have more sophisticated capital deployers and strategies across multiple protocols and across spot and derivatives markets.
Strategies can be somewhat complex. Here is a flowchart of how the LINK vault works to maximize yield, courtesy of ChainLinkGod.
This of how efficient it is for someone to just lock up their LINK in this LINK vault and not worry about the strategy and instead just get more LINK over time from yield and protocol incentives.
Once you understand the above business model, it should be obvious how attractive YFI can be. YFI holders get fee from this model. Currently, the fee is set at 0.5% withdrawal fee and 5% “gas action” fee but this can be changed in the future via governance. Over time, y-vaults can become fully functioning crypto-asset managers in a completely decentralized and community-driven way.
YFI Price Model
We model the bull case in this spreadsheet where you can change your assumptions and arrive at a price.
In a crypto bull market, there is a lot going on for a product like y-vault and the holders of YFI get immense benefits from all the yield farming hype. Remember, even the currently simple strategy for farming CRV on curve has over 100% APY.
AUM (Assets Under Management) grow exponentially in an exponential crypto market. If SNX goes 10x, then the SNX locked in the SNX vault goes 10x too, so the 0.5% withdrawal fee is worth 10x.
Gas performance fee goes very high as new yield farming opportunities arise. Whenever the protocol harvests a governance token or another yield farming token and sells for the vault’s underlying token, the 5% fee is charged. This can be substantial.
Low overhead for the protocol. Andre is a prodigy and his work directly benefits YFI holders.
New product launches. There are talks of insurance products. There are talks of a venture-style investment product. Some contracts are already deployed. All these benefit YFI holders in the end. The DAO can be wrapped up within the yearn ecosystem and YFI holders reap the fees.
If you want to buy YFI, make sure to check the price on 1inch before buying directly on Uniswap or Balancer. See our post on how to buy YFI for more details.
YFII is a fork of the original YFI project from Andre Cronje by a community within the original YFI community. The split occurred mostly over the proposal “YIP-8” in the original YFI community. The YFII community adopted this proposal whereas the original YFI community rejected it (it did not reach the required quorum). The proposal essentially continues yield farming rewards on a weekly halving schedule (10,000 YFII in week 1, 5,000 YFII in week 2 and so on)
So why care about YFII? In many ways, YFII has retained the original ethos of the YFI project namely there is no developer pre-mine (i.e. no YFII is allocated to the dev team – they need to farm or buy it like everyone else), there are no VCs or advisors or any other sort of entities that want to dump on the community.
The biggest contention about YFII in the original YFI community seems to be around not forking the holders of YFI, i.e. YFII is starting the community from scratch instead of starting from a point where holders of YFI also hold YFII. Depending on your point of view, this may be good or bad – good because the project can develop without the baggage of YFI holders and bad because the original YFI community has no stake in YFII.
Also, please do your own research into YFII and smart contract safety – several prominent “western” crypto companies like etherscan, metamask, and even Balancer have put phishing warnings against YFII – something the emergent YFII community (a lot in China) is vehemently opposed to. Balancer in fact completely removed the YFII pool from their frontend (without any input from BAL “governance token” holders), a controversial decision to say the least.
Update: After some Twitter wars and lots of back and forth, all of them have partially relented – for example Etherscan simply lists YFII as “high risk” and Balancer has brought back the YFII pool on the frontend with a warning instead of outright censorship.
How to Farm YFII
Before we discuss buying options for YFII, it would be better to mention the ways you can farm YFII (again, please do your own due diligence around smart contract safety).
As of this writing, there are two ways you can farm YFII:
Staking yCRV (yTokens in the Curve y pool) via the staking contract at yfii.finance (note that at the time of this writing, MetaMask still shows a phishing error and doesn’t even let you access the site).
Update: 1inch has natively integrated YFII so you’ll get the best price and execution there. Sometimes you get better price on Uniswap and sometimes on Balancer depending on the order size and pair. For example, here is a trade going from 10,000 RLC to YFII on 1inch
Keep an eye out on YFII – the farming yield APY is over 1000% in the second pool right now, and trade volume is $1.5 Million on Uniswap YFII/ETH pool so far just in the last 24 hours.
With the recent price increase in YFI, YFII seems to be having a resurgence as well. See our post on the bull case for YFI if you want to learn more about this model.
Since there seems to be a lot of censorship going on, here are the major details about YFII (again – do you own research and due diligence)
This guide will help you understand what the YFI token from yearn.finance is, what the role of the token is, its economic and governance rights and future potential and an explanation of how yTokens work. If you are looking to buy YFI, please read our guide on how to buy YFI.
What is YFI Token?
YFI token is the governance and economic layer on top of the yearn protocol, which is a suite of smart contracts that track the best yields on underlying assets.
YFI token was released to the world in the fairest possible launch:
There was no pre-mine
No ICO – not a single token was sold by the team before launch
No VCs – the bane of a lot of crypto projects
No “advisors” to shill the token on Twitter and make money by dumping their bags on you
No developer allocation. Yes, really.
The most interesting thing? It is all built by a single developer, Andre Cronje!
If you want to buy YFI, you want to do this for two purposes:
Govern the protocol by setting parameters on everything from inflation rate to protocol fees.
Earn fees from “assets under management” based on how well the protocol does in providing returns.
Unlike other vaporware tokens like BAL from Balancer which are a promise of future governance and have a marketcap of $1 billion fully diluted with literally 0 economic utility (and currently 0 governance utility as well), YFI has both governance and economic utility since launch. As the assets under management for yTokens goes up, the value of YFI also goes up and holders can expect a real non-speculative return.
Let us also understand what yTokens are. yTokens are simply wrappers around existing tokens, currently stablecoins. Therefore ydAI is a wrapper around DAI, yUSDT is a wrapper around USDT, yUSDC is a wrapper around USDC, and yBUSDC is a wrapper around TUSDC.
But what does this wrapper do? Simply put, it takes the underlying asset, like DAI, and finds the best possible yield for that asset. So for example if Aave yields 8% on DAI and Compound yields 6%, then yDAI would move your DAI into Aave. yTokens are ‘yield optimized tokens’ based on the underlying.
Therefore, you don’t need to worry about trying to track aDAI vs. cDAI and where you can get the best returns. The yearn protocol automatically does this for you. Since it is currently managing a few hundred million dollars, it can move around large sums of money without gas being an issue either.
Things get more interesting with the yield farming and liquidity mining incentives, so that yTokens can actually be much more powerful than simply yield seeking instruments, but can combine yield maximizing based on yield farming. A lot more of this will become a reality in V2, slated to be released in a few days.
In a nutshell, yTokens are super-charged DeFi wrapper tokens that seek out the best yield for you. Therefore if you are new to DeFi or don’t want to spend every waking minute of your existence refreshing twenty web pages to track everything, just let yearn do its thing while you sit back and enjoy your yield.
What is yCRV
A quick detour into yCRV is warranted. This was the first pool where you could “mine” for YFI at launch. Essentially, it is a stablecoin pool (therefore well suited for Curve) on Curve where you can trade between different yTokens derived from USD stablecoins, i.e. yDAI, yUSDC, yUSDT, yTUSD.
You can think of the yCRV pool tokens as a basket of yield maximizing stablecoins, but in addition they also accrue liquidity provider fees on Curve! Pretty neat.
This is a guide on how to buy YFI token from yearn.finance team. YFI is a really interesting DeFi token, which helps regular users utilize the full power of Decentralized Finance (DeFi) tools, including the now famous “yield farming”. This means you can simply own, for example yDAI, and get exposure to all yield farming opportunities from Compound to Balancer while also maximizing your yield in the process.
The YFI token is also interesting in that it is pretty much run and created by a single developer, Andre Cronje. This just shows how much impact a single developer can have on the entire ecosystem and create a protocol worth tens of millions of dollars on other money legos already built on Ethereum.
YFI is gaining momentum because it has proven to be a truly bottoms-up community driven project. There is no pre-mine or pre-sale or VCs or ‘thought leaders’ or other shenanigans. What is remarkable is that Andre, the developer, doesn’t even have any YFI reserved for his own work! That has attracted a lot of passionate community members to become stewards of the project.
After you’ve learned the basics, it is time to start learning how to buy YFI tokens. However, before that, let’s first learn about how to “farm” YFI tokens. Farming YFI tokens may be a better strategy than buying YFI tokens for some people. This is especially true for those who are ‘liquid’ in USD or DAI since most of the pools and farming opportunities for YFI are based on DAI and not ETH.
How to Farm YFI
At launch, there were three ways to farm YFI –
On Curve, with the “Y” tokens (original reward completed)
On Balancer, with the 2/98 YFI/DAI pool (original reward completed)
On Balancer with the YFI/yCRV pool (reward expired on July 26, 2020)
The YFI governance then decided against continuing the program. Therefore, all rewards have now expired and you can no longer farm YFI. The only way to get YFI is to buy it from exchanges, i.e. from someone who has YFI. This is also why YFI is capped at 30,000.
Step-1: Check YFI price on 1inch. 1inch is a crypto price aggregator that finds the best trade execution for you, i.e. the cheapest price. It does this by converting your crypto to YFI via any number of routes via any number of decentralized exchanges. Of late, their private market makers also provide better price than single exchanges, thus saving you even more money. The only downside is the gas costs tend to be high.
Step-2: Enter the crypto you want to sell in order to buy YFI. The good thing with 1inch is it takes care of all the conversion for you. For example, if you want to diversify out of LINK and buy YFI you can do this in one step. Same with even lower trade volume cryptos like RLC or other popular pairs like USDC or DAI.
Step-3: Connect your Web3 wallet. 1inch works with any popular wallet like MetaMask. No need to create an account or sign up to their services.
Step-4: Execute your trade. The YFI will show up in your wallet.
1inch is really good with converting the crypto you have via the best possible execution via multiple decentralized exchanges. For example, here is an example of their ‘Pathfinder’ algorithm – something very hard to replicate manually.
We suggest using DeFi exchanges like Uniswap, Balancer, and Kyber instead of centralized exchanges since you can execute the trade directly from your Web3 wallet like Metamask or Ledger instead of going through account creation, KYC, withdraw limits, etc.
All of these can be accessed via MetaMask. If you have a decent sized crypto portfolio, make sure to use a hardware wallet like Trezor or Ledger, which you can easily connect via MetaMask.
Alternately, currently the deepest liquidity pools for YFI are on Uniswap and Balancer, so you can also buy directly from them, although you should probably still check 1inch if there is a better price (there usually is).
If for some reason you don’t want to use decentralized exchanges above (e.g. if you are not a part of the Ethereum ecosystem and perhaps want to buy directly from BTC) then these are the centralized exchanges where you can buy YFI with your BTC.
Update: YFI is now listed on Binance with YFI/BTC and YFI/BNB pairs. If you already use Binance but don’t use DEXes on Ethereum yet, this may be the easiest way to get exposure to YFI.
Update-2: YFI has started trading on Coinbase Pro! You can sign up to Coinbase and automatically access Coinbase Pro to trade YFI. You can also buy YFI on Coinbase. Note however that Coinbase charges high fees so you are generally better off buying YFI on Uniswap or 1inch.
Buying YFI starting from fiat (like USD)
In the methods above, you need to start from crypto, like ETH, to buy YFI. If all you have are dollars or your local fiat currency, you can follow these steps –
Buy ETH from Coinbase (use this link to get $10 when you purchase $100 of crypto).
Transfer this ETH from Coinbase to MetaMask (or another Web3 wallet).
Go to 1inch to exchange your ETH to YFI via decentralized exchanges without having to sign up for anything.
YFI is an ERC20 token on Ethereum, so you can store it in your Ethereum wallet like MetaMask. For larger sums, you can store your YFI in Ledger or Trezor, which are hardware wallets and provide much better security than a browser extension.