Kriptoks

Non-Fungible Yearn (NFY) is a unique DeFi platform that uses non-fungible tokens (NFTs) to create a more secure and flexible yield farming ecosystem for users. The platform is designed to protect users' wallets while offering a transferable stake, and its aim is to unleash the full potential of NFT tokens in the DeFi sector.

Currently, most DeFi protocols are influenced by the use of fungible ERC-20 tokens, which are all identical and not unique. However, the Non-Fungible Yearn platform reconsiders the use of these tokens by leveraging the ERC-721 open standard to build unique tokens on the Ethereum blockchain. NFY offers a use case for NFT tokens by making yield farming secure, and it is the first platform to create transferable stakes for users.

One of the key features of the Non-Fungible Yearn platform is the ability for users to stake various cryptocurrency holdings in multiple pools to earn NFY. NFY is the governance token of the platform, and users can mint NFTs when staking on the platform. These NFTs are transferable, and the details of the user's stake are stored in the NFT by referencing its unique token id. Additionally, users can choose whether they want their rewards to be added to their NFTs or redeem their rewards.

The platform also creates a secondary market for already staked tokens, allowing users to trade their stakes directly rather than unstaking. When a user stakes their NFY liquidity token on the platform, it is locked in the platform permanently. This means that liquidity is efficiently converted into cash without affecting the market price.

The Non-Fungible Yearn platform charges no transaction fees while transferring NFY or NFT. However, there is a fee in NFY when utilizing the trading platform.

In terms of the platform's history, according to the website, the total supply of NFY is currently one hundred thousand. The platform is relatively new, and its creators are working to enhance the use of NFT tokens in DeFi.

Non-Fungible Yearn offers a unique solution to yield farming, allowing users to earn rewards through NFT tokens. The platform's ability to make yield farming secure, flexible, and efficient makes it stand out in the DeFi ecosystem. The creators of Non-Fungible Yearn are striving to unleash the full potential of NFTs in DeFi, and as the platform continues to grow and evolve, it will be interesting to see how it transforms the DeFi sector.