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First steps into using the Yearn Finance ecosystem
The fees associated with these transactions are also summarised.
Note: For brevity, not all addresses associated with each transaction are not tabulated.
After completing the transactions, you will accrue a small interest on your deposit (currently 0.63% annually).
For the four transactions made, the total fees were $23.5. Most of these fees were due to transaction costs. These could be potentially minimized by swapping on a DEX.
At the current YFI vault rate, it would take almost 90 years to pay this off - so depositing a small quantity is generally not a very wise decision!
This dashboard explores the key steps required to start using Yearn Finance vaults:
- Purchasing a token for investing and Ethereum for transaction fees
- Transferring tokens into your personal wallet
- Approval and deposit of funds into a Yearn Vault.
For the purposes of this dashboard, we will deposit the YFI token into the YFI vault. This involves three transactions:
- A once off pre-approval transaction.
- The deposit of YFI tokens into the vault.
- Receipt of tokens from Yearn that keep track of your balance in the vault.
For the purpose of this exercise I purchased YFI and Ethereum on Coinbase. The funds were then transferred over to my personal wallet. The transactions are shown in the table and summarised in the chart below.