Yearn Finance (YFI) is one of the most iconic tokens in the decentralized finance (DeFi) ecosystem. Launched by the pseudonymous developer Andre Cronje in July 2020, YFI quickly gained a reputation as a high-value, governance-focused asset. For many traders and investors, a critical question remains: when did YFI get listed on Binance, and how can you use it on the world’s largest cryptocurrency exchange?

YFI Binance Listing Timeline: When Was It Added?

Binance, known for its rigorous token review process, listed Yearn Finance (YFI) on August 21, 2020. This was just weeks after YFI’s initial launch and fair distribution. The listing was announced via Binance’s official channels, and trading opened for the YFI/BTC, YFI/USDT, and YFI/BNB trading pairs. Due to YFI’s extremely limited supply (only 30,000 tokens were ever minted), the initial price on Binance was already high, with the token trading near $10,000 USD at the time of the listing. This listing was a major catalyst for YFI’s subsequent price discovery, pushing it to its all-time high of over $90,000 in May 2021.

Since its debut, YFI has remained a permanent spot trading asset on Binance. Unlike some tokens that get delisted due to poor liquidity or project abandonment, YFI continues to be actively traded. The exchange also supports YFI in various products, including Binance Earn, Margin trading, and Futures.

How to Buy YFI on Binance (Step-by-Step)

If you want to purchase YFI on Binance, follow these steps:

1. Create and Verify Your Account. First, sign up for a Binance account and complete the mandatory identity verification (KYC). Without verification, you cannot deposit fiat currency or trade most pairs.

2. Deposit Funds. You can deposit funds in several ways. For fiat currency (e.g., USD, EUR, GBP), use a bank card or bank transfer. Alternatively, you can deposit cryptocurrency like USDT, BTC, or BNB from another wallet.

3. Navigate to the YFI Trading Pair. Go to the "Markets" section and search for "YFI." The most liquid pair is YFI/USDT. If you deposited BTC, use the YFI/BTC pair.

4. Place an Order. You can use a "Market Order" to buy YFI instantly at the current market price, or a "Limit Order" to set a specific price at which you want to buy. Enter the amount of YFI you want (even fractional amounts, like 0.01 YFI), and confirm the trade.

5. Withdraw to Your Wallet (Optional and Recommended). For maximum security, withdraw your YFI from Binance to a non-custodial wallet like MetaMask or Ledger. YFI is an ERC-20 token, so you must use an Ethereum-compatible wallet address.

How to "Use" YFI: Beyond Just Trading

Once you hold YFI on Binance, you can do more than just HODL or trade. Here are the primary use cases:

Staking and Earn. On Binance Earn, you can stake YFI to earn annual percentage yields (APY). Binance offers flexible and locked staking options. While YFI is not a yield-bearing token by itself, Binance passes on rewards from its DeFi staking pools to users who lock their YFI.

Margin Trading. If you have a larger portfolio, Binance allows you to use YFI as collateral for margin trading (both cross and isolated margin). This lets you borrow other assets to amplify your trading positions.

Futures (Derivatives). Binance also supports YFI as a margin asset for USDⓈ-M futures. You can use YFI as collateral to open long or short positions on Bitcoin or Ethereum futures contracts.

Governance (Off-Exchange). While Binance holds your YFI in a custodial wallet, the exchange occasionally supports governance votes for Yearn Finance proposals. However, to exercise true on-chain governance (voting on protocol changes), you must withdraw your YFI to a self-custody wallet and connect it to the Yearn governance platform.

Key Considerations for YFI on Binance

YFI is a low-supply, high-value token. Buying even 0.1 YFI can be expensive. Always double-check network fees. When depositing YFI from an external wallet to Binance, ensure you use the ERC-20 network (Ethereum network). If you use the wrong chain (e.g., BSC or Arbitrum), your deposit may be lost or require a costly recovery process.

In summary, YFI was listed on Binance in August 2020, and the exchange provides a seamless way to buy, stake, and trade this DeFi giant. Whether you are a long-term holder or an active trader, Binance offers the liquidity and tools needed to manage your YFI portfolio effectively.