How to Stake yearn.finance (YFI): A Comprehensive Guide for Australians

Introduction

Staking yearn.finance can be a great option for those who want to hold YFI while earning yield safely and contributing to the network. The steps may seem daunting, especially the first time you attempt them. That's why we've created this guide for you.

Step-by-Step Guide

1. Obtain yearn.finance (YFI) Tokens

To stake yearn.finance, you need to own it. To obtain yearn.finance, you'll need to buy it. You can choose from these popular exchanges.

Platform	Coin	Cost
Nexo	yearn.finance (YFI)	3,644.89
YouHodler	yearn.finance (YFI)	3,635.82
Binance	yearn.finance (YFI)	3,638
BTSE	yearn.finance (YFI)	3,634.73
Coinbase	yearn.finance (YFI)	3,643.57
Kraken	yearn.finance (YFI)	3,638

See all 62 prices

2. Choose a yearn.finance Wallet
Once you have YFI, you'll need to choose a yearn.finance wallet to store your tokens. Here are some great options.
3. Delegate Your YFI
We recommend using a staking pool when staking YFI. It's simpler and quicker to get started. A staking pool is a group of validators who combine their YFI, increasing their chances of validating transactions and earning rewards. You can do this through your wallet's interface.
4. Begin Validation
You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the yearn.finance network. You'll be rewarded with YFI for these validations.

What to Be Aware Of

There are transaction and staking pool fees to consider. Additionally, there may be a waiting period before you start earning rewards. The staking pool needs to generate blocks, which can take some time.