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@iearnfinance ($YFI) reminds me of @FTX_Official FTX ($FTT) in the early days. Prolific development speed. Extremely smart and generous founder, both an extreme outsider and an extreme insider at the same time.
Both launches were rushed which meant short-term supply constriction. YFI also has similarities to $BTC. Lone brilliant founder in the beginning. Fair launch with no premine, no presale, no ICO. The only way to initially acquire it was to mine it, even for the founder.
Sufficient difficulty in understanding the mechanism design means there are people to be won over to the cause slowly over time. In looking at yearn design, it's clear that @AndreCronjeTech has the deep technical understanding required to compose so many different protocols.
The project is a meta-bet on the DeFi space because it automatically optimizes for yield across multiple protocols and earns their incentive tokens (COMP, BAL, CRV). Even if there was no YFI incentive, it would still be useful as a product while the DeFi farming craze lasts.
The risks, of course, require considerable attention. Because of the intricately composed contracts, a bug in any could lead to loss of farming collateral. yearn, Balancer, or Curve exploits could be devastating. Compound, Aave, or dYdX could also be damaging but less so.
There are also risks with oracle bribery/collusion/insider attacks, USDC freezing/blacklisting risk, DAI depeg risk, USDT FUD risk, mechanism design failure, "impermanent loss" becoming permanent loss risk, security risk with the 6 of 9 signers, and governance risk to name a few.
All things considered, YFI seems undervalued based on total cap and circulating cap relative to other DeFi projects and based on revenue/EBIT cash flow multiples of the underlying protocol net of increases solely due to fair-weather farmers. This is not investment advice.
Also, I almost forgot: few understand this.
