![]() ![]() This price growth was not something planned by the YFI creator, however. Its marketcap: $883,565,776 (according to data by Token Metrics). Now, with a price tag of $30,000, its trading volume is $515 million. The growth is crazy: on Friday morning, it was worth just $14,300, on Friday, the daily trading volume of the coin was $68 million. The price of Bitcoin is up around 40% since the beginning of this year, which is impressive in its own right, but all that has been left in the dust by the gains made many DeFi project tokens- KSM (+4605%) BAND (+4286%) LEND (+1960%) LCX (+1371%) DEFI (+1239%) NMR (+889%) and of course, YFI (yearn.finance) which is up a few thousand per cent in just a little over a month and is currently worth more than 2 BTC as noted above. The confluence of a low and unique supply model, a transparent launch, and an active developer eventually led Yarn.Finance to evolve into one of the largest DeFi protocols (it’s now the second biggest DeFi project by marketcap). How is that possible you might ask? Well, for a start, there are only 30,000 YFI tokens (total supply) compared to the 21 000 000 total supply of Bitcoin (18 000 000 circulating supply). Aave’s LEND token, Curve’s CRV and Compound’s COMP, are all super-successful, but YFI’s raised a few eyebrows given its high price, which is now far higher than Bitcoin’s all-time high of $20,000 (from three years ago). Its price has increased by more than 100,000% since its creation, when it was trading around $34 on some exchanges and only about 1000% since it was listed on Binance 20 days ago.Īll of the major DeFi tokens have such governance tokens, which in July and August have become speculative assets. But since its creation on July 17, the token’s taken off as a speculative asset. It can be earned by sticking your money in yEarn, a practice known as yield farming. YFI is a governance token, meaning that holders can use it to vote on proposals for network upgrades. At some point it went up to almost $40 000 (US), so the current price is in corrective mode. It’s the gold-rush of this year and beats Chainlink, Band Protocol and every other DeFi project we’ve covered here on this blog.Ĭurrent price? $30 000 (US) or in other words, it’s worth 2.5 Bitcoin at the time of writing. The more tokens they hold, the more influence. Its native token YFI, is a governance token that lets users vote on network proposals. It’s a decentralised finance app that aggregates the yields of various DeFi lending protocols. ![]() Yearn Finance is all the rage this month and there’s a good reason for it. It’s only been a few weeks since a new DeFi project came into fruition and the crypto world is going bananas about it. ![]()
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