Yearn Finance Token Jumps 270% in 5 Days - Defi Token YFI Worth More Than a Single Bitcoin
Decentralized finance (defi) continues to make waves this week, as the Yearn Finance project token (YFI) jumped over 270% during the last five days. The digital token is worth more per coin than the price of bitcoin today, as the asset is currently trading for $15,934 per YFI.
It’s very rare to see another token price higher than the price of bitcoin (BTC) but during the last five days, the Yearn Finance token (YFI) jumped well above the BTC price per coin. The project developed by Andre Cronje is a platform built on top of the Ethereum blockchain that allows yield aggregation.
The project’s documentation describes Yearn Finance as a “profit switching lender to optimize lending yields.”
Essentially, Yearn users leverage other defi apps like Aave, Compound, Curve, and others to maximize lending scenarios. Users utilize a yield farming strategy via the myriad of liquidity pools and Yearn optimizes the best returns on liquidity.The price of YFI skyrocketed on Thursday, August 20, 2020, to $15,934 per coin at 10:26 a.m. ET. YFI is up over 54% today.
The Yearn Finance project is also responsible for the Curve Y pool and this pool allows interest-earning via high demand stablecoins like USDT, DAI, TUSD, and USDC.
Yearn just launched a governance token and the coin is aimed at obtaining yield liquidity through the variety of different pools available. Basically the YFI token allows earnings through staking “proof-of-liquidity” and the “purpose of curve.fi is to further increase rewards on yearn.finance tokens.”
In order to leverage the Yearn Finance ecosystem users can choose from four product categories; “Earn,” “Zap,” “APR,” and “Vaults.” The “Earn” category lets a user connect a wallet and search for the best returns. The “Zap” protocol provides a user with access to the stablecoin lending abilities via Curve Finance.
The “APR” section is used to cross-reference interest rates gathered across the defi ecosystem. “Vaults” are automated liquidity mining strategies that optimize pool liquidity by depositing assets that will be managed in the most efficient scheme.
Asset-specific liquidity pools are already in high demand on decentralized exchange (dex) platforms like Balancer and Uniswap.
The YFI token has seen phenomenal gains during the last week following the craziness that ensued over the YAM project.
Since August 15, YFI has spiked over 270% in value from $4,272 per coin to today’s $15,934 per YFI spot price. YFI is up over 54% on Thursday and in terms of ETH it’s worth over 38 coins and 1.34 BTC using current exchange rates.
Now in terms of market cap, there is only 30,000 YFI in existence so the token’s overall market valuation is only $477 million at the time of publication.
The $477 million market cap puts the Yearn Finance project in the top 36th position among 5,700+ crypto coins and tokens in existence.
What do you think about the defi project Yearn Finance? Let us know in the comments section below.Analyst: Chainlink Is Another Altcoin Bubble as Price Crashes 20% in 48 HoursALTCOINS | 1 day agoAndreas Antonopoulos: Hex Team Offered Me 10 BTC to Speak Well of Their TokenALTCOINS | 6 days agoTags in this storyCrypt assets, crypto, Curve, DAI, lending, Liquidity Pools, Stablecoins, tusd, USDC, USDT, Yearn Finance, YFI, YFI token, yield farming
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