Komal Joshi · Oct 19, 2020 . 6min read
Yearn.Finance Surpasses Bitcoin Price as DeFi Summer Continues
YFI has posted about 47106.25% price appreciation since its launch.
By Victor Ugochukwu · Aug 21, 2020 . 5min read
Newest DeFi craze YFI the coin/ticker for Yearn Finance or yEarn Finance or yearn.finance recently surpass Bitcoin in price barely a month after launch.
YFI as at publication time is trading at USD 15,110.38 gaining more than 40% within 24 hours. Bitcoin, on the other hand, is currently trading around $11,800 after seeing some correction. The number one crypto just recently crossed the $12,000 mark and has corrected back to its 11k zone.
As the chart shows, YFI barely launched last month with an opening price of $32. Clearly, YFI has posted about 47,106.25% price appreciation since its launch. Holders must be smiling to the bank with this kind of figures YFI records as price appreciation just within a month since launch. One may begin to imagine what may be fuelling this gains.
To be clear, YFI total supply is just 30,000 units as compared to Bitcoin’s 21,000,000. Data, according to Coinmarketcap, shows YFI’s circulating present circulating supply is 29,962 with $177 million 24-hour as its trading volume. However, its total market cap is just slightly above $448 million. When you compare it to Bitcoin’s nearly $219 billion as at press time, it becomes only a fraction.
Call it FOMO or another name, the rush to own YFI has blown off the roof. In fact, big shots in crypto like Arthur Hayes was so excited he tweeted:
“My metamask and I are busy this morning. Yearn, b*tches. Let’s go, $YFI to da f*cking moon!”
YFI is driving a new frontier in DeFi and may even surpass Bitcoin price more.
YFI was buzzing everywhere on social media recently after it announced the launch of its tokenized insurance product called yInsure Finance contributing to its recent surpass in Bitcoin price.
The mercurian Andre Cronje single-handedly built yearn. finance (yEarn). The platform is a yield aggregation protocol on Ethereum. It helps yield farmers maximize annual percentage yields (APY). YFI played a massive role in the yield farming craze introduced during Compound’s COMP token distribution. yEarn helps DeFi protocols user optimize token lending. Summarily, it’s a sophisticated protocol that diverts liquidity to different DeFi sectors for best returns.
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