yearn.finance (YFI) EXPLODES: Hot New DEFI KING! Could this rise to $20,000 soon?
- Will YFI follow the path of Bitcoin
- The Aave platform has become richer by several million dollars
Yearn.finance (YFI) Price Jumps To $ 20,000
The price of the YFI token increased by 30% per day, overtaking BTC and ETH in value
The token will keep the bullish trend in 2021
DeFi market could burst because people don’t understand what’s going on
The cost of one of the most popular crypto assets DeFi Decentralized Finance (DeFi) – this is financial services, technology-based blockchain, which offer users access to an open, efficient and … More powered by Ethereum platform, Yearn.finance (YFI) hits record highs of $ 20,000.
Will YFI follow the path of Bitcoin
Yearn.finance (YFI), one of the most popular cryptoassets in the Ethereum decentralized financial space, has seen extreme price spikes. According to the CoinMarketCap resource, over the past day, the asset has grown by about 30%, outstripping even BTC with an indicator of 1% and Ethereum with an indicator of 1.7%..
As of this writing, as the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More YFI is trading at $ 19,280.
The most amazing thing is that the coin was launched just a month ago with almost zero value..
The most important trend behind YFI’s continued upward movement is listing on the leading DeFi platform Aave. Aave is a money market protocol that allows users to lend and borrow Ethereum-based cryptocurrencies.
Aave announced the listing of YFI on 28 August. This listing should provide YFI with some positive price pressure as it means that holders can now receive additional returns from their YFIs..
The Yearn.finance token is used as a vehicle through which to generate income from stablecoin deposits such as USD Coin and Tether. This return became so attractive to investors that hundreds of millions were pumped into the Yearn.finance protocol. This increase in deposits led to an increase in the value of YFI, which is a measure of the value of the Yearn.finance ecosystem.
According to economist and trader Alex Kruger, the YFI project will continue its bullish trend in 2021.
The Aave platform has become richer by several million dollars
Since the beginning of August, the total amount of funds (TVL, total value locked) locked in the project’s smart contracts has increased by more than 170% and exceeded $ 1.3 billion. What’s more, according to DeFi Pulse, the figure has doubled in the past two weeks. The reason for the growth was the announcement of the launch of a new test network for the Aavenomics protocol management, as well as the emergence of credit delegation capabilities on the platform.
Core features helped Aave raise over $ 100 million in its first six months. Then, in just two months, this amount increased tenfold and exceeded $ 1 billion..
Nevertheless, some experts do not approve of such hysteria around the DeFi market and believe that the sector will soon become hostage to its popularity..
The head of marketing at Messari, Connor Dempsey, believes that the rise in the price of the YFI token is due to an exceptionally fair launch of the project without hidden asset allocations between developers and has no objective reason for the growth..
“Nevertheless, YFI is still a risky asset. The developer André Cronier wrote directly on Twitter “I’m testing in production”, which clearly demonstrates the lack of project auditing, ”wrote Dempsey.
Dempsey also emphasized that a massive misunderstanding of what is happening around DeFi is growing in the cryptocurrency market, and this misunderstanding will ultimately do nothing good for those who decide to invest heavily in the rapidly emerging market..
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