The ETH DeFi giant Yearn.Finance has increased by 1,000,000% since it was launched in July when it immediately caught most of space’s attention when the prominent VC investor Andrew Kang noted that the coin will continue increasing so let’s read more in the latest altcoin news today.
VC investor Andrew Kang noted:
“YFI is now the second 1000x I’ve seen in the last few weeks. For those questioning the math, the balancer pool launched at $3 YFI, but CMC and Coingecko did not start tracking the price until sometime after.”
Despite the impressive rally, the Ethereum altcoin continued its increase to the upside as two weeks ago it became the first reputable cryptocurrency to trade above the value of the cryptocurrency but this was just the tip of the iceberg. The ETH Defi giant YFI is up by 1,000,000% since its July Launch and according to the data, the coin is now the 25th largest cryptocurrency with a market cap of $1,000,000,000 with a unit price of $33,400. The coin increased by 37% in the past day and increased by 165.5 percent in the past week. YFI started trading at $3 on Balancer which means that the coin is up by literally over 1,000,000 percent since its launch.
Newly minted $YFI wealth is being re-allocated down the DeFi risk curve.
— Humboldt Capital (@HumboldtCap) August 30, 2020
It is unclear if there are any cryptocurrencies that rallied that fast on the market. one commenter said that YFI pulled a Bitcoin in less than a month, referencing the multi-million percent increase to relevance. The rally came after a lot of analysts pointed to how the undervalued coin is a good investment. YFI was also listed by the Ethereum protocol Aave increasing its usability. The surge in the price of Yearn.finance was having a second-order effect on the rest of the Defi market as the crypto market commentator Humboldt Capital said after the many moves to the upside, the newly minted coin is being re-allocated down the Defi risk curve.
All major Defi coins increased over the past day but some were outperforming others. Nexus Mutual’s NXM coin gained 30 percent over the past 24 hours and the 47 percent in the past week. The platform is a decentralized mutual for insurance on DeFi hacks that will be the underwriter in Yearn.Finance’s insurance system. The decentralized insurance with players such as YFI, is expected to be a multi-billion dollar ETH industry in the upcoming years. As Fred Ehrsam said:
“Crypto-native insurance – on-chain insurance covering protocols and DAOs – has the potential to be the next big financial primitive in DeFi. The market size could be enormous and the initial wedge is credible.”
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