Yearn Finance is the second cryptocurrency to flip the Bitcoin dollar value after Zcash did back in 2016, as the token is surging today so let’s find out more in today’s altcoin news.
The DeFi tokens are leading the crypto markets in their highest levels in terms of market capitalization and one of the best performing coins at the moment is YFI, surging by 70% on the day to reach an all-time high of $12,821. Yearn Finance is now the second cryptocurrency that has flipped bitcoin’s value since Zcash did back in 2016. The token allows users to earn interest and maximize returns on crypto collateral while still saving on transaction fees and research times.
1 YFI = 1 BTC soon.
Few understand this. https://t.co/SGcMedQnNR
— Anthony Sassano | sassal.eth 👨🌾 🏴 (@sassal0x) August 17, 2020
The platform released the entire supply of 30,000 YFI at once while the founder Andre Cronje didn’t keep any coins for himself or his team. Scarcity breeds demand and it seems that the token prices have skyrocketed because of this. Even the skeptics have noted the monumental rise adding that it will soon be equivalent to one Bitcoin which won’t take long for this to happen. The platform released the details of three new tokenized insurance pools for liquidity providers and the system will be comprised of three core components: Insured Vaults, Insurer Vaults and Claim Governance:
“The design of this system allows any asset that has a financial primitive to be insured, be it a base asset such as DAI, or a composite asset such as aDAI or yDAI.”
The performance of the token has been nothing but impressive since the launch and it is close to making history. The only asset that traded for over 1 BTC in 2016 was Zcash. The day it was launched, the cryptocurrency hit a price of 3299.9999 BTC. According to an analysis, the order only filled a fraction of a BTC worth but it’s still worth noting. However, as the day went on, ZEC was trading at 12 BTC even though there were only a few coins in circulation, the only other cryptocurrency that traded at above 1 BTC was ZEC.
As we reported yesterday, YFI broke above the $11,000 level, stealing the spotlight again from the rest of the cryptocurrency market. The so-called “valueless” governance token increased recently to a new all-time high of nearly $11,275 but the different technical indexes suggest that the altcoin is about to retrace.
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