Yearn.Finance YFI, the Ethereum-based DeFi token increased by 100,000% in over a week after the parabolic DeFi market experienced a huge blow-off top over the previous week. As reported previously in our Ethereum latest news, most of the top players such as Synthetix Network Token, Kyber Network, and Chainlink with local highs so let’s find out more about it.
With the recent price action, the DeFi bubble popped and this could seem to be the case only on the surface. But then if you look hard enough, at certain token valuations it is clear that this is not the case. The Ethereum DeFi investors are moving on from the investments of LINK and SNX and are mostly focused on their efforts on the players that are only now joining the market.
YFI is now the second 1000x I've seen in the last few weeks.
— Andrew Kang (@Rewkang) July 24, 2020
The developers of Yearn.Finance YFI, which is the recently-launched Ethereum-based DeFi platform, and as with other protocols, the token was distributed through the “liquidity mining” incentive system where the investors get the coin as a reward for using the protocol. What is interesting with Yearn.finance is that compared to COMP, it rallied just days after the launch. According to Andrew Kang, a VC investor and crypto analyst YFI increased by 1000 times or 100,000 percent since the launch eight days ago:
“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.”
What is also interesting about the rally in this Etheruem-based token is that with the launch, the team behind it asserted that the token has zero value:
“We have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.”
As it now looks, the crypto market started to differ, YFI reached a fully diluted market value of more than $80 million. With the strong price performance, the price started to edge into BTC territory and the launch even replicates one of the leading cryptocurrency news as YFI created a huge stir on Twitter. A person working in the crypto space said that YFI is the “hottest DeFi project” in China:
“Pretty much all the WeChat groups i am in are talking about YFI, and many people I’ve know are trading YFI. I would say YFI is by far the hottest new Defi project in Chinese crypto space.”
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