YFI surges to a new all-time high above $9,000 as the DeFi sector continued on skyrocketing as we can see in the cryptocurrency news every day.
After the strong 40% correction that was acquired from the Binance listing, Yearn.finance is back in the spotlight as the decentralized finance altcoin has increased by more than double in three days. According to the data, the Ethereum-based coin trades at an all-time high price of $9,200 and increased by 30% over the past day alone. YFI’s surge came as the decentralized finance space continued to increase which was spurred by the launch of Curve’s CRV.
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— Kevin Bélanger (@kvnbelanger) August 17, 2020
As YFI surges to a new all-time high slightly below $10,000, it marks the first time a reputable altcoin neared this price level thanks to the number of fundamental trends such as the amount of value locked in Yearn.finance which reached a new all-time high of $60.9 million after the CRV launch. With the launch, the investors were incentivized to lock capital in the ecosystem and the value of tokens locked in Yearn.finance is up by 300 percent in the past week alone.
Also, the lead developer of Yearn.finance Andre Cronje is working on another decentralized insurance platform for Defi protocols dubbed yinsure.finance. While there are many Defi hacks and bugs, there’s a growing demand of the ETH-based insurance products. While YFI gained more than 100 percent over the past few days, there are some signs that show that the coin is undervalued. This came in spite of the fact that the cryptocurrency was just launched a month ago at a price level of $3.
A commentator added that with the imminent growth in the value of crypto assets locked in Yearn.finance as well as with the launch of new products to the platform by developers, the coin will move higher. This was echoed by another analyst who argued that comparing YFI’s valuation to other coins such as Aave’s LEND, Balancer and Maker, we can see that YFI is intrinsically undervalued by at least a half. The community sentiment about the altcoin reached a point where the YFI token holders are pushing for a token split once the cryptocurrency surpasses the price of one Bitcoin at $12,300.
Tesla recently did a five-to-one split which caused a price increase while the split didn’t affect any intrinsic aspect of the company’s business. YFI proponents tried to accomplish the same thing by pushing a token split when the asset surpassed the value of one BTC.
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