YFI Surpassed $6000 after it was listed on Binance and the price of the asset increased by more than 40% today alone as we are reading further in the latest altcoin news.
The Defi boom still goes on with full force as the total value locked reached $5 billion. The relatively young cryptocurrency turned into a poster child for yield farming as the governance token of yearn.finance. Just a week ago, YFI became the second-most expensive token on the market with a value of $6000 and its growth rate is quite impressive as the community members are already wondering if it will be able to catch up a surpass Bitcoin. Less than a month ago, Andre Cronje announces the release of YFI which is a governance token for Yearn Finance. The most exciting bit was his remarks on the 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 often happens within the crypto space, things are about to take an interesting turn. YFI was listed on Uniswap and on few other exchanges as it value skyrocketed by 35000% in less than a week, reaching $3000. Binance’ the biggest crypto exchange announced support for YFI as well. The price skyrocketed right after and now YFI is trading at $6270 according to CoinmarketCap. This represents a daily increase of 42% and it is still the most expensive crypto on the market.
YFI is currently ranked 60 among the top 100 projects in the industry with a market capitalization of about $185 million. The thing about this is that while other cryptocurrencies have a circulating supply in millions, there are a few YFI tokens on the market. On the other hand, the data from DeFi pulse shows that Yearn Finance has a $152 million of total value locked in protocol making it the 10th biggest in the space. It is interesting to see whether the growth of the protocol will keep going if YFI continues to grow in value.
The YFI DeFi token is among the one token that is most fairly distributed on the Ethereum network as the issue of centralization of coins remains.
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