Yearn Finance: Q1 Earnings Up And Ready To Outperform Bitcoin’s Value
Back in November of last year, when Bitcoin traded at around $20k, Andre Cronje’s DeFi project Yearn Finance looked ready to flippen the price of Bitcoin for a second time, after having achieved the feat for a first time during the summer months of 2020.
Only difference is that both Yearn Finance and Bitcoin are now trading at around $50K. Back in November, we already assumed that:
Andre Cronje’s team just might have created a winner there.
Now some six months later, this might be right.
Yearn Finance indeed presents itself as a professional company as of late, with a notice a week ago that they had released a Q1 report, audited by a licensed accounting firm.
The report showed that the platform had earnings of $4.88 million for the first quarter of 2021.
We are pleased to share our quarterly report for Q1 2021.— yearn.finance (@iearnfinance) April 27, 2021
This report has not been audited by a professional accounting firm. The report is for informational purposes only and should not be used for financial, investment, or advice of any kind.
This surprised many onlookers as Andre had taken a different approach than most other crypto developers in the past six months, and seemed to have headed on a spending spree.
By now, it looks like Yearn Finance is an established company paying salaries (in crypto) to some 15 employees. If Wall Street is indeed looking for a trustworthy name to invest in outside of the CoinMarketCap top 10 of best known cryptocurrencies, looks like Yearn Finance is a company that aims to present itself as a serious future bet.