Yearn.finance (YFI) DeFi Crypto Climbs Towards $40,000
The DeFi boom continues unabated as the YFI (yearn.finance) coin has a Super Sunday and breaks all records for a crypto just a month old. With a price tag of nearly $40,000 (highest point was $38,683) and an increase of some 70% at a certain moment yesterday, the brand new coin is continuing to shatter previous predictions, leaving analysts baffled.
At the timing of writing today, YFI was retreating and now trades at a value of $32,493.50.
Defi Project Yearn Finance Smashes Records as Native Token Surpasses $30K https://t.co/lLFLzMP9Hm pic.twitter.com/L3fAZweO5N— Bitcoin News (@BTCTN) August 30, 2020
Given that the coin is only a month or so old (it started trading on 17 July with a market cap of 8 million dollars) and has by now garnered an incredible 3010.86% return on investment, it is certainly attracting a lot of attention. In that time span it has managed to garner a market capitalization of around a billion dollars. With only 30,000 coins available, Yearn Finance’s cryptocurrency depends highly on the value of Ether.
Dangers because of link to Ethereum
When asked about the possible dangers of a rapid decline for YFI, analysts pointed to the fact that it largely depends, as most other DeFi coins, on the Ethereum blockchain and therefore also the Ether price. If Vitalik Buterin’s coin would know a serious correction, then the current $9 billion worth of value that all DeFi coins now represent could slip. With Ethereum currently rising some 4% and trading at $423, that seems to be a problem they needn’t concern themselves with (for now).
1 $YFI = $100,000 pic.twitter.com/KjW26SXfmc— Arthur Hayes (@CryptoHayes) August 29, 2020
The crypto industry is quite bullish on the coin, with BitMEX CEO Arthur Hayes tweeting that he expects YFI to reach a value of 100,000 dollars soon.
We first reported on the new DeFi coin when it surpassed the value of Bitcoin in price, a term called flipping in the crypto scene. It did this only 10 days ago, when it traded at around $11,868 and had jumped some 270% in only 5 days. By now, that seems a distant memory.
I stopped sleeping on $yfi after @CryptoHayes made his last post on it. Now, I'm sad cause I'm late. https://t.co/QfI1CazwEq— McStanley (@Lordofsales) August 31, 2020
The yearn Finance developer Andre Cronje earlier this week admitted working on a possible collaboration with the Cryptocurrency Derivatives Exchange known as FTX, to great applause of his social media fans.
Guess the cat is out of the bag, But just so that there is some expectation management, this is a long roadmap that we are working on, so it won’t be anything anytime soon. But there will be something very sexy in the future.