Yearn.finance (YFI) is up 34%. Is this the real DeFi deal?
Yearn Finance, the DeFi coin that was the first to flippen the Bitcoin price a few weeks ago, bounced back as stock markets and crypto markets let out a sigh of relief yesterday. With a current gain percentage of 34 over the past 24 hours according to CoinMarketCap, it looks like there never was any correction for this coin.
Whereas other DeFi projects like the group of food coins everyone hyped about (Sushi and Hotdog come to mind) have proven to fall flat in a pullback, YFI seems to hold that $20k level rather easily in times of heavy selling. Can it go back up and is it the real deal? So far so good apparently.
The coin that was officially introduced on 17 July 2020 only, increased incredibly over the first month to quickly become one of the most valuable decentralized finance coins.
As the hype passed to the Sushi and HotDog coins, and even to Justin Sun’s announcement of his own DeFi coin, the attention faded somewhat but Yearn Finance still lurked in the background, climbing to a value of almost $40k at its highest point and easily continuing its growth.
We all know what happened next. The stock market overheated and 2 till 8 September saw a major nosedive selloff both in classic (stocks) and modern (crypto) finance markets. DeFi coins were all but wiped out in certain cases, and the Sushi developer quickly sold his own 27 million preferred coins before the value plunged too far down.
The thing I look forward to everyday is @LefterisJP for @rotkiapp posting their morning bird watching. My thread is 99.999% crypto twitter, and then these pictures.— Andre Cronje (@AndreCronjeTech) September 8, 2020
Honestly, probably the thing that calms me the most during the day. https://t.co/E6zxPRz2i1
Yearn Finance meanwhile took a dive as well, but steadily held onto the $20k level, with it’s team never worrying.
By now, the project of developer Andre Cronje has easily reached a level of near $30k anew and presents a return on investment of more than 2,752% thus far.
Andre himself claims that his calm demeanor during the wild swings experienced by the market in the past week was mostly due to his constant morning bird watching.
With investors lining up and no critical voices to be heard, we are left to wonder whether YFI could be the real DeFi deal?