YFI reaches new all-time high ($41,000)
Yearn Finance, the DeFi coin that was the first to flippen the Bitcoin price a few weeks ago, is starting to look like the unbridled winner of the Decentralized Finance race. Whereas Chainlink and food coins like Sushi were all the rage only a few weeks ago, the project of Andre Cronje, that has foregone a massive marketing operation, is now starting to prove its worth. The coin has already left the loss of its September correction behind and yesterday touched a new all-time-high of $41,200.
All time high$YFI pic.twitter.com/Er2qqKvOj6— yTeddy (@TeddyCleps) September 12, 2020
Yearn Finance made a name for itself by becoming the first coin to flippen the price of Bitcoin, simply by only offering some 30,000 coins overall, therefore upping the price ever higher. It was pushed into the background during the DeFi food coin scandal that engulfed coins like HotDog, Sushi and Kimchi, and silently gained traction.
One of the reasons that YFI has gained the trust of traders is because Yearn’s creator, Andre Cronje, didn’t set up any “preferred coins” for himself, sending a very good signal to the cryptosphere.
TOP-15 DEFI LISTED IN 2020 BY PRICE PERFORMANCE $UMA $YFI $STAKE $ORN $JST $SRM $TRADE $ALEPH $OIN $WGRT $BZRX $WNXM $BAL $DIA $SUSHI pic.twitter.com/D7qa3BtS4c— CryptoDiffer (@CryptoDiffer) September 10, 2020
Although scammers have used its popularity to create tokens with a similar name and cause an exit scam (immediately criticized by a well-known CryptoWhale on Twitter), YearnFinance has so far steered clear of any direct criticism.
During an online poll yesterday, Cronje proposed to his fans that the token’s cap would be locked at the 30,000 coins which it has started with so that no minting can ever take place again.
It is clear that Andre wants to prevent any future scandal.
Coinbase and Binance
Meanwhile, as we reported, both Binance and Coinbase are listing the coin for trading, which is a reassuring sign for investors worried about possible scammers.
In all, the project that wants to manually move funds between DeFi money markets to secure the best lending rate is proving to be an investor success for a coin only two months old.
At the time of writing, the top 20 on CoinMarketCap looks in its reach as YearnFinance declines 6% to reach a value of $36.5k.