The King of DeFi, YFI, Rushes Past Bitcoin to Hit $14,860; Will it Cross $15k?

YFI ‘s astronomical gains see it hitting a new ATH of $14,861 in line with the skyrocketing value locked in the Yearn.Finance protocol which launched YFI vault, yVault today.

Earlier this week, people were waiting on 1 YFI to be equal to 1 BTC.

And the weekend isn’t even here, and already YFI’s value has surpassed that of Bitcoin. As we said, it is only a matter of time before YFI hit bitcoin’s all-time high $20,000 before BTC does.

This week, while the largest digital asset with a market cap of $217.5 billion went downwards, breaking $12,000 level only to crash down to $11,650.

YFI, which has a market cap of $440 million, moved in the exact opposite direction. This past weekend, YFI was trading around $4,000, and today it jumped over 40% to its all-time high of $14,861, as per CoinGecko.

At the time of writing, Bitcoin has been trading around $11,830, while YFI is sitting just inches away from $15,000.

“Imagine buying Bitcoin a month ago at $2k and it shooting up to its current $12k value. Everyone would die for that opportunity. Well, YFI just did that,” noted trader Josh Rager.

In the past month, this community loved DeFi token, which started as a zero value token with no pre-mine has achieved astronomical returns of 42,695%.

Even more interesting is the fact that this increase in the coin’s value is also reflective of the growth of the platform, Year.Finance, is seeing.

The total value locked in this money-making protocol is also skyrocketing, nearing $700 million, up from $9.3 million about a month back, as per DeFi Pulse.

Yearn.Finance has also launched a YFI vault, yVault today, which, within 5 hours of going live, bought $7,252 worth of YFI off the market. However, the team cautioned, “highly unsustainable APY of 71.24% currently, do not expect this to maintain.”

These yVaults automates all the opportunities that generate yield and provide the highest yield available — in the world of Defi, the yield is achieved by providing the asset for lending, LP, or farming strategies.

YFI is the governance token of the Yearn.Finance that manages all the fees generated by the system. However, it is not needed to achieve the yield, and neither is YFI earned by providing liquidity. With a limited 30,000 YFI supply, as decided by the community, “there is no more YFI available.”

This DeFi protocol is also working on tokenizing insurance with informal proposals for splitting YFI into a 10: 1 ratio as well.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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