Yearn Finance (YFI) Hits New ATH Above $50,000 as TVL Surpasses $3 Billion
Decentralized finance (DeFi) protocol Yearn Finance's governance token (YFI) surged past $50k to hit a new all-time high at $51,641, as per CoinGecko.
The last time YFI was around this level was in mid of February. The token has been slowly making its way upwards since early November after it lost over 80% of its value during the two months leading to that.
This latest uptrend in price came as the total value locked (TVL) in the protocol surpassed $3 billion, doubling in the past month.
The protocol also announced the buyback of YFI this week, part of the buyback, and build a proposal that was approved in January.
“We are pleased to announce that Yearn Treasury will be conducting a Gnosis auction to purchase additional YFI as part of our Buy Back and Build (BABY) YIP. We have earmarked 300k USDC for this auction to purchase YFI under $45k. Below is a link to the auction,” tweeted the team on Wednesday.
This month, Blockchain.com has also reportedly added YFI to its wallet along with other DeFi blue-chips including Aave (AAVE) and Polkadot (DOT). AAVE -0.60% Aave / USD AAVEUSD $ 67.17
-$0.40-0.60% Volume 133.96 m Change -$0.40 Open $67.17 Circulating 13.9 m Market Cap 933.7 m 1 y Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More 1 y Software Provider Temenos Enables Crypto Trading for Banks 1 y Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov DOT -4.06% Polkadot / USD DOTUSD $ 7.83
-$0.32-4.06% Volume 409.52 m Change -$0.32 Open $7.83 Circulating 987.58 m Market Cap 7.73 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows
With this move, the company, which has seen over 71 million wallets created and more than $620 billion in transactions since 2013, is looking to enter the growing DeFi sector.