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 2.69% Aave / USD AAVEUSD $ 534.43
$14.382.69% Volume 3.7 b Change $14.38 Open $534.43 Circulating 12.75 m Market Cap 6.81 b 18 h Aave Is Testing Private Pools for Institutions to Ape into DeFi, Reveals CEO Stani Kulechov 2 d 1.5 Billion New DAI Minted in The Past Month, Maker Now Earning $400k per day in Revenue 1 w Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction DOT -5.50% Polkadot / USD DOTUSD $ 37.51
-$2.06-5.50% Volume 6.09 b Change -$2.06 Open $37.51 Circulating 937.42 m Market Cap 35.16 b 1 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 5 d BoE Governor Andrew Bailey Says Crypto Investors Trading In A Bubble 1 w Binance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand
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.