Yearn Finance (YFI) Takes Advantage of the Down Market, Buys its Own Dip
Decentralized finance (DeFi) project Yearn purchased 27.97 YFI for $1.164 million with a portion of protocol earnings as part of its buyback and build proposal, YIP-56.
Interestingly, this purchase was made on the weekend when the market experienced a crash. Yearn.Finance has actually bought its own dip.
The price of YFI went down just under $41,500 during this dip from the brand new all-time high of $54,266 just the day before.
Just a day before this, Yearn had placed another auction to buy back YFI for up to 404,790 DAI per YFI.
What’s more interesting is that Yearn purchased these almost 28 YFI at an average price of $41,621 per YFI, perhaps marking the bottom of the crash and taking YFI yet again higher to a new ATH at about $57,400.
As of writing, YFI has been trading around $54,600.
Yearn.Finance is a DeFi blue-chip that allows users to optimize their earnings on crypto assets through trading and lending services.
Over the weekend, sBTC yVault was migrated from v1 to v2 for users to earn higher yields. Meanwhile, the total value logic (TVL) in the protocol continues to rise, surpassing $3 billion.