Yearn.Finance’s YFI to Hit Bitcoin All Time High before BTC? Evidently!
The meme coin YFI is enjoying an uptrend like no other.
The crypto market is ripe with gains with coins hitting new highs left and right. But this “Wifey” is the talk of the town.
Started as an experiment with a zero supply, this token had no financial value, but it has been this uniqueness that drove the community to push this coin to new heights; even higher than the king of the crypto market — Bitcoin.
Yesterday, Bitcoin hit a 13-month, surging as high as $12,475.
Interestingly, YFI also breached $12,000 briefly. This means, 1 YFI finally became equivalent to 1 BTC.
“Next stop is 1 $yfi = 2 $btc. don't fight the meme,” said trader Smart Contracter.
According to the trader, it is “literally the most undervalued crypto project in this space… absolute money-making machine, should be valued multiple times higher.”
— Arthur Hayes (@CryptoHayes) August 18, 2020
Currently, YFI is trading at $10,303, up over 28% in the past 24 hours, as per CoinGecko. In just a month, the DeFi coin has surged a mind-boggling 34,723%.
At the pace this coin’s value is increasing, it won’t be long before YFI hits $20,000 (BTC’s ATH hit in December 2017) before even Bitcoin does.
Both the price and social volume of this decentralized finance (DeFi) token has been off the charts.
When it comes to YFI, it is more than just a pump and dump given that the growth Yearn Finance protocol is seeing.
This DeFi protocol has north of $600 million locked in it, an increase of more than 6,600% in the last 30 days, as per DeFi Pulse.
A decentralized ecosystem of aggregators to optimize token lending, it covers other prominent DeFi projects including Aave, Compound, LINK, and Dydx. Tokens deposited into Yearn.Finance are converted to yTokens, which are then periodically rebalanced to choose the most profitable lending service.
More importantly, with no pre-mine, no pre-sale, or any allocation of YFI to the team, it aims to be the most decentralized token, adding to its popularity among the community.
Not to mention the Yearn ecosystem is a profit-making machine with rewards in the form of interest, trading fees, average fees, system fees, liquidation bonuses, COMP, and CRV.