YFI Flippening Happening Again as Yearn 2.0 Goes Live
After breaking $40,000 today, YFI is currently worth more than Bitcoin and aiming for new highs.
YFI is back into action.
The blue-chip DeFi token surged above $40,000 today and is currently trading around $38,000. Earlier this month, the token was trading at $20,000.
With this latest price action, one YFI is now again worth 1.05 BTC as the leading digital asset trades range-bound around $36k.
While Bitcoin is currently in consolidation ever since the pullback from the $42,000 all-time high, altcoins are enjoying a run-up.
This has YFI also joining the wild run that DeFi tokens are enjoying and that has the 35th largest cryptocurrency by market cap of $1.13 billion, reaching all that closer to its peak of $44,000 from Sept. 12, 2020.
There are currently 21.17k addresses with a balance in YFI, and 82% of the YFI holders are now in the money.
These gains followed the announcement of YFI V2. “After 4 months and 8 design iterations, v2 Vaults are finally live!” with few details and little fanfare.
— yearn.finance (@iearnfinance) January 18, 2021
The team recently proposed ‘Buyback and Build Yearn’ where YFI staking rewards will be used to buy back YFI in the open market and use them for contributor rewards and other Yeran initiatives.
The proposal has received the approval of the majority, with 99.61% voting in favor.
The sustainable development of @iearnfinance is our biggest priority, and believe this proposal solves for that by giving core developers more skin-in-the-game and upside for their contributions. https://t.co/FKZNRl2MFt
— Santiago R Santos (@santiagoroel) January 14, 2021
The community is now debating on minting new YFI tokens into existence after its fixed supply of 30k helped the project gain popularity.
As per this proposal, these new 1000 YFI tokens will be used to compensate contributors and sustainably grow the protocol. Nick Almond, founder of Finance.vote commented,
“The reality is, that @iearnfinance has never made a final decision on its inflation schedule and the 30k fixed supply meme, is a exactly that, a meme.”
1/ The past 24 hours YFI debate has been fascinating to watch.
1. Clear contributor vs holder divergence, both sides citing greed
2. The "devs" did not start the proposal, nor request it
3. The roadmap remains v2 and buy back and build
— Andre Cronje (@AndreCronjeTech) January 15, 2021
“Nothing has changed within yearn, but I hope everyone that participated in the discussions takes some time, reflect on their position, and think carefully what it means to be part of something public. It's no longer I, us, or them, but we. Do you want to be apart of that?” chimed in YFI creator Andre Cronje.