YFI Ploughs Through Bitcoin’s ATH as Yearn Finance Continues to Build the Lego for Castles
The DeFi darling, YFI, is probably having the best time in the crypto industry.
The token hasn’t taken a break in its upwards trajectory, which gained speed in mid-August when YFI was trading around $4,500. Today, it shot past Bitcoin’s ATH $20,000, to hit a new all-time high of $24,961, as per CoinGecko.
YFI is up 70,078% from its all-time low on July 18.
Lots of exciting things are happening in the world of Year Finance, and much more is coming for YFI.
Just recently, the project creator Andre Cronje hinted at working with another fast-growing project FTX, the derivatives platform, which is taking a deep dive in the DeFi world.
— Alex Krüger (@krugermacro) August 28, 2020
Other exciting things going on include the new decentralized funding mechanism announced by Yearn Finance today.
With Delegated Funding DAO Vaults, funders provide YFI into the fair launch Vault, and you receive your LP share based on the contribution.
Delegated funding and delegated vaults, I truly enjoy. They are the "product". When we built & released https://t.co/81Sysjh8Ak & credit delegation, most people didn't understand why, but, sometimes, you first have to build the lego, so you can build the castle.
More to come https://t.co/L46AkVVLU6
— Andre Cronje (@AndreCronjeTech) August 29, 2020
Yesterday, another popular DeFi project Aave which recently obtained the electronic money authorization from the Financial Conduct Authority (FCA), integrated YFI on its platform.
Within 2 hours of the announcement, 1.3% of the tokens, 400 YFI, was moved on the platform.
“Lend to short-sellers, use as collateral for loans… another sink that will push up yields for those participating in governance,” said analyst Ceteris Paribus about this development.
Maximum LTV 40%, liquidation threshold 65%
— Cryptoyieldinfo.YFI (@Cryptoyieldinfo) August 28, 2020
Meanwhile, a new proposal to direct 1% of rewards that go to TreasuryVault towards Gitcoin Tech Grants, Ethereum public good funding, has received 84.26% favorable voting.
“Yearn will become a matching partner of Gitcoin and help the ecosystem its built upon to thrive further,” states the proposal.
Given the success of YFI and Yearn Finance, the community wants to see real decentralization, where venture funds and management don't have a chunk of premined tokens allotted to them. A project which is all about building and bringing new and exciting things for the industry.
“Projects raising big VC money and reserving tokens for insiders will be in total disbelief. This is the power of fair launch, no premine, no insider rounds. This is not a new lesson. The herd wants to participate in a game that they feel is fair for them,” said entrepreneur and quant trader Qiao Wang.