Like many other DeFi tokens, Yearn Finance’s YFI coin is relatively new to the market. Compare Yearn Finance with Fiat Currencies, Commodities, and Crypto (YFI began August trading at about $33,500). (An all-time high was achieved on 12 May, with YFI going as high as $90,786.89)Īs YFI became overbought in May, the decentralised finance token saw a steady sell-off and price overall declined. V2, acquisitions, weakened competition and a sideways trading BTC were pointed out as the likely reasons that bulls took control. Later, a massive correction drove bearish sentiment and YFI price went below $30,000)Īfter months of relatively normal activity, YFI suddenly skyrocketed. While the news led to a sharp decline in value, bullish sentiment returned soon and YFI broke through the $50,000 barrier two days before Valentine’s. (Two attempts to reach the $40,000 mark failed, with a monthly close at a tad above the $30,000 line)Ī weakness in Yearn Finance’s v1 Vault led to an exploit of $11 million in the DAI stablecoin. DeFi witnessed another boom and YFI followed suit. Yearn Finance announced the launch of its next version. (YFI went as low as $7,716 in the first week, but confidence in the YFI token returned and it rose to $29,392 later in November) Bitcoin also struggled to rise, leading to an influx of interest in DeFi tokens for higher profit options. Yearn Finance went on a merger spree, acquiring Pickle Finance, Cream and Cover. (The YFI token nose-dived and after repeatedly struggling to break resistance at $15,000, dipped as low as $9,953.12) He had placed a net 200 YFI short at $16,400. Many blamed the bearish market sentiment on the large volume shorted by the CEO of Almeda Research. Yearn Finance seemed to run out of steam as the start of autumn continued the downtrend. (Yearn Finance token rose as high as $43,678.11 and afterwards fell to $21,383.77) In the coming weeks, Bitcoin slowly gained momentum and altcoins also rallied, but eventually saw major corrections, with YFI shedding more than half of its value. YFI was listed on Coinbase, a major boost to the coin as it surged during the days beforehand. (YFI eventually hit about $39,000 on the last day of August) The price per token overtook Bitcoin as YFI continued to rise. Yearn Finance started gaining more momentum and interest in the YFI token soared. (YFI swiftly rose to a peak around $4,500 on 25 July, before a market correction) The token was distributed to Curve ypool and YFI Balancer pool investors who had deposited assets in the first week of the pool's launch. Yearn Finance’s YFI token was released with practically no value. The low quantity of tokens, as well as services such as yield farming and lending aggregation, meant the token’s demand rose quickly and at one time, the price even surpassed that of Bitcoin. His decision to rebrand and hand over the development and control to nine people turned the platform around. ![]() At that time Cronje was single-handedly running the protocol. Before being rebranded to Yearn Finance, the platform was the subject of an exploit that had left many people disgruntled. The rise of YFI has caught many people off guard. This has propelled the token’s value and as of early August 2021, YFI has a price tag of more than $31,000 Key News for Yearn Finance The tokens are very scarce (36,666 in total) and were completely distributed to selected early investors. Like the plethora of other DeFi projects, Yearn Finance has its own governance token, YFI, but it comes with a little twist. A rebranding and shifting developer control over to nine different people turned the project around.
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