DeFi base token YFI raised in value of more than 50% in the last 24 hours. YFI Ethereum holding at number 6 on DeFiPulse
Defi base token value is skyrocketing in from last few months. yesterday YFI the governance token of yearn.finance, continues to rise. In the past 24 hours, it’s risen by a staggering 53%, from lows of $4,198 to highs of $6,435.
YFI/USDT chart on Binance
yearn.finance is a decentralized finance protocol that lets its users earn interest on cryptocurrency deposited within its smart contracts. According to metrics site DeFIPulse, yearn.finance is the sixth-largest DeFi protocol, with $585.3 million wrapped up in its smart contracts.
YFI is its governance token. It rewards depositors for using the protocol, kind of like a loyalty scheme. It also lets holders vote on the future of the network.
YFI came out at the end of June. Other large DeFi protocols, including Compound and Aave, followed with their own governance tokens, which also soared in value. In fact, the whole of DeFi boomed after these governance tokens took off; as of August 16, $5.95 billion is locked in DeFi smart contracts; when YFI launched, just $1.68 billion was locked up in DeFi.
YFI's rise is its second this week. Between Monday and Tuesday, YFI rose from $4,507 to $5,868, an increase of 30%. But today’s rise could be YFI’s largest yet.
AUGUST 15, 2020
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