The DeFi yield aggregation and liquidity mining experiment yearn.finance YFI token keeps climbing to new highs, providing rapid returns for its investors. On August 11, after a Binance listing news, YFI rose up from $4500 to $6912 – a “moon rise” of over 65% in just over an hour! Currently, the price is stable at ~$5800 mark.
History of yearn.finance’s YFI Token
The YFI token has had insane ROIs over its short lifetime. It was introduced on July 17 with zero premine and zero value. That’s 0$ per coin less than a month ago! It wasn’t traded on any exchange at that time. The only way to earn it was by providing funds to the pools and earning yield and YFI in return.
Then, once the first YFIs were mined, somebody listed them on Uniswap at an initial price of $4-30. In the next few days, the price reached $2800 – an ROI of over 9000%! At current price of $5800-$6000, the same ROI has crossed over 18000%!
DeFi Pulse – yearn.finance (YFI) TVL At $120.9M
The leading DeFi projects tracker DeFi Pulse reveals that the total value locked (TVL), also known as assets under management (AUM), of yearn.finance has exceeded $120.9M. That’s an extraordinary growth considering that the same figure on July 17 was a modest $7.8M.
yearn.finance (YFI) – Most Decentralized DeFi Project Till Date
yearn.finance is the most decentralized DeFi project till date – conveniently eclipsing other projects by token distribution or concentration at the top. The project had no premine and the founder or the team didn’t reserve any tokens for themselves. 100% of the token supply was shifted to users. The result:
https://twitter.com/spencernoon/status/1290403375369138178
About yearn.finance YFI
The YFI token is the native token of the yearn.finance yield farming project. Introduced on July 17 by Andre Cronje, the platform allows users to to provide funds to vaults, which automatically rotate them between dydx, Aave and Compound lending protocols, in search of the best yield. The entire process is managed by a smart contract and is fully automated.
The yield providers earn profits for staking their funds, as well as acquiring YFI tokens. This allows them to participate in governance and vote on important parameter changes. It can also be sold on exchanges for profit. The total supply is capped at 30,000 YFI tokens.
