On Tuesday, August 18, the price of the yEarn Finance (YFI) DeFi platform token skyrocketed on Binance to $12,800. At the same time, Bitcoin was trading just above $12,200.
The maximum weighted average rate of YFI, according to CoinGecko, was $11,275.88.
Following the growth, the token quotes went down sharply. At the time of publication, the asset is trading at $10,130, daily growth is about 48%, monthly – 1300%.
The reason for the rapid growth of YFI is that over 60% of the token’s circulating volume is currently locked in pools of various DeFi projects.
On Monday, August 17th, yearn.finance creator André Cronier Cronier announced the launch of a new product, yinsure.finance, which will become “the prototype of a new type of tokenized insurance”.
The launch of yinsure.finance is due in the coming weeks. The service will be based on decentralized mechanisms, where liquidity providers will be insurers, and users will pay a percentage of their assets for the service provided. The first asset available for insurance will be the USDC stablecoin.
Meanwhile, Chainlink (LINK), which is also attracting increased attention, has experienced strong volatility over the past 24 hours. On Monday, August 17, the price of the coin rose to $ 19.54, slightly short of the all-time high of $19.83 set the day before.
On the night of August 18, a sharp collapse followed: LINK fell to $16.57 in less than an hour. At the time of writing, the asset is trading near the $ 17 mark.
Despite the collapse, the price growth for the week is 27%, for two weeks – more than 86%. Chainlink continues to hold the fifth place in the ranking of cryptocurrencies with a capitalization of over $6.5 billion.
Recall that last week Chainlink surpassed Bitcoin Cash in terms of this indicator.