The price of the YFI token has grown by 30% per day, overtaking BTC and ETH in value.
The expert is sure that the token will continue the bullish trend in 2021.
DeFi market could burst because people don’t understand what’s going on.
The value of one of the most popular crypto assets DeFi, developed on the Ethereum platform, Yearn.finance (YFI) has reached a record high 20K USD.
Now all wonder if this token will follow the path of Bitcoin.
Andre Cronje, the creator of the protocol, explained that it was easy to earn YFI. Users only need to provide liquidity and stake the output tokens in the distribution contracts. There is a special intuitive interface that is clear to all. This simple procedure enables earning a certain amount daily.
The vertical rally of the token is explained differently by financial experts. Some of them consider that it is primed for a pullback. Others, on the contrary, think that the token has a good potential for growth.
The founder of the project insists that the token has no monetary value but this doesn’t prevent its popularity.
Yearn.finance (YFI), one of the most popular cryptoassets in the Ethereum decentralized financial space. According to the CoinMarketCap resource, over the past 24 hours, the asset has grown by about 30%, surpassing even BTC with a 1% rate and Ethereum with a 1.7% rate.
At the time of writing, the YFI token is trading at $ 19,280.
The most amazing thing is that the coin was launched just a month ago with almost zero value.
The most important trend behind YFI’s continued upward trend is listing on leading DeFi platform Aave. Aave is a money market protocol that allows users to lend and borrow Ethereum-based cryptocurrencies.
Aave announced the listing of YFI on 28 August. This listing should provide YFI with a higher price as it always happens.
YFI is used as a means to generate income from stablecoin deposits such as USD Coin and Tether. This return became so attractive to investors that hundreds of millions were pumped the protocol of the platform.
According to economist and trader Alex Kruger, the YFI project will continue its bullish trend in 2021.