Yearn.finance’s native governance token, YFI, is now the second-biggest decentralized finance (DeFi) coin in the coin market with a market capitalization of $1billion and a volume of $652,424,201 just one and a half months after its launch.
YFI has been on a bullish trend for some weeks now and is currently trading at a price value of $33,499 (while BTC stands at $11,900). YFI price gained 56.8% in the last 24 hours and has a circulating supply of 29,964 crypto coins and a total supply of 30,000 coins
What might have spiked the surge?
- Recently Yearn.Finance (YFI) has gone from an unknown lending aggregator to a DeFi powerhouse in the crypto industry following its addition to Aave to provides a huge boost to the pool with about $790million in value locked in its protocol.
- There are many protocols that yields profits when you lend capital, but with Yearn.Finance being a transparent and DeFi protocol, all token holders gets full governance right, so when Yearn.Finance lends capital, you can earn without reaching each protocol. This has actually attracted millions of investors into the Yearn.finance protocol and led to the increase in deposits and also the increase in the price value of YFI.
- Yinsure is launched by Yearn.Finance to give insurance coverage to its DeFi users. With YFI having a total supply of 30,000 token and no founder reward, it makes it the hardest crypto in d market
However, The token is used by Yearn.finance as a tool in producing returns from stablecoin deposits such as Tether.