YFI beats BTC

YFI beats BTC

By PhoenixDev | CryptoWorld - CW | 26 Aug 2020


YFI is the native governance token of Yearn.finance, with Yearn.finance being a DeFi protocol launched in July 2020 by Andre Cronje.

Yearn.finance is the first Ethereum protocol that claims to give token holders all the power to rule the network. As stated by Blockchain analytics company IntoTheBlock:

Just a month ago, the # Yearn.Finance token was trading around the $1000 mark. #YFI is up more than 10x in one month, climbing to $10,551.25
yEarn Finance is the first project on Ethereum, whose governance is entirely in the hands of token holders.

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Yearn.finance is a platform that allows users to execute various investment strategies, and as the value locked in Yearn.finance increased, so did the value of its YFI token, topping $12,000 (beating bitcoin).

However, it must be borne in mind that the maximum amount available from YFI is $30,000, much less than other cryptocurrencies, hence its high price.

Seen this way, although the YFI exceeded $ 12,000, as its capitalisation is below $400,000,000, in reality the YFI is ranked 45 in the cryptocurrency market.

This could mean that YFI may reach a market cap with a value of $30,000, as has happened with other DeFi portfolios (such as Aave), and although there are people who compare it to Bitcoin for its value, this comparison would not make sense since the capitalisation point of view.


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PhoenixDev
PhoenixDev

Interested on Blockchain and Cryptocurrencies.


CryptoWorld - CW
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