YFI Token Helps Bring Curve to over $300 Million in Locked in Value

By Abhimanyu Krishnan | News | Unpublished


DeFi asset YFI, which launched just a few days ago on July 17, has already raked in over $300 million for the Curve Finance protocol, according to DeFi market tracker DefiPulse.

On July 17, Curve Finance had $70 million locked in. Now just over 5 days later on July 23, it has $332 million locked in - with yearn contributing considerably to the influx of funds. With Curve, pool liquidity can be placed in platforms like yearn, which brings a comparatively higher interest return for those who do so.

With investors in YFI eyeing $1000 APY returns, it is not surprising that Curve’s locked in value has skyrocketed. Those who provide liquidity to Curve will also receive the YFI governance token. This is an additional benefit given that the entire yearn platform is decentralized, operating completely under community control.

The launch of the YFI token was immediately followed by a price surge, with the token rising over 80x, to a high of $2,324. It currently has two working products: lending protocol yearn.finance and automated market maker yswap.exchange. The DeFi market now has over $3.3 billion locked in, adding over $1 billion in July alone.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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