Yearn.Finance (YFI) Token Spikes Over $90,000: Reasons Behind Pump
In 24 hours, the price of the Yearn.Finance (YFI) token surpassed that of Bitcoin (BTC). In the early morning hours today, YFI touched the breathtaking $96,000 level.
From $60,000 to $90,000 in 24 hours
YFI, a core native asset of Yearn.Finance—a pioneering aggregator of decentralized financial protocols (DeFis)—rallied to price levels unwitnessed on the crypto scene.
YFI started its run yesterday in the early morning hours at the $54,000 level. The token added more than 50 percent in 24 hours and briefly touched the $96,000 level on some spot exchanges.
At press time, YFI has slightly retraced and is now changing hands around $80,000.
The YFI price may have been catalyzed by the launch of the Woofy (WOOFY) protocol and token. WOOFY's value is pegged to 1/1,000,000 of YFI.
Thus, WOOFY is the first-ever dog-themed token in the DeFi segment.
New DeFi summer?
Also, WOOFY token can be used in woofy.finance decentralized financial protocol (DeFI). Its authors claim it can be swapped to another popular DeFi token, Wifey (WIFEY).
Yearn.Finance, by "DeFi father" Andre Cronje, made headlines in July 2020 by the "fastest 1000x in crypto." It introduced the idea of aggregation of "yield farming" strategies. DeFi enthusiasts immediately pumped the YFI price to four Bitcoins (BTC), or $42,000.
Alex DovbnyaThat is why the upsurge in interest to the most over-hyped DeFi token may reflect the prospects of another stage of euphoria around decentralized financial protocols.
Arman Shirinyan
Alex Dovbnya
Dan Burgin