Main navigation

YFI, Which Is Down 91% in YTD Performance, Is Still Being Actively Developed

Sun, 05/29/2022 - 15:30
article image
Arman Shirinyan
Long forgotten YFI is still being actively developed despite horrendous market performance
YFI, Which Is Down 91% in YTD Performance, Is Still Being Actively Developed
Cover image via www.freepik.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The token of decentralized platform yearn.finance, which lost over 90% of its value over the last year, is still actively being developed despite the absence of Andre Cronje, as Santiment reports.

The development activity on the project moves in contrast to the price of the asset, suggesting that the market performance of the underlying token of the project is not directly affecting the fundamental growth and development.

Unfortunately, YFI is not getting any benefit from the second wave of DeFi popularity's growth and is not showing any signs of a reversal, only losing its value as time goes by. As Santiment suggests, funds that would previously flow into YFI went to newer projects like TIME, SPELL and CVX.

As the new trend started fading, YFI lost even more investments and capitalization. YFI received the final blow after February 2022, when the market saw a massive inflow of tokens on centralized and decentralized exchanges, suggesting that traders and investors are no longer willing to hold the unprofitable asset.

What is YFI?

Yearn.finance is a decentralized finance aggregator service, used for automating decentralized services for maximizing potential profits from yield farming. The service was mostly used to simplify the functioning of the expanding DeFi space.

Related
Luna 2.0 Off to Rocky Start, Plunging More Than 70%

It is not yet clear if the project will continue to grow with the crisis in the DeFi space, but some investors believe that with the institutional adoption of the industry, we might see a second breath of YFI as new investors would need a solution that simplifies the decentralized finance experience.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.