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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.
? $YFI was once the #DeFi darling in #crypto, just one year ago. Now down -91% over the past year after its glory days of @andrecronjedev posts pumping #yearnfinance, the coin isn't quite as abandoned by devs as you think. Check out our latest insight! https://t.co/TFks9MFRTa pic.twitter.com/YVsV8bYVYs
— Santiment (@santimentfeed) May 28, 2022
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.
Alex DovbnyaIt 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.
Godfrey Benjamin
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin