Decentralized Finance

Yearn Finance Earns $4.7M Revenue in a Month! YFI Price to Surge Soon?

Yearn Finance in its latest newsletter reports of its achievements and adoptions. The protocol reported has made great progress in terms of revenue. It has earned a revenue of $4.7M in the last month, 1Million of which was earned in just the last week. Extrapolating this data, annual revenue is estimated to be $58 million. 

Adding to the list of progress is that Synthetix has added SNX yVault to their Interface. Now users can access Yearn’s SNX Vault directly in the Synthetix staking interface. For users who want to reap the benefits of staking without having to monitor their position each week, the Yearn SNX Vault enables automatically compounded staking.

Despite the market crash, Yearn Finance in the second quarter has had a great surge in its Assets Under Management. The AUM has grown 136% in the quarter. 

Yearn had a difficult start to 2021, but it swiftly reclaimed its leadership, with a 69 percent market share. This depicts the resilience of the protocol. The revival of Yearn, which saw its market share jump from 29 percent to 69 percent in the quarter is commendable.

YFI Price Outlook

Yearn Finance is currently the market leader of Yield aggregators with a 69% share. YFI Price just a week ago on July 7 broke out from the descending resistance line and hit a high of $37,783. Following which it has been retracing. 

Since June 12, the short-term trend has resembled a leading diagonal pattern, resulting in the $37,783 high on July 7. After that, YFI fell out of the climbing wedge. It has so far dropped to $29722.

Although, If the movement was a leading diagonal, YFI will make a new high near this level and continue its upward trend.

Technical indicators, on the other hand, are neutral. The MACD is rising, but it is still negative, and the RSI is under 50. The Stochastic oscillator has started to move downhill after making a positive cross.

At the time of writing, YFI Price is trading at $29846 down by 3.2% in the last 24 hours. It is ranked #75 on the list with a market cap of $1,065,359,226.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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