Yearn Finance’s governance token, YFI, is trading above $50,000 for the first time in two months, thanks to a scheduled buyback and a rise in the protocol’s total value locked (TVL).
The project appears to have hit its stride in the last few months after bursting onto the DeFi scene in August 2020. They revealed in their most recent weekly report, State of the Vaults, that they had reached the $3 billion mark in their vaults.
Two major events converged and launched the sector into full madness: Uniswap’s UNI airdrop and governance token YFI breaking every foreseeable resistance to reach $30,000.
In other news, The DeFi ecosystem has a total value locked of $57.9 billion, which is an all-time high. The top three protocols, Compound, Maker, and Aave, alone have a market capitalization of over $20 billion.
Trader Sean Nance predicted that YFI Price will hit $270,000 per token “soon” during this DeFi Season. YFI’s market at that price, according to the trader, will hold it out of the top ten cryptocurrencies, implying that it would continue to rise. According to Nance,
I’ve got 270k as a pretty reasonable target on YFI soon. I’m not sure if y’all are prepared for what’s coming to the market.
Improvement on cards for Yearn finance
Nance claimed that YFI advised investors to purchase more YFI and YFII. Yearn Finance’s Total Value Locked hit a new ATH today with YFI price, according to investor Daniel Cheung, and it now stands at $3 billion.
Cheung claimed that he is “massive in YFI” and that Yearn Finance is “undervalued” with compelling stories that demand attention from the industry. Yearn Finance’s current growth rate may be among the fastest in DeFi. As a result, Cheng expects YFI to appreciate even more.
Via its governance model, the Yearn Finance group appears to be very involved. With the help of user “Tracheopteryx,” lawyer Gabriel Shapiro has been developing a new organisational governance model.
Shapiro explained this proposal attempts to “craft a governance philosophy” rooted in real-world situations, based on what the lawyer described as “realpolitik”.
Yearn finance price today is $48,894.34 with a 24-hour trading volume of $672,116,889. YFI price is down -0.2% in the last 24 hours.