As DeFi tokens continue to lead crypto markets ever higher, some such as Yearn Finance’s YFI token are making monumental gains, but is it all for the whales only?
With a very limited supply of just 30,000 tokens, demand for YFI is palpable. A single token now costs almost as much as one BTC and it does not seem to be slowing down.
The high-flying token is the basis of the Ethereum-based DeFi yield aggregator Yearn.Finance, which allows users to maximize returns and earn interest on crypto collateral while saving on transaction fees and time spent on researching rates.
Farmers can deposit funds onto the platform and the system will automatically deploy capital into the highest-earning opportunity at any given time.


As has often been the case with DeFi, the whales with the most liquidity will have benefitted the most. As former dev advocate at OpenZeppelin, Dennison Bertram [@DennisonBertram], pointed out:YFI now over $10k – I would like to thank my mum for giving birth to me so that I could experience this euphoric moment pic.twitter.com/8XDNlhJP4o
— Anthony Sassano | sassal.eth 🏴 (@sassal0x) August 18, 2020
I don’t think it turned too many people into millionaires if any to be honest. There was almost never enough supply available, and the folks who were able to “yearn” enough of them, did so via providing millions in liquidity…In terms of liquidity, TVL on the platform has also reached an all-time high of $635 million according to DeFi Pulse.

As reported by BeInCrypto on Tuesday, the platform has released the details of three new tokenized insurance pools for liquidity providers. The Yinsure.Finance system will be comprised of three core components; Insurer Vaults, Insured Vaults, and Claim Governance.https://t.co/Tm4Su0BzFk stats
— yearn.finance (@iearnfinance) August 19, 2020
-Yearn-
DAI 7.06%
USDC 10.96%
USDT 5.51%
TUSD 3.25%
sUSD 48.84%
BUSD 2.18%https://t.co/15ymmpD1Xy 9.8%https://t.co/jQtziUlEsg 18.07%
-Vaults-
yTUSD 10.72%
yDAI 56.56%
yUSDT 36.92%
yUSDC 36.43%
yCRV 157.15%
-TVL-
$738,564,213
-Treasury-
$329,981 pic.twitter.com/1rxZK9IJgx
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Martin Young
Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain...
Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain...
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