Yearn.Finance’s native governance token, YFI, became the first altcoin to overtake the bitcoin price, after closing in on it for days.
Riding the waves of a surging DeFi market, YFI hit prices as high as $14,878 in the last 24 hours, according to CoinGecko data. Investors have poured hundreds of millions into the protocol since its launch, and the YFI token has increased over 32,000% in the last month alone.
The result is a historical moment where one YFI exceeds the value of one BTC.
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Behind this frenzy is Yearn.Finance, a decentralized ecosystem of aggregators that use lending services to optimize token lending. The price action of the YFI token is especially interesting due to the fact that the team has described it as,
a completely valueless 0 supply token. We reiterate it has 0 financial value.
Where YFI goes from here remains unclear. Some believe YFI is primed for a pullback. Others see more room for growth over the long run. Despite the obvious uncertainty, it didn’t stop people from speculating about how much higher it can go.
Ohh my god…🔥🔥🔥🚀🚀🚀1 $YFI >1 $BTC
Is it possible 1 $YFI = 2 $BTC🤔 pic.twitter.com/eruX5xyjTG
— $∆nd£€¶ Bhogi(3,3)(🧐,⚙️)🤖🚜🌾🌾 (@Sandeepbhogi143) August 20, 2020
According to DeFi Pulse, the current Total Value Locked (TVL) of YFI sits at $664m. However, the most recent stats from Yearn.Finance itself lists TVL at $824 million while the treasury sits just short of $403,000.
Yearn has also leapfrogged to number forty-two on the crypto market cap list. All of this took place on a day when the TVL in DeFi reached a staggering $6.61B.
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