Decentralized Finance (Defi) behemoth yearn.finance’s token YFI has hit a new all-time high, roughly a week after eclipsing Bitcoin’s price.
According to CoinGecko data, YFI prices surged to as high as $17,711 on Friday. The reasons for YFi’s meteoric rise are numerous and complex. Still, one Twitter user summarized its appeal,
it isn’t a store of value, but it has Bitcoin’s scarcity on steroids with exciting functionality and access to rewards.
The Tweet concluded,
It’s quickly becoming a staple, a blue-chip at 30,000 max supply.
For investors who continue to pour money in, further bullish news was just around the corner. The world’s largest Bitcoin future’s trading platform OKEx just announced that it was including YFI in its latest cohort of listings. Further, lending protocol Aave also announced that YFI is now available on its platform.
Oh my…
…40% LTV…
… $LINK Price feed…
…Few Understand pic.twitter.com/hvbfWnn1rc
— Aave (@aave) August 28, 2020
Aave has made plenty of waves in its own right lately. It has, among other things, dislodged Maker to claim top DeFi total value locked (TVL) spot at $1.5 billion. The listing means that there are now more potential uses for YFI.
Although yearn.finance is already a major DeFi protocol with nearly a billion dollars in TVL, the Aave listing is likely to increase its momentum. The responses from crypto Twitter were swift and breathless:
YFI is going to rip your face off, it’s just going to happen. Start coming to terms with it now. No matter how much yfi you have, you will have deep regrets. The only saving grace is that facial reconstructions will cost like .01 yfi in the future.
— sassal.eth/acc 🦇🔊 (@sassal0x) August 28, 2020
https://twitter.com/Cryptoyieldinfo/status/1299284586392739840
Another Twitter user noted a possible downside,
people now have a relatively easy way to short YFI, and can borrow it to participate in YFI governance.
However, such footnotes are likely to be lost in the excitement surrounding this kind of news. Developers behind yearn.finance also announced the launch of yinsure.finance, a tokenized insurance service, and are reportedly collaborating with Sam Bankman-Fried, the CEO of top cryptocurrency derivatives exchange FTX.
