Yearn.finance is a decentralized financial platform for digital asset management (DeFi) based on the Ethereum network that optimizes the return on cryptocurrencies through crypto credit and trading services.
Within this platform, the tokens that investors deposit in yearn.finance are converted into yTokens, which are regularly rebalanced and aggregated via the lending services Aave, Compound and Dydx in order to offer traders the best price.
On May 12th, amid the hype caused by Elon Musk’s endorsement of Dogecoin (Doge) and SHIB tokens, the developers at Yearn Finance launched a new token called WOOFY. This token is interchangeable with the YFI governance token from yearn.finance.
A Yearn developer named “Banteg” introduced the concept of WOOFY on Twitter and said:
“Wifey’s Blue Dog Companion Token uses special Woof technology that allows bi-directional conversion between the two. That means you are exposed to a carefree dog coin and the DeFi Darling Blue Chip at the same time.”
Today the Yearn.finance official announces that its yCRV and y3CRV vaults will be migrated from v1 to v2 for a higher return on investment.
Source: YFI / USDT Daily via TradingView
Amid the hype about meme coins like Doge, YFI hit a record high of $ 95,000 this morning. However, it has since pulled back a bit, trading around $ 83,000 at the time of writing.
In the end, the Memecoins have currently traced back from their highest price. Dogecoin is currently trading at $ 0.51, a 30% retracement from the all-time high of $ 0.74. On SHIB, the token retreated 25% and is currently trading at $ 0.00002937.
Source:DeFi Pulse
According to DeFi Pulse data, Yearn.finance is the 10th largest DeFi protocol. With a total blocked value, it hit a new record high of $ 4.36 billion today.
Investors may be amazed at the expensive price of YFI, which is higher than Bitcoin, which is currently priced at $ 56,868 and which is the largest cryptocurrency with a market cap of $ 1.06 trillion. The reason why YFI tokens are so expensive is mainly because of its limited circulation.
According to CoinGecko, YFI has an upper limit of around 36,000 tokens. It currently has a market capitalization of around $ 3.2 billion, and as the demand for YFI increases, so will the price.
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