- Reports that Andre Cronje is exiting the DeFi sector may have put pressure on DeFi linked tokens
- YFI crypto also lost value in the wake of this news, but it has now rebounded
- YFI is an expensive cryptocurrency, and its price was once more than that of Bitcoin
The cryptocurrency universe was already reeling from losses over the past couple of days, and reports about Andre Cronje, a prominent DeFi developer, quitting may have added to this downward pressure. In this light, let’s know about the YFI crypto.
What makes yearn.finance different?
Yearn Finance or yearn.finance claims to provide DeFi aggregation services, which may enable a crypto holder to make the best out of yield farming. As DeFi gained traction, many crypto enthusiasts seem to be flocking to platforms that aid lending and borrowing in crypto assets. The lender earns interest, which to some might seem a better alternative to undertaking regular buying and selling of their assets.
Yearn Finance claims it can maximize the yield from farming through aggregation of DeFi protocols like Compound and Aave. As there are a number of DeFi platforms, the Yield Finance project’s aggregating services might attract users. The project is said to be using two blockchain networks -- Ethereum, and Fantom.
Users of Yield Finance “vaults” can deposit their cryptos, which the protocol diverts to DeFi platforms to earn the maximum yield.
Yearn Finance uses YFI as its governance token. The whitepaper mentions that if holders of the YFI token vote favorably on a certain aspect, the proposal is admitted and implemented.
What Is Yearn Finance Crypto?
YFI crypto’s price
YFI does not rank in the top 10 or even top 50 cryptocurrencies by market cap, but the per token price is very high. Yearn Finance is the most expensive altcoin (with no linkage to BTC), and it traded at nearly US$19,600 as of writing. The market cap was nearly US$720 million.
Data provided by CoinMarketCap.com
The exit of DeFi developer Andre Cronje may have impacted the sector and related crypto assets. YFI’s price was under pressure in the wake of this news, but it has now rebounded. What happens next will be a wait-and-watch game.
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