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Highlights
- Yearn Finance (YFI) is primarily a decentralised finance (DeFi) aggregator that allows users to invest in the ever-expanding DeFi space.
- On 25 May, the YFI crypto saw a minor rally but soon fell sideways.
- The 114-ranked token is currently trading at US$8,841.96 with a 24-hour trading volume of US$19,03,93,069.
Yearn Finance (YFI) is primarily a decentralised finance (DeFi) aggregator that allows users to invest in the ever-expanding DeFi space. As an aggregator, it also allows users to maximise the returns from yield farming. Launched by Andre Cronje, the YFI crypto allows users to make strategies to earn the best yields in Ethereum DeFi.
On Wednesday, the YFI crypto saw a minor rally but soon fell sideways and dipped 3% at the time of writing.
Related Read: Cope (COPE) crypto tanks to an all-time low. When can it rebound?
Why is YFI trailing?
The exact reason for YFI’s drop is still unclear. The token has been on a bearish run for quite some time. In the past 30 days, it has suffered losses of over 51.7%. At the time of writing, the RSI was at 28.34 during the intra-day trading period.
Offering two key products, the YFI crypto through its Vault and Earn services allows users to lock their assets in DeFi protocol and earn in cryptos in return. Hence, if a user unlocks more assets, more the chances of them being awarded by the protocol. The deposits are made in vaults, which then expand to both Bitcoin as well as stablecoins.
Besides, it also focuses on reducing the cost which other Ethereum protocols incur for farm yields.
Related read: Astar (ASTR) crypto's volume soars over 900%. Here's why
Performance
The 114-ranked token is currently trading at US$8,841.96 with a 24-hour trading volume of US$19,03,93,069. At the time of drafting, YFI crypto was down by 3.20%, while enjoying a live market cap of US$32,39,49,426 and a circulating supply of 36,638 YFI coins
At present, the market is still gripped by extreme fear after the crash. Amid the fear, the YFI investors will hope that the token comes out of its bearish phase and be in a prolonged rally to make up for the losses it has incurred. Market participants and investors must make sure that they conduct thorough market research before taking any investment decisions.
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