Why is Yearn.finance (YFI) token rising?

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 Why is Yearn.finance (YFI) token rising?
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Highlights

  • finance (YFI) token rose 0.99% at 4:17 pm ET on Thursday.
  • Defi Saver, a dashboard for decentralized finance (DeFi) protocols announced the integration of Yearn.finance to its new saving dashboard.
  • The token gained around 30% in one year.

The Yearn.finance (YFI) token rose on Thursday after Defi Saver, a dashboard for decentralized finance (DeFi) protocols, announced YFI’s integration to its new user-friendly interface.

Defi Saver also tweeted that users can now earn more yield on stablecoins using Defi Saver, the dashboard for decentralized finance (DeFi) protocols.

The YFI token rose 0.99% to US$29,565.24 at 4:17 pm ET after the news. Its 24-hour trading volume ended Thursday evening was US$214.7 million.

Yearn.finance has a market cap of around US$1,08 billion.

The token’s circulating supply is 36,637.72 YFI, and the maximum and total supply are 36,666.

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What is Yearn.finance?

Yearn.finance is an aggregator service. Its automation helps decentralized finance (DeFi) investors to maximize their profits from yield farming. It aims to simplify the DeFi space for investors from non-technical background who wants to explore the space part-time.

Yearn.finance, formerly iEarn, was launched in February 2020. It added more users after the launch of its YFI token.

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Why is Yearn.finance (YFI) token rising?

Data source: coinmarketcap.com.

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Yearn.finance’s founding, total users

Andre Cronje, who worked in the cryptocurrency, DeFi, and smart contract ecosystem for a long time, founded the Yearn.finance in 2020.

He was also involved in the initial coin offerings (ICOs) of Fantom and CryptoBriefing.

The Yearn.finance token currently has 44,898 holders, of which 1,240 are active members. Around 80.7% of tokens are held by its top 100 holders.

The token rose around 30% in one year and ranks 89th based on market cap, according to coinmarketcap.com. The token is available for trading on OKEx, Binance, FTX, CoinTiger, Huobi Global, and CoinFLEX. 

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Bottomline

The cryptocurrency market is volatile. Therefore, investors should exercise due diligence before investing in digital assets.

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