YFI: Yearn Finance becomes the most expensive cryptocurrency, surges past $27,000

In recent times yearn. finance (YFI) has gone from a relatively unknown lending aggregator to a DeFi powerhouse at the center of the hottest trend in the crypto industry today.

At the time this report was drafted, yearn.finance was trading at about $28,729 with a daily trading volume of about $616.6 million and a market capitalization of over $865 million.

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$YFI is over $27,000 pic.twitter.com/t1JzZD4igQ

— Messari (@MessariCrypto) August 30, 2020

YFI price has gained 56.8% in the last 24 hours. It has a circulating supply of 30 000 crypto coins and a max supply of 30 000 coins.

YFI has been on the bullish trend for some weeks and has now exceeded $ 27,000. The recent addition of Yearn.finance to Aave provides a huge boost to the pool.

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What you must know: There are multiple protocols providing yield (returns) on the capital that you lend. These yields vary from one protocol to the next. YFI automates & optimizes lending such that you can earn maximum value on your capital without researching each protocol.

The token is used by Yearn.finance as a tool in producing returns from stablecoin deposits such as Tether.

These returns have become so attractive to investors that hundreds of millions have been transferred to the Yearn.finance protocol.

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This increase in deposits led to an increase in the value of YFI, which is representative of the value of the Yearn.finance ecosystem.

Yearn Finance’s advantage over Bitcoin: With a mere 30k token supply making it more scarce than even Bitcoin, $YFI is the hardest money the world has ever known.