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.
— 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.
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.
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.