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While Bitcoin is in the spotlight for breaking the psychologically important $ 18,000 mark, another coin has surpassed the weekly gains made by the apex cryptocurrency.
What happened: Yearn Finance (YFI), a decentralized finance coin (DeFi), gained 15.93% in the 7 days leading up to press time, beating Bitcoin’s gains by 14.48%.
Yearn Finance, launched in February, is an investor aggregation service and allows you to invest in DeFi and produce agriculture. YFI gained 4.76% over a 24-hour period to reach $ 21,513.89, nearly rivaling Bitcoin’s 5.77% gains.
The DeFi cryptocurrency had reached $ 41,382.98 on September 14 before falling to $ 9,014.91 on November 6. YFI has appreciated nearly 139% from then until press time.
A trader, using the pseudonym “Benjamin Blunts”, She said before the $ 40,000 rally of the coin which would reach the $ 50,000 mark. YFI’s current market capitalization is approximately $ 650.21 million.
Because matter: The wave of YFI was driven by a perfect storm, as strong techniques, new products, yield farming, and the growing popularity of DeFi liquidity pools supported cryptocurrency, Cointelegraph reported.
There are 30,000 YFI tokens in circulation and Yearn creator Andre Cronje hasn’t set any aside for himself. However, according to CoinDesk it is possible to mint multiple YFIs.
“I think the ‘no inflation’ meme is here to stay,” according to Tarun Chitra, a member of Yearn’s multisig, a board equivalent.
Tarun told CoinDesk that there are other ways to “monetize” the system.
Price action: YFI traded 4.76% higher at $ 21,513.89 at press time, while Bitcoin traded 5.77% higher at $ 17,599.77.
Related link: Sushi-Inspired Cryptocurrency Up 331% in 1 Week of Launch, So Founder Cashed in
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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