Yearn.finance, the cryptocurrency of the DeFi platform, surpassed the $ 20,000 threshold and the record that Bitcoin broke in December 2017. With the rise of Yearn.finance in recent days, it surpassed Bitcoin and became the most valuable crypto currency of all time.
YFI, Yearn.finance’s own token, has drawn an incredible chart over the past 2 weeks. YFI, which was traded at $ 4,000 until August 15, currently has a value of $ 20,000. The total value of the cryptocurrencies locked on Yearn.finance, which has a total market value of $ 600 million, is more than $ 900 million.
Takes Flight with Yield Farming
The price of the cryptocurrency called Yearn.finance (YFI), which the project’s founder Andre Cronje himself promoted as “worthless”, exceeded $ 20,000. The main reason why YFI has grown so much within a few weeks can be called yield farming.
Cryptocurrency users can lock cryptocurrencies on the Yearn.finance platform and earn YFI in return with a passive income model. This yield farming model, directed by hundreds of thousands of people, has literally taken the DeFi world into flight. While the total value of cryptocurrencies locked on DeFi platforms has exceeded $ 8 billion, the number of users of these platforms is also increasing.
Beats the Record of Bitcoin
The Bitcoin price, which was around $ 1,000 at the beginning of 2017, rose to $ 20,000 at the end of that year, thus breaking a new price record in the cryptocurrency world. No other cryptocurrency came close to snatching this record from Bitcoin. Up to the present.
With its Yield farming model, YFI has gained incredible popularity; He managed to take this record from Bitcoin by passing the $ 20,000 threshold. However, this does not mean that YFI surpasses Bitcoin in terms of market capitalization. When the Bitcoin price increased to $ 20,000, there were millions of Bitcoins in circulation. Whereas; There are currently 29,962 YFIs in circulation. This is exactly what made YFI reach such a price despite its $ 600 million market value.
What drove Yearn.finance to break the $ 20K record was the 30% rise in the past 24 hours. The fact that YFI has drawn such a good graphic in the last few hours can be explained by the news from the OKEx front as well as yield farming. OKEx, one of the largest exchanges in the world, announced in yesterday’s press release that it has added 8 eight DeFi projects, including YFI, to the stock market.