Yearn.finance (YFI) saw its all-time high yesterday. The popular DeFi cryptocurrency climbed to $ 19,500, coming close to Bitcoin’s all-time high. Although YFI could not break this record, it achieved significant success.
The cryptocurrency then experienced a slight decline. At the time of writing, YFI was trading at $ 19,54, up 25% in the last 24 hours. As we have previously reported, YFI had raised its investors to $ 16,000 last week. YFI was later withdrawn and started trading around 14,000.
… $LINK Price feed…
…Few Understand pic.twitter.com/hvbfWnn1rc
— Aave (@AaveAave) August 28, 2020
Why is YFI on the Rise?
Aave started listing YFI as well as UMA yesterday. This listing triggered the rise for both cryptocurrencies. In addition, new deals and projects in YFI have also made the popular DeFi cryptocurrency increase in price.
While YFI may not be appreciated in the near term, what does the asset’s long-term outlook look like? There is a long-term bull rally formation for the cryptocurrency, according to Alex Krüger. yearn.finance developer Andre Cronje stated that he has recently been working with the FTX team and Sam Bankman Fried, CEO of FTX and Alameda Research. Krüger thinks these two people working together – namely Cronje and Bankman Fried – will offer a recipe that will become “long-term winners” for YFI and Serum (SRM), a FTX-backed project.
Krüger uses the following statements:
“Andre and Sam are currently the two biggest Alpha sources in crypto. I bet $ YFI and $ SRM will be long-term winners. ”
According to an article on Coingape, Yearn.finance offers the best liquidity pool aimed at achieving the highest return on DeFi farming. YFI has been on an upward trend for weeks and has now exceeded $ 18,000. The addition of Yearn.finance to Aave provides a huge boost to the pool. This records 30% gain on a daily scale.
The token is used by Yearn.finance as a tool to generate returns from stablecoin deposits such as USD Coin and 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.