Despite a 65,867 percent rally, less than a third of Yearn.finance (YFI) owners are making a profit. According to data provided by cryptocurrency intelligence firm IntoTheBlock, only 26 percent of all yearn.finance (YFI) addresses were able to get money. This fact is quite surprising considering that the token still has a noticeable increase of 65,867 percent since its launch in mid-July.
Most YFI Owners in the Red Zone
YFI, the management token of the DeFi project yearn.finance, was launched on July 17 without pre-mining. As Yearn.finance founder Andre Cronje explains, the token could only be earned using the protocol. Moreover, Cronje highlighted that YFI is a “completely worthless” token:
“In our efforts to give up this control (mostly because we are lazy and don’t want to do that), we’ve released YFI, a completely worthless token. Again, it has 0 financial value. ”
His cautious remarks did not stop DeFi speculators from pushing the YFI market value of the token to $ 100 million in a week. Its massive rally was quickly gaining the attention of the wider cryptocurrency industry and absorbing FOMO-driven owners.
In just over a month, YFI repeated Bitcoin’s nine-year bull run, rising from $ 34.53 to $ 20,000. With its current peak of $ 42,164, reached on September 12, BTC managed to surpass the all-time high.
Despite these tremendous gains, 67 percent of YFI owners were colored red after today’s 18th retreat, meaning that many joined the party from the top.