Yearn.finance (YFI), which has increased its value thousands of times since the day it was launched, broke its own record yesterday and increased its price to 38 thousand dollars. In the face of this rise, a new one has been added to the crazy predictions for the future of YFI. Ryan Watkins, one of Messari’s researchers, suggests that 1 YFI could be $ 1 billion.
Yearn.finance debuted as one of the DeFi projects in mid-July. YFI, which was traded for around $ 31 on July 18, the date of its entry into the industry, is currently being bought and sold for $ 34,000. YFI, which is the 28th most valuable coin with a market value of over $ 1 billion, continues to rise. YFI is mostly preferred for yield farming purposes and this is thought to play a big role in its success.
After being listed on the OKEx exchange recently, Binance announced yesterday that it has opened YFI futures for its users. In light of these announcements, the YFI value increased by 135% in the last week and 5.5% in the last 24 hours. Although there are some factors such as listing announcements and interest in yield farming popularity for this rapid rise; The main reason why the price of YFI increased so much is that there are about 30 thousand YFI tokens, as opposed to over 18 million Bitcoins in circulation.
Billion Predictions for YFI
Ryan Watkins of Messari, one of the leading research companies in the cryptocurrency industry, did not pass without comment on the crazy YFI rally. Arguing that YFI price predictions on his Twitter account are underestimated, Watkins thinks that the YFI value can see much worse figures. The researcher is about YFI, which is known to have a maximum supply of 30 thousand in the market; Assuming a wealth of 360 trillion dollars in the world, YFI comments that the price could be $ 1 billion per coin.
Responding to Ryan Watkins ‘estimate on Twitter, David Hoffman, one of the founders of Bankless, thinks Watkins’ statements are incomplete. Stating that Watkins assumes that the total wealth remains constant by saying that there is 360 trillion dollars of wealth in the world, Hoffman reminded that DeFi and the cryptocurrency industry are value generating areas. In other words, Hoffman said that if the YFI value increases to 1 billion dollars, the total wealth in the world should have tripled; He argues that in such a scenario, the value per YFI would be $ 3 billion, not $ 1 billion.
BitMEX’s CEO is also Hopeful of YFI
BitMEX’s CEO, Arthur Hayes, predicts that YFI will continue to grow and rise. With a statement made on his social media account, Hayes argues that the price of YFI can go up to $ 100,000. Although this $ 100,000 estimate is much lower than what names like Watkins and Hoffman have done; reveals that there is an overall positive outlook on the future of YFI across the market.