Defi project Yearn Finance (YFI) smashes records by reaching 30K

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The decentralized finance (DeFi) cryptocurrency asset tied to the Yearn Finance project has reached records, as the native coin YFI touched a high of $30,324 on Saturday evening. Yearn’s token YFI has been recently added to the Aave platform and the project’s founder, Andre Cronje, has been talking about collaborating with the exchange FTX.
Some DeFi project tokens—including yearn.finance (YFI), have outperformed The bitcoin, smashing records of 3,500% in just a little over a month and has surged past bitcoin’s late-2017 $20,000 all-time high.
The price of YFI tokens have soared from under $1,000 per YFI since it was created in mid-July to over $30,000 this weekend. It was close to $40,000 on some exchanges before falling back.
“The yearn.finance coin has become the altcoin star recently,” Alex Kuptsikevich, FxPro senior financial analyst, said via email.
“In a month it has shown twentyfold growth, living proof that ‘unicorns’ still exist, at least in crypto. The rapid growth of the coin also reflects the popularity of the decentralized financial sector. The creators of the project decided to follow the bitcoin path, limiting the issue of only 30,000 YFI coins. Such limited supply spurs rapid price growth.”
This price growth was not planned by the YFI founder, however. the tokens were described as “completely valueless 0 supply token,” by its creator Andre Cronje.
“We reiterate, it has 0 financial value,” Cronje wrote in a Medium post last month outlining the project.
“There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.”
But still some of the biggest personalities in bitcoin and crypto are making outlandish predictions about the YFI price.
“One YFI [equals] $100,000,” Arthur Hayes, the chief executive of the Seychelles-based bitcoin and cryptocurrency exchange BitMEX, said via Twitter, and predicted that the yearn.finance price would continue to climb and hit $100,000.
 

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