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Friday, June 18, 2021

YFI Token Has Increased By Around 22% With DeFi Platforms Putting In Collateral

YFI has gone through an increase of 22% which is partly due to most of the cryptocurrencies going through a rally in the last couple of months. This token is simply the token of the digital-asset management platform Yearn’s governance token. The token has now climbed the list of the fastest-growing DeFi sectors in the crypto market. 

YFI Has Climbed Through The Ranks Of The DeFi Sector

The YFI token set a record of $78,019 and then started changing hands when it reached a sum of $74,500 by press time. The price of the token has reportedly tripled this year. This indicates a rise of 40% which took place in May, with the maximum amount of gains coming in the last 1 day. Unfortunately, the token still lags behind other standouts of DeFi. Currently, there are other tokens native to the DeFi protocol that has stood out like AAVE, which had a surge of around 700%, and MKR which went up around 400%.

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Synergy Capital’s Head of R&D, Denis Vinokourov mentioned that this YFI rally was quite overdue if the underperformance of this token to other tokens was brought under consideration. Needless to say, the token has seen quite an impressive growth over the last couple of weeks- despite trailing the other protocols for most of the year. 

Ever since the beginning of April, the platform of Yearn did see quite an increase in the collateral that locks into the protocol- which had a valuation of about $4.1 billion- as mentioned by DeFi Pulse. Around the same frame of time, the value increased by the DeFi market went up from 70% to $80 billion. 

YFI has a supply that is comparatively smaller than the rest- which stands at around 36,000 coins- as reported by CoingGecko. This is pretty much the reason why this token has a much higher price than a major cryptocurrency like Bitcoin, which has a valuation of $1.06 trillion.

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