Yearn.finance is a decentralized financing (DeFi) digital asset management platform built on the Ethereum network to optimize the return of cryptocurrencies through crypto lending and trading services.
Within this platform, the tokens that investors deposit in yearn.finance are converted into yTokens, which are regularly rebalanced and aggregated via the lending services Aave, Compound and Dydx in order to offer traders the best price.
On May 12th, amid the hype caused by Elon Musk’s endorsement of Dogecoin (Doge) and SHIB tokens, the developers at Yearn Finance launched a new token called WOOFY. This token is exchangeable with the YFI governance token from yearn.finance.
A Yearn developer named “Banteg” presented the concept of WOOFY on Twitter and Twitter said::
“Wifey’s Blue Dog Companion Token uses a special Woof technology that enables bi-directional conversion between the two. This means that you are exposed to a carefree dog coin and the DeFi Darling Blue Chip at the same time.”
Today Yearn.finance is official announces Your yCRV and y3CRV safes will be migrated from v1 to v2 for a higher yield.
Source: YFI/USDT Daily via TradingView
Amid the hype surrounding meme coins like Doge, YFI hit a record high of $ 95,000 this morning. However, it has since pulled back a bit, trading around $ 83,000 at the time of writing.
In the end, the Memecoins have currently traced back from their highest price. Dogecoin is currently trading at $ 0.51, a 30% retracement from the all-time high of $ 0.74. On SHIB, the token retreated 25% and is currently trading at $ 0.00002937.
According to DeFi Pulse data, Yearn.finance is the 10th largest DeFi protocol. With a total blocked value, it hit a new record high of $ 4.36 billion today.
Investors may be amazed at the expensive price of YFI, which is higher than Bitcoin, which is currently priced around $ 56,868 and is the largest cryptocurrency with a market cap of $ 1.06 trillion. The reason why YFI token is so expensive mainly because of its limited edition.
According to CoinGecko, YFI has an upper limit of around 36,000 tokens. It currently has a market capitalization of around $ 3.2 billion, and as the demand for YFI increases, so will the price.
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