- Yearn.finance’s YFI token price surges by 58%.
- Andre Cronje, the founder of Yearn.finance, promises not to abandon the project.
- Yearn.finance team to release the second version of its vaults.
Yearn.finance’s DeFi token YFI increased its price by 58% in the last 72 hours. YFI’s price surge took place after the value of many DeFi tokens dropped by 40-70% over the past month.
After dropping to as low as $12,260 in price, the YFI token took a twist and is currently trading at $16,369.25, at the time of writing. As per Coingecko, the price even experienced a 24h high of $18,132.38. With the Bitcoin (BTC) price also showing a bullish trend trading above $11k, traders await to see if YFI and other altcoins will continue to rise.
Factors Leading to YFI’s Price Action
To begin with, Yearn.finance continues to launch different products and upgrade services on its platform. At the moment, Yearn.finance is expected to release the second version of its vault (vault v2) soon.
Implementation of such products has made YFI token gain prominence despite the DeFi market dropping in value. Adding on, the total value locked (TVL) for Yearn.finance went beyond $800 million. Much of the capital locked in Yearn.finance is stored in vaults which enables investors to earn yields.
Vault v2 is near completion and the Yearn.finance team noted that,
Yearn v2 Vaults are under active development. Will include new vaults and strategies. We are very excited for this. Additional details will be shared when available.
Secondly, despite facing challenges and losing millions, Andre Cronje, the founder of Yearn.finance, promised that he will not abandon the project. Hackers targeted a smart contract vulnerability in Eminence, an upcoming gaming project built by Cronje.
New YFI tokens were minted and over $15 million was stolen in the process. However, $8 million was recently returned to a wallet owned by Cronje.
Standing up against critics, Cronje clearly stated that:
Still here. Still building. Nothing has changed. Anyone that says otherwise fuck off. I’m just done tweeting and being on social media.
— Andre Cronje (@AndreCronjeTech) October 9, 2020
Though overall, the prices of DeFi tokens dropped lower throughout September, YFI continues to strive to rise. Alongside this, the Yearn.finance project keeps expanding in its use cases for YFI.