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BCH $545.83 (6.29%)
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Yearn.Finance’s YFI Token Jumped 22% to Record New ATH

Yearn.Finance’s YFI Token Jumped 22% to Record New ATH
  • Yearn.finance’s governance token YFI jumped 22% to an all-time high.
  • YFI hit a new high of $95,000 with a $3,677,107,097 24 hour trading volume.
  • Yearn.finance has doubled the total value locked (TVL) to about $4.1 billion.

The digital asset management platform Yearn.finance’s governance token, YFI, jumped 22% on Tuesday to a new all-time price high.

In fact,  YFI hit a new high of $95,000 with a $3,677,107,097 24 hour trading volume. Also, YFI joined the rally of cryptocurrencies linked to the fast-growing decentralized finance (DeFi) sector.

Source: TradingView

The token’s price has tripled this year, combining a 40% rise so far in May. Of note, most of that increase came in the past 24 hours. But YFI has lagged behind other DeFi standouts. So far this year, the native token of decentralized protocol Aave, AAVE, has shot up 700%, and MakerDAO’s MKR has risen 400%.

However, YFI has continued pursuing its DeFi friends in value this  past year. Besides, the protocol has seen some great improvement in recent weeks.

Notably, from the start of April, Yearn.finance has more than doubled its total value locked (TVL) to about $4.1 billion, according to DeFi Pulse. While the overall value locked within the DeFi market has risen by 70% to $80 billion during the same timeframe.

YFI has a small circulating supply of around 36,666 based on information aggregator CoinGecko. That helps clarify why the token, which has a market capitalization of about $2.6 billion, has the next highest value after Bitcoin (BTC) which has a current value of $56,558 and $1.06 trillion market cap.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.