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YFI Value Crashes 67%, TVL Loses $300M

YFI Value Crashes 67%, TVL Loses $300M
  • Yearn Finance’s native token YFI price has dropped over 67%
  • YFI’s total value locked slides over $300M.
  • Cronje’s secret Eminence (EMN) project.

Yearn.finance’s native token YFI price has recently dropped over 67%, causing the decentralized finance (DeFi) project to lose over $600 million total value locked (TVL).

YFI’s TVL and price drop

After reaching its recent ATHs, both the project’s TVL (total value locked) and the native token’s value has dropped. The project’s TVL has slid to $611 million. That is a large decrease of around 35%. YFI value has lost over 67% since the September 12 ATH and has been sliding relentlessly from that day.

Total value locked in YFI (Source: Defipulse.com)
Total value locked in YFI (Source: Defipulse.com)

YFI had around $967 million locked into the protocol. But currently, TVL is at $611 million according to data from DefiPulse. However locked value loses over $300 million

However, YFI has been a trending topic during the latter half of 2020. This is because the YFI token went from an all-time low of $739 to $43k in mid-September. According to CoinGecko, YFI price is $12,482.62 with a 24-hour volume of $633 million, at the time of writing.

YFI/USDT price chart (Source: TradingView)
YFI/USDT price chart (Source: TradingView)

Cronje’s secret Eminence (EMN) project

Some people take the drop on the lack of trust in Yearn.finance founder Andre Cronje. Recently, the decentralized finance (DeFi) crowd witnessed a mishap with Cronje’s secret Eminence (EMN) project.

Project proponent Alex Krüger in regard to the declining YFI value that “YFI has been getting creamed”.

Krüger said,

Recent underperformance relative to other cryptos has been notable. One could argue it is the chart. But it is not. One can find plenty of equally poor charts across crypto. This IMO is the marketplace punishing YFI by removing the Cronje premium.

The Eminence project was considered strange as it was hacked for $15 million before it even launched. Even after that incident, Cronje said that he was going to continue building Eminence.

Moreover, Cronje was criticized for putting unfinished work on the main network instead of using an Ethereum testnet.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.