In terms of total market value last year, DeFi tokens lead the crypto market at the highest level. One of the most powerful digital assets currently available is Yearn Finance (YFI). The DeFi token rose more than 70% to hit a record high of $12,821. Since 2016, Yearn Finance (YFI) has become the only cryptocurrency that has broken the value of Bitcoin in USD.
The token is based on Ethereum’s DeFi revenue aggregator Yearn.Finance. This program allows users to earn interest and maximize the return on crypto collateral while saving transaction costs and research time.
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With a clever move, the platform immediately released the entire supply of 30,000 YFI. In addition, the founder Andre Cronje did not reserve any YFI tokens for himself or his team. Scarcity drives demand and in this case, the token prices went up the roof.
Even advocates in the crypto industry noticed this huge surge. Some people predict that DeFi tokens will soon be equivalent to a Bitcoin and it didn’t take long for this to happen.
YFI Makes History in the Crypto Space
Since its inception, YFI’s performance has been impressive. Indeed, it is close to making history.
Recently, the platform released details of three new token insurance pools for liquidity providers. The Yinsure.Finance system will use three core components; Insurer Vaults, Insured Vaults, and Claim Governance.
As of 2016, ZCASH is the only other asset with a trading price greater than 1 BTC. On the day of issue, the cryptocurrency actually reached a price of around 3,300 BTC.
However, during the day, ZEC’s transaction price was 12 BTC. Even then, only a few ZEC were in circulation. Technically, however, Yearn Finance (YFI) is the only other cryptocurrency whose trading price is higher than 1 BTC.