At $ 19,500, Yearn Finance surpassed the price of Bitcoin in less than a month after entering the cryptocurrency world. YFI is up more than 75% in the past 24 hours and Binance on its USDT pair hit a record high of $ 38,883.
Will Bitcoin lose its status as the number one cryptocurrency? Maybe, maybe not. The reason for this speculation in the cryptocurrency community is that YFI exceeded the price of Bitcoin in less than a month.
According to CoinMarketCap, YFI is the token of decentralized financial giant Yearn Finance, which has grown about 30% in the past 24 hours. As a result, the performance of cryptocurrencies outperformed Bitcoin by 1% and Ethereum by 1.7%.
The YFI project developed by Andre Cronje is a platform based on the Ethereum blockchain. In the documentation of the cryptocurrency, Yearn Finance is described as a “lender with profit conversion to optimize loan yields”.
Yearn Finance Outperforms Bitcoin
In terms of price, Bitcoin has always been the king of cryptocurrencies. Although it is still the largest cryptocurrency by volume, YFI has now become a strong competitor for the number one. Instead, the DeFi token yearn.finance(YFI) has exceeded the price of Bitcoin, which is currently approaching Bitcoin’s own ATH,which is $ 19,507 at the time of writing.
As of August 30, YFI is up more than 75% in the past 24 hours, hitting a record high of $ 38,883 for its currency pair (USDT). The strong growth has increased the market value of DeFi-token to over $ 1 billion. The volume of trading in cryptocurrencies has also risen sharply, suggesting that people’s interest in tokens is unlikely to go away anytime soon.
In the past month yearn.finance and its lead developer Cronje launched many products, from safes to decentralized insurance. Recently, Yearn.finance also announced the launch of yinsure.finance, one of the first tokenized insurance services to be offered in the DeFi area together with Nexus Mutual. Popular venture capital investors, including Spartan Black’s Kelvin Koh and Paradigm’s Fred Ehrsam, also said DeFi insurance has the potential to become a billion-dollar market.