{"id":436646,"date":"2020-08-29T04:00:16","date_gmt":"2020-08-29T04:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=436646"},"modified":"2020-08-29T03:40:31","modified_gmt":"2020-08-29T03:40:31","slug":"yearn-finance-yfi-jumps-30-towards-bitcoins-all-time-high-price-of-20k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/yearn-finance-yfi-jumps-30-towards-bitcoins-all-time-high-price-of-20k\/","title":{"rendered":"Yearn.finance (YFI) Jumps 30% Towards Bitcoin’s All-Time High Price of $20k"},"content":{"rendered":"

Yearn.finance (YFI), one of the hottest crypto assets in the Ethereum decentralized finance space, has seen an extreme price performance in the past day. The asset has gained approximately 30% in the past 24 hours as per data from Coin Market Cap.<\/a> This is an outperformance of Bitcoin’s 1% gain and Ethereum’s 1.7% move higher.<\/p>\n

While YFI currently trades at $18,200 as of this article’s writing, it peaked earlier today just shy of $20,000.<\/p>\n

<\/p>\n

Chart of YFI's price action over the past 10 days from TradingView.com<\/a><\/pre>\n
What’s especially notable about the rally in YFI is that it was launched just a month ago. Further, at the launch, creator Andre Cronje asserted that the cryptocurrency literally has \u201czero value.\u201d<\/p>\n
Related Reading:\u00a0Crypto Tidbits: MicroStrategy\u2019s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC<\/a><\/h6>\n
What’s Behind YFI’s Ongoing Move Higher?<\/strong><\/h2>\n
The crucial trend behind YFI’s ongoing move to the upside is it getting listed on another leading DeFi platform, Aave. Aave is a money-market protocol that allows users to lend and borrow cryptocurrencies based on Ethereum.<\/p>\n
Aave announced the listing on August 28th. This listing should provide YFI with some positive price pressure as that means holders can now earn further yields on their YFI<\/p>\n
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Oh my…<\/p>\n
… $YFI<\/a> is on $Aave<\/a>…<\/p>\n
…40% LTV…<\/p>\n
… $LINK<\/a> Price feed…<\/p>\n
…Few Understand pic.twitter.com\/hvbfWnn1rc<\/a><\/p>\n
— Aave Labs (@aave) August 28, 2020<\/a><\/p><\/blockquote>\n