Nearly 282 tokens were bought by yearn.finance at a price of nearly US$26,000 per token. Nearly a week earlier, YFI token rose sharply after the parent project announced a bulk buy back of the floating YFI coins. YFI is a native token, and its value depends largely on how its parent blockchain project, yearn.finance performs. In essence, yield farming unlocks idle cryptos and helps in creating liquidity in the market.Īlso read: Explained: Cryptocurrency categories – DeFi, NFT, Metaverse YFI crypto price They can lend to other users within the platform and earn additional cryptos in the form of yield.
Using DeFi platforms, holders can stake their holding. Yield farming allows crypto holders to earn from their assets without having to sell them off on a crypto exchange. Yearn.finance is a DeFi aggregator, which simply means it aggregates different DeFi platforms like Aave and Curve and lets the user maximize returns in yield farming.Īlso read: Top cryptos by market cap that ruled in 2021 What is yield farming? The lender charges interest, the borrower pays it, and all deals are struck in crypto denominations, not fiat currency. Here, cryptocurrency holders can indulge in lending and borrowing, just like in the conventional banking sector. What is yearn.finance?īefore understanding yearn.finance, it is important to know what decentralized finance (DeFi) is. In fact, YFI crypto peaked to US$88,000 in mid-May 2021 to become the most expensive crypto asset, though price tumbled over subsequent trading sessions.
Not Ether, which is second to Bitcoin in terms of market cap, this crypto is YFI, the native token of DeFi aggregator, yearn.finance platform. In a world of more than ten thousand crypto assets, Bitcoin is not only the most popular or has the largest market cap, but Bitcoin price also rules the market.īut at least one cryptocurrency is a threat to Bitcoin’s supremacy in terms of price per token.
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