YFI Price Passes that of Bitcoin as Yearn.Finance TVL Hits $800m
Yearn.Finance (YFI) is a rising star within the DeFi sector, with the protocol seeing massive inflows of capital while the governance token’s price rockets higher.
The growing publicity and hype surrounding this project has caused YFI’s price to surpass that of Bitcoin, seeing an over 3x return from its recent lows that were set just one week ago.
The cryptocurrency’s uptrend isn’t showing any signs of wavering either, with hoards of new investors flooding in as hype begins mounting.
Some community members are now even proposing that the token is split 10 to 1, with this concept being put forth in an effort to cash in on the psychological value that stock splits have traditionally had on asset prices.
One fundamental factor that somewhat justifies this intense uptrend is the total value that is locked within the protocol, which is rapidly approaching $1 billion.
Yearn.Finance Sees Massive Inflows of Capital
The Yearn.Finance protocol has been seeing tremendous growth in recent times, with the total value locked within the protocol now fast approaching $1 billion.
According to Defipulse.com, Yearn.Finance is currently the sixth largest decentralized finance protocol, with a total of over $800 million now being locked within the platform.
🥳 $824,666,812 TVL
— yearn.finance (@iearnfinance) August 20, 2020
This marks significant growth, as the platform has been rapidly climbing the ranks in recent weeks.
Naturally, this has led the YFI governance token to see growth as well, with its price surging from weekly lows of $4,300 to highs of $15,000 as its uptrend begins turning parabolic.
This intense growth has even sparked calls for a token price split, in which current holders would receive 10 YFI tokens per each token that they currently hold, expanding the total supply from 30,000 to 300,000.
YFI Passes Bitcoin’s Price as Uptrend Turns Parabolic
At the time of writing, YFI is trading up over 30% at its current price of roughly $16,000. The cryptocurrency’s price is seeing enormous volatility at the present moment, oscillating between $15,000 and its recent highs of $17,000.
These highs were briefly visited earlier today, although the selling pressure here has thus far proven to be quite significant.
One analyst compared the Yearn.Finance governance token’s price to Bitcoin for perspective on how massive this rally has been, saying:
“I guess 1 YFI does equal 1 BTC… Imagine buying Bitcoin a month ago at $2k and it shooting up to its current $12k value. Everyone would die for that opportunity. Well YFI just did that.”
In the time since this comparison was made, YFI’s price has only put even further distance between its price and Bitcoin’s.
Featured image from Unsplash. Pricing data via TradingView.