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Following its listing on Binance; the largest crypto exchange platform in the universe, the worth of YFI on August 10, 2020, is said to have augmented above 40%. Howbeit, the DeFi continuous explosion, its aggregate cost, keeps dangling around 5,000,000,000 USD.
Meanwhile, YFI, the governance token of Yearn Finance and a relatively growing crypto-token, has continued to upsurge despite being a newcomer in the market.
Birthed just a few weeks away, YFI, is now the second most expensive token in the market space, valuing about 6,000 USD.
Its incessant growth has been tremendously impressive and members of the public are amazed and already envisaging if it would chase Bitcoin and even outrun the giant cryptocurrency in terms of value.
About three weeks ago, Andre Cronje, its founder, declared the invention of YFI; a governance token for yEarn, formerly known as iEarn.
According to Andre, YFI was shortlisted on Uniswap and some other few exchanges as well. Within the space of seven days, its worth however rose to about35000% as it climbed 3,000 USD.
At the time of writing, the Binance exchange already says it is willing to provide adequate support YFI token.
The price of YFI suddenly amplified and at the moment, it is currently trading at 6,270 USD, a report from CoinMarketCap.
YFI keeps upsurging on a daily basis, and it happens to be the second most expensive crypto coin on the market.
A Remarkable Development
In a twinkle of an eye, YFI which was recently launched into the market is seen to have grown hurriedly.
Presently, it is rated 60 among the topmost 100 projects in the industry, boasting a market cap of around 185,000,000 USD.
The amazing part is that while other cryptocurrencies are supplied in millions, YFI only has about 30,000 tokens on the market.
Meanwhile, information garnered from DeFi pulse reveals that Yearn.Finance has a total of 152,000,000 USD in the protocol, thus, making it the 10th largest in the space.
All fingers are however crossed as regards the speedy growth of YFI, if it’ll continue or otherwise.
Decentralized Finance Market Reaches $11 Billion As Chainlink Takes The Lead
Without showing any relenting sign, decentralized finance has hit the high. Record has shown that the total market capitalization has surged to a mouth-watering 11 billion USD.
According to CoinGecko, Chainlink is seen on the forefront, taking the lead, increasing in price within a day so as to attain a new high.
Maker (MKR), ranks second on the list, then Compound (COMP), in CoinGecko’s 100 top DeFi coins based on market capitalization listing.
At the time of reporting, the market cap had decreased to $10.85 billion. Although different figures are estimated by different sites, DeFi Market Cap, reveals the figure to be 8,000,000,000 USD, even though Chainlink is not included in its list.
Decentralized Finance; DeFi for short, is the idea that crypto traders have the chance to reconstruct customary economic mechanisms, in a regionalized manner which is neither controlled by companies nor governments.
The aim of DeFi is to modernize finance including lending, saving, and borrowing with its operation carried out on the blockchain.
This idea has however brought DeFi to the limelight, as people are discovering that they can make a huge sum of money from it, most especially from yield farming, such as staking resources in pools in order to acquire more tokens and see huge profits.
The recent hysteria around DeFi seems unrelenting, as it keeps surging. Though it doesn’t stop there, the amount locked into its contract keeps skyrocketing as well.
In its report, DeFi Pulse gave the figure as $4.55 billion, striking a bit over $4 billion, a week ago and $3 billion within two weeks before today.
Earlier, Linsaka took to his Twitter page saying that the trading volume of Chainlink on Coinbase had exceeded that of Bitcoin, amounting to about 145,000,000 USD. Meanwhile, Bitcoin stands around $95 million.
Binance stated that Chainlink is almost the same amount as BTC, the cryptocurrency giant.
Nevertheless, some have likened the DeFi world, to be a bubble that will burst at any point in time. This however implies that there could possibly be a crash in the DeFi world, just as it was seen in Bitcoin’s, some three years ago.