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DeFi Effect: YFI Has Beaten Other Cryptos with an All-Time High

Nick James

DeFi is an abbreviation of the phrase “decentralized finance” which alludes to digital resources and financial agreements, decentralized applications. It is, in fact, a financial software that can be put together on the blockchain just like Bitcoin. A better understanding of DeFi would be to take into account how traditional standards of exchange came about. In spite of the fact that it in some cases feels like money has always been available, it is really not the case.

People initially used the trade by barter method for the exchange of goods and services. However, as societies continue to develop, so did economies. Money was created to make trading easier. Which has now helped in the development of new technologies including cryptocurrencies such as Bitcoin, YFI, Litecoin, Ethereum, and a host of others. The DeFi form of finance is aimed at creating a financial system that is available to everybody and reduces one's trust and dependence on central authorities. Innovations like the internet, cryptography, and blockchain have given us the opportunity to establish and control a financial framework without the requirement for central administration.

31-08-2020 18:00:56  |   News
Although Bitcoin has for many years been the best of cryptocurrencies for the store of value, with a market capitalization of over $200+ billion, the yEarn.Finance YFI recently reached a landmark against the Bitcoin. For such a young currency, the YFI has proven to be one of the fast-growing in the light of its recent surge. It is reported that it has not only increased 40% like Bitcoin but has recorded a 3,500% increase which exactly beats Bitcoin to its own game. The yEarn.Finance YFI tokens are worth more than a single Bitcoin, with prices increasing from $1000 to $30,000+ just over the weekend. The YFI token holders get voting rights on the recommendations for the yEarn to organize overhaul and the YFI tokens can be obtained through money infusion into the convention system.

Bitcoin has been the leading cryptocurrency for quite a long time and now loses its position to the YFI niche coin which has been soaring for the past few months and analysts predict that this currency could grow further. The DeFi market keeps on hitting milestones as DeFi tokens are seething in the digital currency market with all total value in DeFi reaching $9.02 Billion as DeFi projects gain massive momentum.

Definitely, it is a unicorn as the investigators would call it since the creator of the token Andre Cronje himself expresses that the token is worthless and only a supply token. At the same time, analysts are currently making extreme predictions, maybe in the hope to increase some media inclusion, where one expert predicts that the coin may hit as high as $100,000. Comparative forecasts have been seen for Bitcoin also, and consistently end up being gimmicks to pick up media consideration.

Image courtesy of Somag News

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