Nascent Crypto Asset Erupts 1,022% in Less Than a Week As Altcoin Bull Run Intensifies

dailyhodl.com 2020-11-25 07:30
Reading time: ~2 m

A newcomer in the decentralized finance (DeFi) space has exploded 1,022% in a matter of days.

Yearn Finance DOT (YFDOT) is designed to be a DeFi version of the legacy cryptocurrency Polkadot (DOT). It is part of the YFSwap platform which aims to bring DeFi farming functions to the market dynamics of major cryptocurrencies while significantly reducing supply by 1,000x.

The goal is to eliminate scenarios where holders and developers suddenly sell their tokens en masse, known in the industry as rug pulls, by introducing non-inflationary DeFi assets that allow users to farm yields.

In addition to Polkadot, YFSwap has created other DeFi tokens including Yearn Finance Bitcoin (YFBTC) and Yearn Finance Ethereum (YFETH).

According to Yearn Finance DOT’s website, users will be able to stake, farm, barter, borrow and mortgage YFDOT tokens. YFDOT also comes with scalability and interoperability features which are the core components of Polkadot.

CoinGecko reveals that YFDOT surged from a low of $12.48 on November 18th to an all-time high of $140 on November 23rd. The move represents an increase of over 1,022% in six days.

Source: CoinGecko

To further avoid rug pulls, the amount of the YFDOT team’s tokens will be locked for 18 months.

In addition, the project will eliminate 15% of the total supply of 18,493.75 YFDOT in three burning events in an effort to incentivize long-term holders.

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