yEarn Finance token YFI built on Ethereum platform is currently trading at more than $15,500 while Bitcoin is trading at around $11,800. (based on CoinGecko).
YFI was launched few weeks ago in July starting at $31.00 and the price has sky-rocketed to $15.5k (more than 32,000% gain as of now).
What is YFI? Directing quoting from founder Andre here.
“YFI is a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.“
Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts (we will provide an interface for this), and you will earn a (governance controlled) amount per day.
What does the surging price of YFI more than BTC say?
Comparing the price of Bitcoin and YFI is senseless talk. Currently the supply of YFI is 30,000 and because of this small supply, the price of token appears gigantic while its market cap is just $470 million dollar.
What next for YFI?
Well, it’s too early to say anything to justify the 32,000% price surge. But YFI has launched solid products (yearn.finance) and some good products are in the pipe like ytrade.finance, yliquidate.finance, yleverage.finance, ypool.finance, yswap.exchange. However, there might be some dip correction in price ahead. Just be cautious.
And if you want to learn about Yield Farming, please click this article. Highly recommended before you jump into trading DeFi.