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DeFi Based Cryptocurrency Rises By Over Thirty Five Thousand Percent In One Week

DeFi based cryptocurrency, Yearn Finance (YFI), that was envisioned by its own maker to have no financial worth, is presently trading at 2416 USD. Last week, it brought its investors a weekly return of over thirty-five thousand percent when it crossed three thousand USD. At the time of reporting, it is showing a decline of over seventeen percent on a 24-hour chart.

The space of Decentralized Finance (DeFi) is undeniably a hot issue nowadays. The value locked in lending protocol keeps on pumping, and it demonstrates unquestionably no signs of decelerating.

Recently, one of the lately launched DeFi tokens, Yearn Finance, shown returns of over thirty-five thousand percent to those who jumped on the band wagon earlier. The amusing thing behind all this is that it was not ever envisioned to have any financial worth.

On 17th July, the founder divulged Yearn Finance (YFI) as the native cryptocurrency for its prevailing yield aggregating platform.

This further makes the case for the robust expansions going on in DeFi. Notably, the total value locked in lending protocols has beaten the mark of four billion USD, as per DeFi data website DeFi Pulse.

What is your point of view about DeFi and yield farming? Let us know in the comments below!

Image by Gerd Altmann from Pixabay