- The new proposal by Yearn Governance to improve the asset’s tokenomics has catalyzed a bullish run for YFI.
- YFI has surged 25% within 24 hours, experiencing a more than 100% uptick within the past seven days.
- The proposal is yet to pass, but its development stages target rewarding network contributors and holders.
Most new crypto projects are integrating innovative and advanced network features. Indeed new blockchain has to focus on innovation for the market to feel its presence in this competitive industry. Blockchain projects such as Yearn Finance have seen the green light recently. That is due to the network’s cryptocurrency-centered innovation.
Yearn Finance has YFI as its native coin, and the token has seen new price highs within the past seven days. Yearn is an Ethereum-based project, and it permits the platform to dispose and repossess assets. The new element on the network has resulted in increased consumer engagement and attraction.
Yearn Finance Surge in Bear Market
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YFI has its total value locked at $5.5 billion. As a DeFi aggregator, Yearn Finance has established a position in the crypto market. For now, the altcoin continues to surge even as the crypto space battles a persistent bearish trend. As most coins, including BTC, struggle to rise, YFI has gained more than 25% within the past 24 hours.
Yearn has surged more than 100% within the past week, reflecting the token’s success. Meanwhile, YFI attained a high beyond $82,700 in 2021 May. However, it declined to trade near $19,600 during mid-December sessions. The latest bullish run in YFI has pushed the coin beyond the $35,000 mark. While publishing this article, Yearn Finance traded near $35,550.
Yearn to Amend Tokenomics
The proposal to amend tokenomics on Yearn Finance protocols comprises four phases. First and foremost, Yearn Finance proposes the network buy back part of YFI coins and distribute them as rewards to the holder and network contributors.
Second, the blockchain platform proposes four ways to reward holders that lock their YFI tokens. Third, Yearn developers can update features without restrictions. Finally, the new proposal seeks to restrict Yearn Governance. Only tokens locked or staked in the first phases will qualify for voting.
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