Yearn Finance is yet on the move today morning. With its modest gains in 2021, the alternative token starts the year with a bullish foot.
About Yearn Finance (YFI)
Yearn Finance is a DeFi-based multi-product ecosystem. Currently, the platform offers three vital products – Vaults, Iron Bank and Labs.
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- Vaults
Like savings accounts, investors deposit digital coins, and the network selects the highest yields available. Users need to choose their strategy, deposit crypto, and leave the rest to Vaults. The best thing is that users can withdraw their assets without restrictions, unlike high-yielding banking services like fixed deposits.
- Labs
High-risk appetite users can access new strategies for increased returns.
- Iron Bank
It is a decentralized finance (DeFi) lending product utilized by individuals and protocols. It over-collateralizes loans to account for cryptocurrency volatility.
Furthermore, there’s an Earn product. It allows the network to move compatible tokens between several lending protocols to ensure the highest yield. The supported assets include USDT, USDC, USD, USD, and DAI. Moreover, Yearn Finance token holders govern the YFI ecosystem.
Reasons for Price Breakout
Yearn Finance has dominated the news over the latest weeks, triggering the recent price breakout. The updates on the proposed tokenomics change have bolstered the alt surges. The proposal seeks to direct some of FYI’s buy-back by the developers as a reward for token holders participating in Governance.
Yearn Finance Price Action
YFI has not seen a remarkable 2021 with its 45% yearly gain. The altcoin closed the year near $33,000, lower from its mid-May all-time high of $95,339. However, the narrative seemed to change after the tokenomics changes update.
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While publishing this blog post, YFI stood a 5.77% high at $41,392. Today’s surge follows four successive days in gains, including the New Year’s Day 10.68% increase. The upward breakout resulted in a 45% jump since December 30.
As the crypto overpowered the December peak of $39,354, it eyes the September peak of $43,843. Market players will remain attentive since overcoming the $45,000 mark will expose May’s $95,339 all-time high.
While publishing this article, YFI had its market cap at $1,506 million, ranking 79 on Coinmarketcap.
Editorial credit: FellowNeko / shutterstock.com
