Yearn Finance’s governance token YFI, once again surpassing bitcoin (BTC), as the most costly cryptoasset.
YFI trades at USD 68.454 at 10:18 UTC. It rose 22% in one day, 28% in one week, and almost 53% in the past 30 days.
It reached a new record high of almost USD 68.470 today (per Coingecko).
Bitcoin is currently trading at USD 55 886. It didn’t see the same percentages of YFI. It fell 3.5% per day and 2% per week, but it did not fall nearly as much. It has fallen 7% over the past month. BTC’s April 14th record high of USD 64 804 is lower than YFI’s current price.
YFI is USD 1.8bn behind bitcoin, but bitcoin is the leader in 24h trading volume. Bitcoin recorded USD 80.2bn. This is still a substantial jump for YFI which had recorded almost USD 343m in May 10.
Similar situation with market capitalization. Bitcoin’s value has surpassed USD 1trn and YFI’s is USD 2.43bn. This places the former in the 1st place and the latter 64th.
The YFI community was focusing on solving the problem with reserves for core contributors at the beginning of the year to allow further growth. They approved a proposal titled ‘buyback & build’ in mid-January that would allow YFI staking to be used for YFI staking incentives to be used on the open market to buy back YFI and then use that YFI to reward contributors and other Yearn initiatives.
This was , followed by “Funding Yearn’s Future”, a proposal that created 6,666 new YFI tokens in order to create the protocol treasury.
As reported recently, Yearn’s Q1 Report stated that while yVault revenue was driving Q1 adjusted EBITDA, Yearn began yield-farming using Treasury assets in February. This is “generating significant amounts […] and approximately USD 500,000 each month.” The future is expected to see an increase in this yield-farming.
In March, Version 2 of yVaults was launched. This is expected to drive “meaningful revenue growth in future.”
According to reports, its total earned so far in May is USD 1.85m.
In the meantime, the team also launched Coordinape in closed source. This, they claimed, allows decentralized teams and DAOs to autonomously allocate funds and reward contributors without any top-down management or human resources – “decentralized payroll in flat organizations”.
They also introduced Keep3rV2 Oracles. These were described as “significant improvements” in terms gas efficiency and maintenance costs.
Yearn is 9th with USD 4bn TVL (total valued locked) per DeFi Pulse It’s USD 4.2559bn per yearn.science
According to the May 5 newsletter, there have been several recent developments including the launch of yVaults and yvBOOST – the “backscratcher vault” that allows users to deposit CRV in return for weekly Curve DAO fees. They said that the yvBOOST ETH pool was launched on SushiSwap to create liquidity for it and reward liquidity providers with higher returns in the form SUSHI rewards.