Yearn.finance (YFI) Price Rises Amid New Governance Protocol
- Yearn.Finance (YFI) has a market capitalization of over $5.5 billion.
- YFI’s price has increased by around 100 percent last week.
Yearn’s tokenomics are likely to be altered due to a new Yearn Governance proposal. However, it seems that the plan has impacted the market, even if it hasn’t yet passed. It has been a good week for token holders of Yearn.Finance, with the YFI token rising by over a quarter today alone.
For investors in decentralized finance (DeFi) who want to optimize income from yield farming, Yearn.finance is an aggregator service that uses automation. In order to make the ever-expanding DeFi market more accessible to investors who are not technically inclined or who choose to engage in a less committed way than professional traders, it was created.
One of the largest DeFi aggregators, Yearn.Finance (YFI) has a market capitalization of over $5.5 billion. Moreover, YFI’s price has increased by around 100 percent last week. YFI hit a high of $82,700 per token in May, but as recently as Dec. 12, it was trading at a low of $19,594.
Investors Betting on Supply Shock
A proposal to make significant modifications to YFI’s tokenomics is likely responsible for the price movement in the Yearn community. Currently, the idea is not eligible for official passage since it is still in the necessary discussion period.
Possibly, Yearn investors are betting on a supply shock if the components of this significant governance proposal are authorized and implemented, as EIP-1559’s large ETH burn and other protocols like Polygon have already done. According to CoinMarketCap, the yearn.finance price today is $34,830.97 USD with a 24-hour trading volume of $579,871,371 USD.
The post has appeared first on thenewscrypto.com
Read more: https://thenewscrypto.com/yearn-finance-yfi-price-rises-amid-new-governance-protocol/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
