Yearn Finance Token 'YFI' Trading Over $50k - Exclusive Report.
2021-04-15 | Mike Hallen
![Yearn Finance Token 'YFI' Trading Over $50k - Exclusive Report.]()
Decentralized finance [DeFi] protocol Yearn Finance’s governance token YFI is trading over $50k for
the primary time in two months, driven by a planned buyback and
a rise within the TVL [Total value Locked]
in the protocol.
The token has surged by 16%
within the past 24 hours to trade near $51,250 USD -
the extent last seen on 12
th Feb.,
consistent with data source Messari. Prices have risen by nearly 70% from $29k in the past three weeks.
In line with Alex Svanevik, the CEO of
blockchain data firm Nansen, yearn finance's buyback plan
and therefore the explosive growth of
the entire value locked into the protocol are powering YFI higher.
"Yearn treasury
is going to be conducting a Gnosis auction
to get additional YF as
a part of our
repurchase and Build [BABY] YIP.
We've earmarked 300k USDC [+0.02%] for this auction
to get YFI under $45k," the protocol
tweeted recently on Wednesday.
The buyback & build proposal approved earlier in January aims to
bolster the project's treasury and generate value for all stakeholders.
The TVL [Total Value Locked] within the protocol has nearly doubled to a record $3.024 Bn within the past four weeks, in line with recent data revealed by
yearn.science.
"Many people haven't been conscious of a pointy rise within the TVL because several websites incorrectly reported it not that way back," Svanevik explained. "The team has started reporting the TLV themselves, and it's about $3 Bln now."
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