YFI creator welcomes all token cloning attempts.
Numerous clones have gone through the pumping and dumping stages.
The creator of one of the clones, Asuka, is suspected of an exit scam.
International consortium of news organizations developing transparency standards.
YEARN finance (YFI) DeFi token’s stunning rally has set a bad example for crypto market participants and spawned many clones trying to emulate its success.
In mid-July, yEarn Finance introduced DeFi to the marketplace Decentralized Finance (DeFi) is a blockchain-based financial services offering users access to an open, efficient and … More new YFI token. In a matter of days, the YFI rate soared from $ 35 to the $ 4500 region. The success of the token immediately spawned a host of copycats like YFFI, YFII, and Asuka. However, all of them eventually lost 100% of their value and raised concerns in the market about a possible exit scam..
Words of support
In recent months, the decentralized finance (DeFi) sector has emerged as a new hotspot in the crypto space, crowding out the recent ICO fever. BeInCrypto’s editors have long been monitoring the situation in this industry and the dizzying growth of its capitalization, which is taking place exponentially. Many experts warn of a possible DeFi bubble that is about to burst.
Have a faint idea of what the “DeFi segment” is that everyone is talking about booming? Join the discussion in our Telegram channel – and you will find out everything!
Token Has Been Spotted Recently As the use of cryptocurrencies increases, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More YFI released by yEarn Finance platform. The project was created as part of the now extremely popular “profitable farming” investment strategy, which offers profit for providing loans or liquidity. Funds are converted into local tokens and then used in various financial services.
The project team openly warned that its token has zero financial value and is needed exclusively for managing the platform. Nevertheless, this did not prevent the YFI rate from growing by almost 13,000% in just a week..
The democratic nature of DeFi platforms allows for Wild West-style token swaps. To clone a YFI token, developers only had to copy the code or fork. In the crypto world, a fork is essentially a change in the blockchain protocol. Since cryptocurrencies operate on decentralized networks, all parties … More of the source. Accordingly, imitators, inspired by the success of YFI, rushed en masse to produce his clones..
Curiously, the founder of the original YFI, André Cronier, praised such experimenters and even welcomed their appearance. He only asked to bring something new to his clones so that he could experiment with new data. “Repeating the same thing is not interesting,” he wrote and even offered to share his own ideas on what changes can be made to new clones of the project.
Divided we will fall
Unsurprisingly, YFI clones have also been in the spotlight of the market and have undergone a significant pumping rate. However, pumping is traditionally followed by a drop. In the chart below, you can see how the YFII rate fell from the $ 1204 to $ 250 area in just a couple of days..
YEARN.FINANCE (YFI) ON THE EDGE OF BREAKOUT – FEB 2021 CHART ANALYSIS
Another token, YFFI, collapsed from its all-time high by 99%, according to data from Coingecko.
Another clone, Asuka Finance, was introduced by its creators as the “DeFi segment Dogecoin”. However, unlike the creator of the real Dogecoin, the founder of the Asuka project, Chongchan Janga has already been accused of fraud and exit scam. The project’s website and social media accounts were closed this Monday, and Jang is rumored to have sold all of his DAI tokens on the Binance exchange..
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