Those who bought the YFI token “on highs” are trying to resell the asset at an exorbitant price
The historical maximum of the cryptocurrency reaches $ 12,800, overtaking the current indicators of bitcoin
Developers from the very beginning position YFI as an “absolutely useless” asset
International consortium of news organizations developing transparency standards.
There are already proposals in the yEarn Finance community to split the price of an asset to overcome the psychological barrier to further growth.
Token which has made a big splash in the last few days As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More project yEarn Finance (YFI) started experiencing liquidity problems on exchanges.
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What is yEarn and YFI?
According to the Binance order book, the number of YFI sell orders is at least 2.5 times higher than buy orders.
The vast majority of sell orders exhibited a price tag of $ 20,000 to $ 55,000.
Most likely, those who bought YFI on the highs on August 18, when the price of the token reached a historical maximum of $ 12,821, are trying to get rid of the tokens, hoping to also quickly resell.
Since reaching the maximum, the capitalization of the asset has fallen by $ 50 million.
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The whales are quiet
However, it cannot be stated with absolute certainty that those who bought the token at $ 12,000+ were left at a loss..
According to the Ethereum blockchain, on which the project is deployed, at least five large YFI buyers have forked out several million dollars and still have not sold their assets..
One of the largest investors, according to blockchain data, still holds 277 tokens, which at the current exchange rate are worth almost $ 3 million in total..
yEarn Finance is a Decentralized Finance (DeFi) Decentralized Finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More) protocol that allows users to earn interest on cryptocurrency deposited in smart project contract.
Back in late July, the project developers officially announced that the token is intended solely for managing the platform..
“If you are not interested in managing the platform, stay away from the token,” the developers wrote on their Twitter page..
In his Medium documentation, which was published back on July 20, project co-founder André Cronier warns that YFI is “a completely useless token.”.
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In order to somehow return the former liquidity on the exchanges, there are already calls in the yEarn Finance community to divide the asset by value so that more people can buy the whole token..
“A price higher than Bitcoin psychologically discourages people from buying. Less demand results in lower YFI prices. This is psychology. This is why TSLA and AAPL are splitting stocks, although most brokerages already offer fractional stocks, “@eth_md wrote..
At the time of this writing, the price of YFI / USDT is $ 10,426.
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