The yEarn Finance project token is the first altcoin to surpass Bitcoin in value.
The project claims that about $ 824 million is currently blocked in YFI tokens.
yEarn Finance is now 42nd in terms of market capitalization.
International consortium of news organizations developing transparency standards.
Controversial DeFi-token YFI bypassed the world’s main cryptocurrency – Bitcoin – and became the most expensive crypto-asset.
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Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More YFI, released by the yEarn Finance platform, became the world’s first altcoin to overtake the world’s main cryptocurrency, Bitcoin (BTC).
Useless token beat bitcoin
As the BeInCrypto editorial staff said earlier, the yEarn Finance project introduced a new YFI token to the DeFi market only in mid-July, and it was an immediate success. In a matter of days, the YFI rate soared from $ 35 to $ 4500..
YFI DeFi Cryptocurrency will be worth $7,259,000 based on Bitcoin Value & Simple Math. Buy YFI now.
However, the records did not end there. According to CoinGecko, the ongoing boom in the DeFi industry has pushed YFI to a high of $ 14,878 in the last 24 hours.
The yEarn Finance project was created as part of the now highly popular “profitable farming” investment strategy, offering a return on loans or liquidity. It has attracted huge capital inflows since launch, which has driven YFI’s dizzying more than 32,000% rally over the past month..
As a result, a historic moment has come on the crypto market. The cost of the token has exceeded the cost of the king of cryptocurrencies – BTC.
Why was a “worthless” token able to make such a rally? Join the discussion in our Telegram channel – and you will find out everything!
“Imagine that a month ago you bought Bitcoin for $ 2,000, and now it has shot up to its current level of around $ 12,000. Anyone is willing to die for this opportunity. But the YFI token managed to do it “, – commented crypto trader, analyst and entrepreneur Josh Rager.
Zero financial value
The most interesting thing in this situation is the fact that such a rally was organized by a token that officially has zero financial value and is needed exclusively to manage the yEarn Finance platform..
Accordingly, it remains completely unclear what will happen to the YFI rate next. Some are sure that it will rollback. Others recklessly place bets on whether the value of a token can begin to equal not one, but two bitcoins.
Ohh my god … 1 $ YFI >1 $ BTC
Is it possible 1 $ YFI = 2 $ BTC pic.twitter.com/eruX5xyjTG
– $ ∆nd £ € ¶ Bhogi (@ Sandeepbhogi143) August 20, 2020
According to DeFi Pulse, currently the total value of assets blocked in YFI is about $ 664 million. However, according to the estimates of the yEarn Finance platform itself, this amount is $ 824 million. At the same time, the project team made a powerful leap, reaching 42nd place in terms of market capitalization.
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