Ethereum-based DeFi token YFI has outperformed Bitcoin to become the world's most expensive cryptoasset
yEarn Finance token YFI has supplanted the price of the king of cryptocurrencies to become the most valuable asset in the world. YFI has gained as much as 46.27% in the last 24 hours to be worth more than $ 15,000, according to data from CoinMarketCap.
The price of YFI has seen an unstoppable rebound, thanks to the growing demand for decentralized finance (DeFi).
The price of a single YFI is now more expensive than a BTC
Lately, all eyes are on the YFI token. Since its launch in late July by developer Andre Cronje, the price of the altcoin has soared to new all-time highs. While it started trading at around $ 32, YFI has since soared more than 32,000% to the current price of $ 15,700. In contrast, bitcoin is worth around $ 11,863 at press time. The benchmark cryptocurrency recently fell below $ 12K after climbing to just under $ 12,500.
In particular, yEarn Finance is the first project built on the ethereum blockchain to give total control of governance to token holders. Additionally, the token has no pre-mine or founder assignment, which makes it almost as decentralized as bitcoin.
The price of YFI has increased in conjunction with the total value set in the yEarn Finance protocol. At the moment, at least $ 684.6 million has been blocked in the DeFi protocol, data from DeFi Pulse reveals.
But what's even more interesting about YFI's meteoric rise is the fact that the team behind the project has openly called it a "Supply token 0 completely worthless" with "Financial value 0".
What's next for YFI?
Although YFI's price is now well above $ 15,400, its market cap is still around $ 467 million. Whether the price of the asset continues to skyrocket is anyone's guess.
While some analysts believe that the asset could be due to a correction in the short term, others expect its rise to continue, so that YFI could still turn more expensive than two BTC.
– Sandeep bhogi (@ Sandeepbhogi143) August 20, 2020