In recent days, the price of the Yearn Finance (YFI) token has literally skyrocketed, marking a vertical surge that has allowed the DeFi token scope a new all-time record.
Even on the volume side, there has been an increase, partly thanks to the price in the Binance exchange through which many people now have access to the token, as previously it could only be retrieved in certain groups.
If we check the different exchanges that have this mode, it is evident that many of them do not have liquidity, unlike Binance.
From the supply data we can see that there are more than 7500 holders and the tokens are distributed as follows: 9372 in governance, 3800 in Aave, 2600 in Binance, while the rest are divided into various addresses and protocols such as Balancer, Cream Finance and Uniswap.
This is a token that was traded at just $ 32 at the beginning and has now surpassed $ 33,000 with a market capitalization of over $ 1 billion – we are talking about a 103125% increase in just one month.
BitMEX CEO Arthur Hayes himself has raised the hypothesis that it could soon reach $ 100,000.
– Arthur Hayes (@CryptoHayes) August 29, 2020
This shows how decentralized finance (DeFi) is attracting a lot of interest and is probably not even at its peak as it could still reach various sectors with other blockchains as well.
Currently, a large part of DeFi applications are on Ethereum, but the gas problem is constantly growing on this blockchain, and it is now reaching unsustainable levels every day, especially for small users.
Yearn Finance vs Bitcoin
As high as the price of Yearn Finance, which is 3 times higher than that of Bitcoin, this is not enough to unhinge BTC from the first position, since YFI has a small offer, and to exceed the capitalization of Bitcoin , would require a token price of more than $ 7 million, which seems extremely unlikely, although if YFI continues to grow at this rate, it could reach higher figures.