Yearn.finance price has gained approximately 30% in the past 24 hours – an outperformance of Bitcoin’s 1%

Yearn.finance (YFI) has seen a substantial bullish momentum over the past day, up around 30%. This is outperforming Bitcoin’s 1% gain and Ethereum’s 3% gain over the past 24 hours. At press time, the Yearn.finance (YFI) price is trading at $ 19,710, but it peaked earlier today at $ 20,000.

yearn-finance-price-has-gained-approximately-30-in-the-past-24-hours

Why has the Yearn.finance (YFI) price been growing so strongly?

The key reason behind YFI’s strong growth is that it’s already listed on a flagship, DeFi platform, the Aave. Aave is a money-market protocol that allows users to lend and borrow cryptocurrencies based on Ethereum.

Aave announced the listing on August 28th. This listing should provide YFI with some positive price pressure as that means holders can now earn a further yield on their YFI. YFI is also benefiting from the launch of Curve’s Curve DAO token (CRV).

The token is being used by Yearn.finance as a medium through which yield can be obtained on deposits of stablecoins like USD Coin and Tether. These yields have become so attractive to investors that hundreds of millions have been siphoned into the Yearn.finance protocol. This increase in deposits has led to the rise in the value of YFI, which is a proxy for the value of the Yearn.finance ecosystem.

Although YFI may be skewed to appreciate shortly, what will the long-term outlook of the asset be?

According to Alex Krüger, a long-term bull case exists for cryptocurrencies. Andre Cronje recently noted that he is working with the FTX team and Sam Bankman Fried, the CEO of FTX and Alameda Research.

Krüger thinks that two individuals working together – that is, Cronje and Bankman Fried – will be the recipe for YFI and Serum (SRM), an FTX-backed project, to be winners in the long term.

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