YFI surpassed Bitcoin as the most expensive crypto asset with a peak at nearly $ 17,000

Yearn.Finance’s native governance token, YFI, became the first altcoin to surpass Bitcoin’s price, after exploding for days.

Riding the waves of a surging DeFi market, YFI peaked at nearly $ 17,000 over the past 24 hours, according to TradingView data. Investors have poured hundreds of millions into the protocol since its launch, and YFI had grown by more than 32,000% just last month.

YFI pass BTC 2

The result was a historical moment when one YFI exceeded the value of one BTC.

Behind this frenzy is Yearn.Finance, a decentralized ecosystem of aggregated companies that use loan services to optimize token lending. The YFI token’s price action is particularly interesting due to the fact that the team described it as,

“a completely valueless 0 supply token. We reiterate it has 0 financial value”.

Some believe YFI is ready for a pullback while others see more possibilities of growth in the long term. Despite its apparent uncertainty, it doesn’t stop people from speculating on how much higher it could be.

According to DeFi Pulse, YFI’s current Total Locked Value (TVL) is $ 732 million. However, the most recent statistics from Yearn.Finance himself listed TVL at $ 824 million.

Yearn has also jumped to number 41 on the crypto market cap list. All of this comes one day when TVL in DeFi hit a staggering $ 6.71 billion.

YFI pass BTC 3

Source: DeFi Pulse

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like