DeFi tokens have been taking over the crypto scene for quite a while now. Despite this, Bitcoin remained unfazed and continued dominating the markets in terms of price. However, a new DeFi token seems to be on its way to hit $10K even before Bitcoin does.
DeFi’s YFI Token Steals The Limelight
Decentralized Finance [DeFi] has been home to several new cryptocurrencies that garnered both popularity as well as gains in large numbers. DeFi’s prominent lending platform, Compound Finance’s COMP governance token stands as substantial proof. Aave’s LEND and Synthetix’s SNX are also honorable mentions of this list. It seems as though a lesser-known DeFi token is all set to outgrow the others on the list.
Yearn.finance [YFI] a network developed by Andre Cronje was recently introduced into the cryptocurrency industry. While the initial price data of the YFI coin remains unknown, prominent cryptocurrency price aggregator, CoinGecko indicated that the price of the coin started from a low of $34.53 on 18 July 2020. The price of the coin after this went on an uphill journey. Earlier today, YFI hit an all-time high of $2,403.12.
After experiencing a dainty setback, the price of the coin shot up to a high of $2,455.11 during the time of writing. While the market cap of this DeFi token is still $54,251,748, YFI witnessed a whopping 78.2 percent increase in the last 24-hours.
The price of YFI is clearly higher than several other cryptocurrencies. Bitcoin, the first and the largest cryptocurrency took years to breach $2K, whereas YFI took the lowest time to hit a whopping $2,455.11. The crypto community undoubtedly gazed in shock as the price of this DeFi token continued to rise. Despite its unstoppable price, the trading of this token is limited only two decentralized exchanges, Unisawap and Balancer. Elaborating on the same, Eric Conner from Ethereum tweeted,
Centralized exchanges are slowly becoming irrelevant.
YFI is the hottest thing in DeFi and is only being traded on Balancer and Uniswap.
It has nearly the same 24 hour trading volume as COMP and MKR.
— eric.eth (@econoar) July 24, 2020
Furthermore, the crypto community also seemed to be extremely bullish towards this DeFi token. A recent poll stands as solid proof. To learn the community sentiment about YFI, Crypto investor, Andrew Kang shared a poll with his followers regarding the same.
What reaches $10k first?
— Andrew Kang (@Rewkang) July 23, 2020
The poll clearly revealed that a significant number of people were inclining towards YFI as opposed to Bitcoin hitting $10K. Bitcoin seems to be continuing its struggle below $10K, at the time of writing, the king coin was trading at $9,552.68.