The newly launched yEarn.finance token climbed over $13,000 from $3 in just a month. The impressive growth started on the 18th of July when YFI started trading. About 24 hours after its launch, the token climbed over $1,000.
On Thursday, a report by Cryptoglobe revealed that the DeFi token price rose over $13,350 while BTC was about $11,735.
Since founder Andre Cronje announced the launch of yEarn.finance on the 17th of July, the token has been soaring. Before then, the team had released some products that would be available under the yEarn family. These include yEarn.finance, yTrade.finance, yLiquidate.finance, yLeverage.finance, yPool.finance, and ySwap.exchange.
Referring to the release of YFI, Cronje said:
“Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts, and you will earn an amount per day.”
A crypto analyst and investor, Andrew Kang, highlighted the major differences between BTC and YFI in a tweet. Amongst other things, he said YFI “reached $1,000 over a weekend, while BTC took “5 years to reach $1,000.” At the moment, yearn.finance is trading at $14,753.04, while Bitcoin is trading at $11,857.91. However, YFI’s maximum supply is only 30,000, while BTC is 21 million.
Earlier today, Kang also pointed out that the initial trading price of $3 and price tracking websites did not begin tracking until the price surged.
Image Credits: Pixabay
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