“YFI is now the second 1000x I’ve seen in the last few weeks. For those questioning the math, the balancer pool launched at $3 YFI, but CMC and Coingecko did not start tracking the price until sometime after.”
Despite this already impressive rally, the Ethereum altcoin has continued its ascent to the upside, with it two weeks ago becoming the first reputable cryptocurrency to trade above the value of one BTC. But that’s just the tip of the iceberg.
Yearn.finance is literally up 1,000,000% since its July launch
According to CryptoSlate data, YFI is now the 25th largest cryptocurrency with a market capitalization of $1,000,000,000 and a unit price of $33,400. The coin is up 37 percent in the past 24 hours and up a stunning 166.5 percent in the past seven days.
Considering that YFI began trading at approximately $3 on Balancer, this means that the coin is up literally over 1,000,000 percent since its launch approximately six weeks ago.
It is unclear if there are any cryptocurrencies that have rallied this fast, ever.
As one commentator said online, “YFI pulled a Bitcoin in five weeks,” referencing the original cryptocurrency’s multi-million-percent ascent to relevance.
All major DeFi coins are up in the past 24 hours, but some have been outperforming others.
Nexus Mutual’s NXM coin has gained 30 percent in the past 24 hours and 47 percent in the past week according to CryptoSlate data. Nexus Mutual, a decentralized mutual for insurance on DeFi hacks, will be the underwriter in Yearn.finance’s upcoming insurance system.
Decentralized insurance, especially with players like Yearn.finance supporting it, is expected to be a multi-billion-dollar Ethereum industry in the coming years. As Fred Ehrsam of crypto investing giant Paradigm once said:
“Crypto-native insurance – on-chain insurance covering protocols and DAOs – has the potential to be the next big financial primitive in DeFi. The market size could be enormous and the initial wedge is credible.”
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org