YFI Token Soars 32000%

yEarn Finance's YFI token is up 1,000% in a month to a new high of $12,800.

The token of the DeFi platform yEarn Finance (YFI) showedan unprecedented leap, at one point overtaking Bitcoin inprice. Launched in mid-July at $35 per coin, it was trading at $1,000 the very next day after launch, and by early August it was worth $4,000. However, the protocol had $9.3 million locked in July and more than $600 million to date, according to DeFi Pulse. 

After a relative lull, the token doubled from $ 5,500 on Sunday to over $ 12,800 on Tuesday before dropping to $ 11,000.

According to experts, for the rapid rally of YFIThere may be three key factors: the release of yInsure Finance, the hype fueled by industry leaders, and the continued explosive growth of the decentralized financial sector.

The total value of the entire DeFi ecosystem on Aug 17 surpassed $ 6.4 billion, and the total locked value of Maker, Aave, and Curve surpassed $ 1 billion.

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