Last summer, the token, which according to its creators "is absolutely useless and has no value", traded at $ 35. In less than a year, the cost of altcoin has risen by 271,000%
On Wednesday, May 12, the YFI rate on the Binance crypto exchange updated its historic maximum at around $ 95 thousand. As of 12:50 Moscow time, the asset is trading at $ 83.2 thousand. Over the past day, the altcoin has risen in price by 24%. Its market cap has exceeded $ 3 billion, according to CoinGecko.
YFI is yEarn Finance's own DeFi token, which was released last summer. The company said the coin was "completely useless and of no value." Despite this, in 7 days the price of the asset increased by almost 13,000%, from $ 35 to $ 4800.
In August last year, YFI for the first time outstripped Bitcoin in price, when the altcoin rate rose to $ 12.8 thousand. Initially, the asset price grew against the background of adding to large trading platforms such as Poloniex, Binance and others.
One of the reasons for the high value of the asset may be its small issue – only 36 thousand coins were issued. For comparison, there are now 18.7 million bitcoins in circulation.