YFI, the token of the DeFi protocol named yEarn Finance, surpassed bitcoin today and acquired the title of the world’s most valuable digital asset. At the time of writing this news, the crypto money, which has gained close to 50% in the last 24 hours, is being traded at $15,570. The rise of DeFi protocols is not slowing down.
YFI surpasses bitcoin to become the most expensive digital asset
YFI’s price is experiencing an unstoppable rally, thanks to the growing demand for decentralized finance (DeFi). As the bitcoin price struggled to surpass $12,000 again, YFI slowly passed by BTC, raising the price even above $15,000.
Since its launch by Andre Cronje in late July, the YFI price has steadily increased. The token, which was priced at $32 when it was first launched, has since risen by over 32,000% to its current price of $15,500. However, bitcoin is trading at $11,863 at the time of this article. King cryptocurrency recently fell below $12,000 after smashing towards $12,500. In the last days when the markets have been stagnating, it is curiously expected in which direction the BTC price will break.
The rise of DeFi protocols continues
yEarn Finance is the first project built on the Ethereum blockchain to give token holders full control of management. In addition, we can easily say that the token is almost as decentralized as bitcoin. This feature makes it a much more innovative digital asset. However, there are some very interesting situations regarding the protocol. The team behind the project has made several statements about this token “It has no financial value”. It is a mystery how a digital asset, which is not trusted even by its own team, faces such intense interest.
The increase of YFI price is also highly relevant to the total value locked in the yEarn Finance protocol. DeFi Pulse data reveals that at least $700 million is currently locked in the DeFi protocol. Although the price of YFI is currently over $15,400, its market value still hovers around $467 million. Whether or not the price of the asset will continue to rise is something no one can predict. However, despite a volume of less than $1 billion, the price exceeding $15,000 dazzles some analysts about the future.
Some analysts believe the asset may be subject to a correction in the near term, while others expect its rise to continue. So much so that it is even thought that YFI could double the BTC price.
