DeFi darling yearn.finance (YFI), a token that was beating out bitcoin (BTC) for the top spot as the most valuable crypto on the market, keeps tanking while its founder’s new token skyrocketed by more than 1,000% in a day.
Despite BTC being the most popular cryptocurrency in the world, garnering a near-constant stream of attention whichever way the price swings, YFI managed to reach a value of almost USD 44,000 soon after its listing, smashing BTC as the most valuable crypto on the market.
However, since then, the bitcoin-beater has been in a persistent slump, crashing by more than 70%. At the time of writing (13:21 UTC), YFI, ranked 47th by market capitalization, trades at USD 11,674 and is down by 10% in a day and 15% in a week. At the same time, BTC is up by 2% in a day, 3% in this turbulent week and 23% in a month, trading at USD 13,313.
YFI price chart:
Regardless of price action, the team at yearn.finance are pressing onward, having recently held an AMA (ask me anything) session detailing the current situation in the team, as well as plans for ongoing projects. Worthy of note is their current testing for leveraging the DAI stablecoin within their yVault, the intention for this is to allow for DAI to be held within a yDAI vault, deposit it into Compound, allowing the user to borrow up to 75% of deposited DAI, which can then be repeated and multiplied up to 3 more times for further leverage.
Also, major crypto derivatives exchange BitMEX will be launching YFI futures contracts, with trading beginning October 30th, 2020, opening up YFI ever further into mainstream trading.
Though not is quite as clean cut as it seems; yearn.finance founder Andre Cronje, a developer who has since ‘left’ the project in part, has relished in a gigantic rally yet again for the token tied to his latest project, KP3R. It is used on the Keep3r Network, a decentralized technical job marketplace for the crypto gig economy.
The token surged more than 1,000% in a day after its launch, hitting USD 323 today, according to Coingecko.com data. The 24-hour trading volume surpassed USD 190m. It’s a significant rally that flies in the face of Cronje’s previous statement: “I don’t build for speculators.”
KP3R price chart:
With regards to the relationship between yearn.finance and Keep3r, the YFI team noted that Keep3r has its own token, on which yearn.finance is to rely for a particular function, although not many details have been shared on that specific instance.