DeFi Altcoin on Ethereum Rallies 50% in Just Two Days, Outpacing Sideways Crypto Markets

One of the altcoins that helps holders earn yields is that their unique value is skyrocketing, even though the broader crypto market is trying to shake off the recent downturn.

Decentralized Finance (DeFi) Protocol Yearn.Finance (YFI) provides lending and trading services to help users optimize their crypto asset revenues.

The price of YFI tokens has risen virtually overnight by virtually 50% after rumors spread that Yearn made a major purchase to buy back its own tokens.

longing To tell With tweets to 159,200 followers

“Yearn bought $ 7,526,343 worth of YFI from the open market. It earned 282.4 YFI (0.77% of total supply) at an average price of $ 26,651.

Over the past month, more YFIs have been repurchased than in the previous year. “

longing Report Its finances currently hold more than $ 45 million and will be repurchased in the future.

In the investment world, companies often believe that their stock is undervalued or buy back to reward existing holders by reducing the total available supply.

This move has made great strides in Ethereum-based protocols. YFIPrices soared from Wednesday’s weekly low of $ 18,877 to $ 28,802 at the time of writing. This includes a nearly 20% increase on the day.

When Yearn first launched in July 2020, YFI tokens were worth about $ 30 and plummeted to $ 33,000 within a few days after soaring to a staggering $ 90,000 in May. ..

Like most crypto markets, YFI has experienced volatile pricing behavior in recent months.

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Featured images: Shutterstock / andreync / pikepicture / Vladimir Sazonov