Great twisting days: YFI, has risen 222% within the past day, from $1,154 USD to its present price of $3,781 USD. YFII’s big day coincides with a record-breaking one for YFI, that recently surpassed $26k, much more than the price of the leading cryptocurrency Bitcoin [BTC] all-time high, and over double its present price of $11,507 USD.
YFI is a governance token of yEarn, or yearn.finance, a DeFi application that aggregates the yields of various DeFi lending protocols. A governance token allows you to vote on network proposals. The more tokens you hold, the more influence.
All of the major DeFi tokens have these governance tokens, which earlier in July & August have become speculative assets. Aave’s LEND token, Curve’s CRV & Compound’s [COMP], are all pretty successful, but YFI’s raised a couple of eyebrows given its high price, that is now far above Bitcoin’s all-time high, $20k, that it hit earlier in 2017. Partially that’s because there are only about 30k YFI tokens in existence, to Bitcoin’s 18 Mln.
YFI became so successful that it spawned a series of copycats, among them YFII, YFIII, YFIE as well as WAIFU. YFII, officially called DFI. Money has piggy-backed of YFI’s fame & today rose by 200%.