Yearn Finance Posts Record Q1 Earnings Amid Recent DeFi Boom

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Earlier this week, DeFi yield aggregator Yearn Finance released its financial report for the first quarter. According to the quarterly report uploaded on GitHub by the team, Yearn hit record earnings — far surpassing what the platform had generated in the entirety of 2020. More precisely, Yearn’s first quarter adjusted EBITDA stood at $4.886 million, compared to $3.7 million in the previous fiscal year. What’s interesting is that more than half of the first quarter’s profits came in March alone. Yearn’s income statement showed that they had generated $3.166 million in the last month of the quarter — perhaps largely attributed to DeFi’s recent surge in popularity. The DeFi protocol’s adjusted EBITDA was only $528,000 and $1.192 million in January and February, respectively. Yearn’s yVaults Continue to Gain Traction in the DeFi Space The protocol’s huge success this past quarter was largely thanks to its yVault product line. Vaults are…

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