YFI Surpasses $1 Billion

andre cronje yfi meme

The code machine has raised a weeks old project to become the most valuable defi token, surpassing $1 billion in market cap. YFI now is worth more than $36,000, that’s some 100 eth for just one of these very limited tokens. Their circulation of 30,000 is to become permanent pending a vote which you’d think most likely would pass. In addition there’s staking here where funds are locked with eligibility for rewards only if you vote. So potentially addressing the usual apathy when it comes to governance. 6,139 YFIs are locked there currently, which means real circulation is 24,000 tokens, making this even more scarce. Those 6k YFIers get the fees from the Yearn ecosystem which includes investment strategies, ‘simple’ lending and borrowing in Earn, NFT-ed insurance, some new StableCredit soon, and whatever else the code machine may come up with. Currently this ecosystem apparently generates some $200,000 a day…

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