Despite millions being shaved off, the DeFi realm has been slowly rallying up. Yearn Finance, for one, was found to be getting back on track rather quickly. In the latest development, the total value locked across all Yearn products has exceeded $5 billion. In the last month alone, the DeFi protocol raked in $1 billion.
This was reported in the platform’s latest newsletter, according to which the TVL figure on Yearn took Yearn 226 days after the first $1 billion to get to $2 billion. Of late, the market reels from back-to-back corrections that have dragged decentralized finance [DeFi] closely-watched total value locked [TVL] figure down from all-time highs. However, this protocol has dismissed the macro weight and climbing up the TVL leaderboard.
Thanks to the latest parabolic growth, Yearn Finance’s products have remained mostly unfazed by the extended market’s sideways price movement. To be more specific, its Iron Bank and v2 vaults are have contributed significantly to the latest growth structure.
In addition to that, Yearn Finance has acquired more than $10 million in revenue for May. With this, the DeFi protocol was up by over 34% MoM. This translates to $123.12 million annualized revenue. The platform’s assets under management [AUM] have appreciated from $3.328 billion to currently over $5 billion.
Yearn Finance’s newsletter revealed that the protocol’s earnings are estimated to be $400,000 per day. However, these numbers are preliminary pending final financial reporting at presently, its P/S was found to be at nearly 11.8x.
Yearn Finance [YFI]
The price of the native token of the DeFi project, YFI, however, has failed to resuscitate the positive sentiment as it remained largely dependant on external factors such as the correlation with Bitcoin [BTC] and social media activity. Post the May 19 market-wide correction, YFI’s prices experienced more than a 45% drop and brought the token to levels last seen in the first week of April. At the time of writing, YFI was being traded at $37,509.