Yearn.finance and its native token YFI has broken many records this quarter, and there is no stopping it.
Thanks to Ethereum’s meteoric rise, decentralized finance [deFi] protocols, and their native tokens have been on a surge lately. The digital asset management platform, Yearn.finance has recorded yet another milestone as collateral locked in it surged to a new ATH.
According to the deFi platform’s latest edition of the weekly newsletter, the total value locked [TVL] in it has surpassed $4 billion. Since the beginning of the year, the TVL figures have maintained a consistent rise and have not seen any significant downturn. As of the 12th of May, Yearn’s TVL was found to be at $4.48 billion.
The report mentioned that Yearn.finance’s TVL doubled from $2 billion to $4 billion in a period of just 32 days. This in contrast to the deFi protocol’s jump from $1 billion to $2 billion in total value locked which took a whopping 226 days.
Yearn’s blog also stated,
“Yearn is continuing to see parabolic and continuous growth among its products with no indication of growth slowing down. The Iron Bank product has seen notable increases since the start of April, in conjunction with sustained growth of our v2 yVault product line.”
Yearn.Finance’s Native YFI Records ATH
Its governance token, YFI, however, had a rocky start in the starting of 2021. Despite a minor breakout, Yearn.finance’s native asset has traded below $40k for the most part of the first quarter. It was amidst the crypto rout in the last week of April, that YFI gained some serious upward momentum that has been in continuation to this day.
In a matter of just two weeks, YFI has doubled in terms of its price and broke above $82k following a short-term period of consolidation. Despite a lackluster price movement for almost two quarters, YFI became the best performer of the week, among its peer deFi tokens, as it accrued gains of nearly 60% over the last 7-days.