Yearn.Finance Native DeFi Cryptocurrency YFI Surges 190% Over the Last Week, Price Tops $38,000

Crypto investors have largely shifted their focus to the exploding DeFi market and the DeFi tokens. Yearn.Finance’s native cryptocurrency YFI, which is also the most expensive cryptocurrency currently, continues to make new highs.

Just to give you a hint, the YFI/BTC trading pair is currently at 3.02, meaning, the price of YFI is three times the price of BTC at the time of writing this article. As per our information on WorldCoinIndex, the YFI token is trading at a price of $36,332, surging 190% over the last 7 days.

With this, the YFI token has also successfully hit a market cap of $1 billion. The YFI token has now become the second-largest DeFi token by market cap after Chainlink (LINK). This also makes it the 23rd largest cryptocurrency in the overall crypto market cap.

This massive bull run suggests that Decentralized Finance (DeFi) enthusiasts have been largely positive for YFI. The YFI price rally has also pushed the overall Decentralized Finance (DeFi) market cap over $18 billion.

The Yearn.Finance protocol has gained massive popularity due to the yield or returns it offers to its investors on the capital they lend. While YFI is not the first crypto project to do it, this yield varies from one protocol to the other.

The specialty about YFI is that it completely automates lending and optimizes the lending process which gives users the opportunity to earn maximum return on their capital without researching much about each and every protocol.

Yearn.Finance uses the YFI token to produce for stablecoin deposits like Tether (USDT). So far, the platform holds a good track record that hinders of millions of funds have been transferred using the platform.

Also, the Yearn.Finance protocol has seen a massive inrush of investors’ deposits thereby pushing the price of YFI higher ultimately boosting the entire ecosystem.

Some analysts have given an immediate target of $40,000 for the price of YFI token. The YFI price has exploded just over the last two months moving from less under $1000 all the way to more than $38,000. This has probably been the fastest and the unprecedented surge to glory in the history of the crypt markets.

On the other hand, the DeFi market continues to grab attention in the crypto space. The DeFi apps have seen a massive surge in demand over the last few months pushing the overall sector to new highs every single day.