|Yearn Finance, one of the landmark ventures of Defi and perhaps the first coin to truly flip the price of Bitcoin on many occasions, managed to rise above $52K earlier today before slightly correcting where it is currently traded. Undoubtedly, Yearn Finance is one of the benchmark ventures for decentralized finance (Defi).|
According to cryptopotato.com, YFI, the native token of the ecosystem, was originally meant to be nothing but a token of governance that had almost no face value. In reality, Andre Cronje, the creator of Yearn Finance, specifically said that it wouldn’t be traded on Uniswap and it won’t have any value other than $0.
However, when it soon caught speed and became one of (if not the) best-performing assets in 2020, the market had different expectations for it. The project also set the tone for numerous others who followed in its footsteps with different value propositions, as CryptoPotato reported back last year.
The cryptocurrency not only exceeded BTC in terms of USD value but also soared past $52,000 before retracing to where it is currently traded, as seen in the chart above.
One of the reasons for this success may be the fact that a new YFI entity was incorporated by the world’s largest fund manager, Grayscale.