- Yearn Finance is a DeFi aggregator service, and its token YFI is among the top-performing assets in the crypto market, with a 50% 7-day increase.
- The rally came as the project proposed to adjust its tokenomics.
- Though voting is progressing, Yearn Finance has revealed a four-phase rollout strategy to help change tokenomics.
- The proposed tokenomics will shift the project’s governance format and authorize YFI as the government’s foundation.
Yearn Finance is a DeFi aggregator, initially iEarn. The decentralized finance protocols utilize automation for market players to maximize yield farming profits. The YFI network has seen increased popularity among decentralized finance investors that are not tech-inclined. Though among the most popular protocol, how has Yearn Finance performed lately?
Price Updates
Yearn Finance (YFI) is among the top-performing products in the crypto market for now. The token hovered around $24,637 on 17 December. However, the coin rallied to a 2-month high at $39,529 on 20 December.
YFI trades at a 28% weekly high regardless of retracing towards $31,406. Meanwhile, that alt has surged 50% within the past two weeks. While writing this report, YFI had its market cap at $1.15 billion, ranking 88 in crypto-list by value.
Latest Developments
Yearn Finance development team outlined a four-phase tokenomics change. Meanwhile, proposal voting is ongoing, and the upgrade will only take place after voters vote in favor of the proposed changes.
Voting will progress until 28 December 2021. So far, only 0.31% or 2.69 FI of voters are against the proposed tokenomics model, while 99.69% (862.64 YFI) support the new changes.
Meanwhile, Yearn has started utilizing protocols fees to buy YFI coins. Recently, the platform announced a $7.52 million buyback, with $26,650 as the average price. Moreover, Yearn declared the treasury has over $45 million for the YFI buyback plan.
Future Events
Stage one will see the purchased tokens rewarding YFI stakes using the xYFI model. That means market participants will earn YFI after staking in the xYFI vault. Yearn Finance revealed that stage two would launch Curve-Esque to incentivize holders for locking their assets. Meanwhile, stage three will use a vote-based approach to reward participants.
Editorial credit: FellowNeko / shutterstock.com
