YFI pioneered the first community-fair-launched token distribution, distributing 30,000 tokens to early protocol users via a surprise yield farming announcement on July 17, 2020. Its purpose is to allow voting and to collect cash flows from the protocol’s fees.
Yearn Finance is a Decentralized Finance (DeFi) product suite that offers lending aggregation, yield generation, and insurance on the Ethereum blockchain. YFI holders regulate the protocol, which is maintained by a group of independent developers. Andre Cronje started it as a personal endeavour. He intended to automate the process of moving money across loan platforms in order to find the best rate. Rather than being a set rate, lending yield is a fluctuating rate. As interest rates fluctuate between these protocols, funds are automatically transferred between dYdX, AAVE, and Compound. As a result, the price of YFI has risen exponentially. Let us review the YFI price
YFI Price Prediction
Bullish Scenario: If YFI manages to break above the resistance level at $20,757 then it would be bullish. If it gains some momentum and buying pressure builds up then we might test the next resistance level at $22,440 and $26,224. Breaking above the $29,750 price level with significant buying volume will lead to a good chance of crossing above $39,307.
Bearish Scenario: YFI has been in a downtrend channel since the last few weeks. If the current support level $18,324 doesn’t hold then it will hit $14,289, $8,277 and below sooner or later.
Join us on Telegram to receive free trading signals.
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate. However there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.