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
YFI price

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.

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