Yearn Finance continues to make headlines and to exceed expectations within the field of decentralized finance (DeFi).
After becoming the first altcoin after ZEC’s early days of trading to flip Bitcoin’s price convincingly, the protocol achieved yet another milestone today – it has over $1 billion in total value locked within its ecosystem.
Yearn Finance Hits $1 Billion TVL
In a Twitter announcement shared about an hour ago, yEarn.Finance officially disclosed that the protocol has received more than $1 billion in total value locked.
— yearn.finance (@iearnfinance) August 21, 2020
The team also disclosed which coins are mostly staked within the protocol, and yUSD is in the lead with upwards of $91 million worth. Other stablecoins such as yUSDC, yTUSD, yDAI, and yUSDT follow.
yYFI and yaLINK are two of the most widely staked coins that are not pegged to the US Dollar.
Interestingly enough, this comes about one month after the protocol was actually announced. Back on July 17th, Andre Cronje published a Medium post, announcing the release of yearn.finance, as well as a few other products.
Back then, the assets under management (AUM) in the protocol were a mere $8 million.
Current AUM $8M having earned in aggregate 10.58% APY for liquidity providers since launch. Yearn.finance does profit switching for lending providers, moving your funds between dydx, Aave, and Compound autonomously. – The post reads.
Now, about a month later, the protocol has seen its total value locked skyrocket to $1 billion, representing a staggering increase of about 12,400%.
YFI Value Follows Suit
The protocol’s governance token, YFI, has also raised more than a few eyebrows. Its value skyrocketed to about $16,666 on Binance yesterday, which is its current all-time high.
As CryptoPotato first reported on August 18th, YFI broke a record not seen since the launch of ZCASH in 2016 by becoming the second altcoin to trade for more than one bitcoin.
The case with ZCASH was quite different, though, as the price reached 3299.999 BTC for a few moments following its release. However, throughout the same day, ZEC was trading at a price upwards of 12 BTC, mainly because there were just a few ZEC coins in circulation back then.