Yearn Finance (YFI) is making headlines today as the cryptocurrency surged above $52K following the news that Grayscale set up a YFI entity.
Yearn Finance, one of DeFi’s landmark projects and also the first coin to truly flip Bitcoin’s price on multiple occasions, managed to surge above $52K earlier today before correcting slightly to where it’s currently trading.
Yearn Finance is undoubtedly one of the benchmark projects for the space of decentralized finance (DeFi).
YFI, the ecosystem’s native token, was initially supposed to be nothing but a governance token that has absolutely no face value. In fact, Andre Cronje, the creator of Yearn Finance, explicitly said that it wouldn’t be traded on Uniswap and it won’t have any value other than $0.
The market had different plans for it, though, as it quickly caught speed and became one of the (if not the) best-performing assets in 2020.
As CryptoPotato reported back during last year, the project also set the tone for various others that followed in its footsteps with different value propositions.
In any case, today, YFI is making headlines with an impressive increase of around 13%.
YFI/USD, FTX. Source: TradingView
As seen in the chart above, the cryptocurrency not only surpassed BTC in terms of USD value but also surged past $52,000 before retracing to where it’s currently trading.
One of the reasons for this performance might be the fact that the world’s largest asset manager, Grayscale, incorporated a new YFI entity.
It was set up as a STatutory Trust in Delaware two days ago, on February 10th. With it, the company now has 33 registered trusts in the state.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
