Veteran DeFi protocol Yearn Finance announced an aggressive buy-back program and the price of YFI skyrocketed by 30% in a day.
Yearn Finance – the veteran decentralized finance protocol – announced that they would be buying back their native token YFI aggressively. In return, the price has already skyrocketed.
In a tweet from yesterday, Yearn Finance revealed that they’d purchased $7,526,343 worth of YFI from the open market at an average price of $26,651.
Yearn has purchased $7,526,343 worth of YFI from the open market. We got 282.4 YFI (0.77% of total supply) at an average price of $26,651. More YFI has been bought back in the past month than in the prior year.
They also revealed that Yearn’s treasury has “more than $45 million saved up and with earnings stronger than ever, expect much more aggressive buybacks.”
In a separate Twitter thread, analyst Adam Cochran detailed the move and also outlined other initiatives that Yearn is working on, including a revised tokenomics “to do a fee distribution to holders, currently looking at veCRV model xSushi models.”
All this seems to have had a considerable impact on the price of its native token – YFI.
At the time of this writing, YFI trades at around $27,000. Just a couple of days ago, the token dipped to around $19,000.
This gives an increase of about 41% in the past three days, 30% of which came in the past 24 hours alone.
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
