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Yearn.Finance token holders have been enjoying strong price appreciation this week, with the YFI token up almost 25% today alone.
Yearn Surges Amid General Market Downturn
Yearn.Finance (YFI), a DeFi aggregator with over $5.5 billion in total value locked, is up at a time when most other tokens and coins in the crypto markets are down. In addition to today’s 25% price increases, YFI is up roughly 100% over the last week.
In May, YFI reached prices of over $82,700 per token, but was trading as low as $19,594 as recently as Dec. 12. At the time of writing, it was priced at over $39,100 per token.
The price action likely stems from a proposal circulating within the Yearn community concerning key changes to YFI’s tokenomics. For now, the proposal remains in the mandatory discussion phase and is not yet eligible for formal passage.
The proposal focuses on four key steps, to be completed sequentially, to amend the tokenomics of the YFI token:
With EIP-1559’s massive ETH burn creating some excitement around a supply shock and other protocols like Polygon following suit, it is possible that Yearn holders are banking on increasing token scarcity (resulting from lockups) if the components of this major governance proposal are passed and implemented.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Disclosure: Andre Cronje, founder of Yearn.Finance, is an equity holder in Crypto Briefing.
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