Yearn Finance Beats Bitcoin In The $50k Price Race

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Last Updated on 13 February 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Last year, during the summer of DeFi, then still newly developed project Yearn Finance made headlines when it surged past the price of Bitcoin when both were trading around $13k. Although there are considerably less YFI coins (only some 37k) than there are Bitcoins, it was an important psychological threshold to cross.

Yearn Finance inventor Andre Cronje had a few setbacks ever since, with hacks on some of his “in development phase” projects and also the Sushi saga in September made sure Yearn dropped back below $10k. Ever since then, YFI has gone on a (in business terms) “shopping spree” and made inroads and closed agreements with other crypto projects. In November of 2020, it was able to flippen the price of Bitcoin for a second time, but then remained in the $20k range while Bitcoin started to rise towards $30k by the end of the year.

As the YFI community grew, so did the value of the coin. Yesterday Yearn Finance flippened the price of Bitcoin once again. The former reached $50k yesterday (with an all time high of $51.8k), whilst Satoshi Nakamoto’s invention remained at $48k.

Advertentie.

Delaware

Yearn Finance keeps expanding its partnership universe, this week again with Badger DAO, but it was a certain corporate registration filing with the State of Delaware that lifted it to new heights.

In that legal document, it could be seen that Grayscale Investments (which by now has some 36 billion dollars in crypto holdings under management), intended to make inroads into DeFi and registered an LLC (a legal entity) to try and setup a Yearn Finance trust similar to its Bitcoin and Ethereum products.

For developer Andre Cronje, recently named as the highest scoring single human in Cointelegraph’s crypto top 100, another milestone he can cross off his list.