Yearn Finance (YFI) Flippens Bitcoin Again and Looks Toward $20K

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Last Updated on 16 November 2020 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 month, as the world of DeFi regained it’s footing after the brutal September selloff had ended (and as Bitcoin started its upward trajectory) the creators of Yearn Finance released a manifesto that could prove important for the cryptosphere. Except for stating what Yearn Finance is not (Yearn is not a company, it does not have a board, there is no CEO, there is no team of managers, there is no room for bureaucrats) and what it is, there was a strong sense of innovation.

In essence they claimed that for a system to be truly decentralized, there should be rules for those that have a say as to where the project is headed. Therefore, the creators decided that for anyone within the YFI project to be able to vote on an issue, YFI holders are required to be staking their coins for at least three days. In other words, anyone with strong YFI holdings, anyone invested in the future of YFI also gets to say what the network will entail in the future.

Advertentie.

First step

A good first step towards creating a truly decentralized system, was the echo from the cryptosphere.

As ripples spread about Yearn’s new heading, investors seem to have found their way back as well. The coin that is still only a few months old, had flippened Bitcoin’s price already over the summer and even though Satoshi Nakamoto’s invention is now worth more and DeFi has gone through a plummeting selloff since, Yearn Finance seems to be in an uptrend once again. At the time of writing it is trading at $17,772 and even the $20k level does not seem so far off now. Andre Cronje’s team just might have created a winner there. As always, time will tell.