Yearn Finance (YFI) merge with Cream v2 results in 20% price gain

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Last Updated on 27 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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The brutal Thanksgiving selloff which saw Bitcoin slide 10% from its $19k price point and other altcoins drop some 20% also hit Yearn Finance, the best known Andre Cronje developed coin. But lo and behold, 24 hours later and YFI is once again trading around $24k, up 20% today after the Cream news became public.

It comes as Andre’s team announced that only a few days after Yearn Finance decided to do the first ever merger in the DeFi cryptosphere (it took over Pickle Finance earlier this week, just after that protocol suffered a $20 million hack) another lending protocol, called Cream, would be joining forces with YFI.

Advertentie.

Creating monopolies?

Of course, using the power of your company to merge with others in a sort of leveraged way is one manner of growing fast in the business world. It is in fact a timeless move, just think of the classic 1993 finance movie Barbarians at the gate which described the dealing of Henry Kravis, the CEO Of KKR that now manages some $25 billion invested in thousands of companies. The fact is that we just haven’t seen it being used in the cryptoshere (yet).

Although Yearn Finance also dropped yesterday during the pre-Black Friday sale that saw volatility return with a vengeance to the world of crypto. But after the development team announced in a blog post (entitled Yearn & Cream v2 merger) and accompanied by a hilarious meme (showing that the young team has a sense of humor) that they would be “attempting to make cream,” the coin was back on the uptrend.

DeFi Blue Chips

The YFI team also launched a chat to answer questions and comments investors may have, to which a lot of fans responded.

One of them stated:

Very exciting. I’ve been reading the reactions to the ‘merger’ of Pickle with Yearn and have a few thoughts with regards to this ‘merger’. A lot of people seem to be confused because of the work devs are doing on ‘other’ platforms. These individuals should be ignored and potentially warned, even a cursory reading of the ‘mergers’ makes it clear that Yearn depositors and YFI holders benefit from what’s being co-created and devs actions are solidly within their rights.

Already we wonder how the other DeFi Blue Chips will respond in due course. Will we see other mergers in the coming weeks? And can YFI once again climb towards $40k, a level last seen during the DeFi hype of August?