YFI: The Coin Worth More Than Bitcoin

Amidst the DeFi craze is 1 coin that last week touched an all time high of nearly $16,000 = making it briefly 30%+ more valuable than Bitcoin.

While prices have leveled off, YFI prices have stabilized around $14k making it still worth more than 20% Bitcoin.

There's even a new website that describes this "Yflippening" - https://yflippening.com/.

A 43,795% Run Up

YFI's all time high isn't the only impressive feat it's accomplished - the short time it's done this in is also nothing to scoff at.

What took Bitcoin several years to get from $30 - $15.8k, YFI did in the span of a little over a month.

A small cap of 30,000 tokens and demand are to thank for this meteoric rise, and currently sits at the 40th largest coin (by market capitalization).

Money came flowing into the YFI ecosystem as well, and quickly reached $1B TVL (Total Value Locked).

TVL is a metric that I talked about in last weeks article, but is the measure of how much user capital is being deployed through in the ecosystem.

What can you do with YFI?

Unlike other DeFi protocols which take traditional finance functions (insurance, options, lending) and decentralizes it, YFI can be seen as a yield aggregator.

There are three main ways users deploy capital currently:

• Earn - Users deposit assets and YFI automatically lends them on to the different lending platforms. If a higher APY is found elsewhere, it automatically switches. APY anywhere from 0-9%.

• Vaults - More active strategies that involve using deposited assets as liquidity. Liquidity is then deployed farming more profitable tokens (risk adjusted) with profits returned to native assets. APY ranges from 25%-100% APY (that's not a typo).

• Governance Rewards - Users staking token to cast votes are also rewarded for participating in governance.

What's to come?

Andre, the lead and solo developer behind the YFI ecosystem is at work employing community proposals, like introducing new farming strategies or including new assets.

New products are being worked on as well to expand the ecosystem - YFI is currently anticipating yInsure in the near future.

This would differ from other insurance protocols, as it would be the first non-KYC insurance option into an otherwise largely untapped market.