I thought this'd be a good time to talk about Yearn Finance - ticker symbol $YFI - partly because the weather is kinda s**t today and also because YFI has been pumping for seemingly no reason.
Launched in 2020 by Andre Cronje, a South African software developer, YFI is quite unique for a number of reasons. First, Cronje apparently kept no tokens for himself. Which is odd.
Secondly, you know when people say they're waiting for Bitcoin to go to $100k? Yearn Finance got a lot closer than BTC.
During the crypto pump of spring 2021, YFI hit an ATH of $93,435.53.
After that, it crashed all the way down to $4,000 before getting back up to $5-6,000.
Then this week, just BTC tumbled back down and receded from the psychologically important $25,000 mark, YFI surged as much as 39%, jumping from $7,200 earlier this week to $10,000 (briefly).
So the question is, why?
Not sure. The main bit of news is that Yearn Finance announced a new Ether-based liquid staking product.
Yearn Finance tweeted: "Introducing yETH, an LSD of LSDs. Get exposure to a basket of LSDs in one token."
Yearn Finance, actually we should spell it Yearn.Finance, is an aggregator for DeFi. What's crazy is YFI has a total supply of 36,666 tokens. That's it.
