Yearn Finance (YFI) token, a decentralized finance (DeFi) project, burst last week, exceeding the price of bitcoin ($ 11k) reaching all-time high of $ 38k....amazing right? According to analysts, YFI's potential is far from being realized and everyone is very conservative with their YFI price targets.
BitMEX CEO Arthur Hayes responds positively to this question and provides a record price prediction $ 100,000 at some point for YFI. Yearn Finance, has drawn an incredible graph in the last 1 month. While the total value of the DeFi market reached the $ 8 billion threshold, an 85% increase throughout the month,
But wait....Here Comes Another Player to the GAME by the name of UMA
The UMA token surpassed Yearn Finance with a market capitalization over $ 1 billion and now is priced at $ 19.79.
The UMA token project creates an open source protocol for non-priced financial contracts on Ethereum. It has two main parts, priceless financial contract designs and Data Verification Mechanism (DVM). The invaluable financial contract allows users on the platform to create synthetic tokens. DVM is a decentralized oracle service like Chainlink and Band. These technologies allow the creation of fast, efficient and safe synthetic derivatives on the Ethereum blockchain but unlike platforms such as Yearn.finance, UMA provides the underlying infrastructure for DeFi protocols that enable services such as staking. Learn more about UMA project with @MuyAsk on his article.
