A new crypto asset just ripped past Bitcoin’s all-time high.
YFI, the governance token of the decentralized finance (DeFi) protocol Yearn.Finance, is now $24,580 – up 40% in the last 24 hours alone.
The coin is now worth significantly more than than BTC’s high-water mark of $20,089 set on December 17th, 2017.
YFI launched on July 18th of this year and has surged a staggering 71,084% in just over a month, according to CoinGecko. Crypto analyst Josh Rager says the coin is just getting started.
I was foolish to sell two out of the three $YFI I had under $5000
But I kept one…. in case it really was on its way to $100k
And boy I’m glad I did
on its way to $30k pic.twitter.com/nsDm3cnu9S
— Josh Rager 📈 (@Josh_Rager) August 29, 2020
The platform offers a number of functions for DeFi investors, allowing them to move assets between various liquidity pools and identify the best yields.
It has an extremely low supply cap of just 29,962 coins, compared to Bitcoin’s current circulating supply of just over 18.4 million.