A newcomer to decentralized finance (DeFi) exploded by 1,022% within a few days.
Yearn Finance DOT (YFDOT) is a DeFi version of the old cryptocurrency polkadot (DOT). It is part of the YFSwap platform that aims To incorporate DeFi farming functions into the market dynamics of the most important cryptocurrencies and at the same time reduce the supply by 1,000 times.
The aim is to eliminate scenarios where owners and developers suddenly en masse their tokens, known in the industry as carpet trains, by introducing DeFi non-inflationary assets that users can use to generate income.
In addition to Polkadot, YFSwap has created other DeFi tokens, including Yearn Finance Bitcoin (YFBTC) and Yearn Finance Ethereum (YFETH).
According to the Yearn Finance DOT website, it will be users able To insert, manage, swap, borrow and pledge YFDOT tokens. YFDOT also offers scalability and interoperability features which are the core components of Polkadot.
CoinGecko revealed YFDOT rose from a low of $ 12.48 on November 18 to an all-time high of $ 140 on November 23. The move corresponds to an increase of over 1,022% in six days.
To further avoid pulling carpets, the number of tokens of the YFDOT team will be blocked for 18 months.
Additionally, the project will eliminate 15% of the total supply of 18,493.75 YFDOT in three burning events to incentivize long-term owners.
Featured image: Shutterstock / Yudhistirama