Investorideas.com - Yearn Finance's Token YFI Hit $690.1 Million in Market Cap, a 435% Jump in a Month
Decentralized finance offers various benefits compared to traditional financial services. Through the use of distributed systems and smart contracts, deploying a financial product or application becomes more secure and less complex. Many DeFi apps are developed on top of the Ethereum blockchain, which reduces operational costs and lowers entry barriers.
Although it was never intended to have any financial value, the price of YFI DeFi token skyrocketed to over $33,700 on September 1st, only a month and a half after it was listed on Uniswap. The CoinMarketCap data show this figure dropped by 30% in the last seven days, with the price standing at over $23,000 on Monday.
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