YFI crypto asset became the first crypto asset to reach Rp1 billion and is currently the only one. What is YFI? Will the crypto asset still go up?
Currently, Bitcoin is still showing a downward trend in price. Not a few altcoins have also experienced price declines. For example, Ethereum. This is normal and is not really what you are worried about.
However, not a few crypto assets have experienced price increases. Perhaps, one of the most interesting is YFI crypto asset. Because the price exceeded Rp1 billion.
In this article, we will explore YFI crypto assets. We will discuss fundamentals and price movements. Let’s learn.
yEarn.Finance is a decentralized platform based on decentralized finance. Meanwhile, YFI is the token. yEarn Finance is an ‘ecosystem’ of protocols built on top of the Ethereum cryptocurrency.
The purpose behind creating YFI was to facilitate user interaction with the DeFi protocol and then maximize the annual percentage in cryptocurrency.
yEarn Finance wanted to create something between a decentralized financial protocol and a yield large enough to allow people to invest in more stable coins on the platform.
Since listing on Indodax for the first time, YFI has increased by almost 20 times. In August 2020, YFI was listed for the first time on Indodax for only IDR 74 million.
YFI then increased dramatically, towards the end of the year. Then it increased again until the highest price was Rp1.38 billion last week (early May 2021). When viewed in one month, YFI’s increase almost doubled. Increased from April, which was only Rp. 700 million.
Now, the price is still staying at the highest level of Rp1 billion, beating Bitcoin, which is still down to the level of Rp. 500 million. Indeed, several times, YFI’s price from last year rivaled Bitcoin.
There are several reasons why YFI is so expensive. Although in fact, the increase is just as fantastic as any other altcoin. Even so, YFI does not yet have a large market cap.
YFI’s market cap as of 19 May 2021 is USD 2.35 billion or only ranked 55 on coinmarketcap.com.
Then, why is YFI so expensive. Here are, the reasons why YFI is so expensive:
YFI is one of the crypto assets that is not affected by Bitcoin. The proof, YFI broke the ATH record to Rp1.38 billion when Bitcoin was down. YFI can be called an altseason marker or an altcoin price increase.
One of the reasons why YFI’s price might increase is because the supply or supply is only 3,666 tokens. In addition, the decentralized finance ecosystem is still in great demand.
You can buy YFI crypto assets on Indodax. Do the following: