According to on-chain analytics firm Santiment, decentralized finance protocol YearnFinance has seen a resurgence in whale activity and user growth, powering a 60% increase in YFI token’s market capitalization over the past week.
Source: Santiment – Start using it today
In a recent thread, Santiment noted that large transactions by whales are occurring at 15-month high levels. The number of new addresses holding YFI has also been “exponentially increasing.”
This growing engagement by both whales and smaller holders has driven YFI’s market cap to over $300 million.
YearnFinance is focused on providing optimized yields across various DeFi platforms, allowing users to seamlessly earn passive income on holdings. Its developer team continues innovating with new vaults and strategies.
The live price of the Yearn.Finance (YFI) governance token currently sits at $9835 after surging nearly 2% over the last 24 hours.
According to CoinMarketCap, YFI’s 24-hour trading volume exceeded $250 million as the token saw renewed interest. Yearn.Finance’s market capitalization now stands at over $350 million, placing it within the top 115 cryptocurrencies.
The return of whale activity combined with a surge in new users provides a positive signal for YearnFinance’s ecosystem growth. As a bellwether for DeFi adoption, YFI’s resurgence indicates renewed interest in decentralized services amid the ongoing bear market.
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However, the fickle nature of cryptocurrencies means that market conditions could change quickly. YearnFinance faces stiff competition from protocols like Aave and Lido. For now, YFI appears to be benefiting from its pole position in DeFi’s yield generation race.
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