Golden Observation丨YFI has risen again? What is the reason for breaking through $18,000 this time?

Jinjin Finance Blockchain, August 29th The price of YFI, the native token of the decentralized financial giant Yearn.finance, soared from $14,017 to $18,169 in the past 12 hours, an increase of more than 30%, hitting a record high again, and has now entered the price discovery stage.

yearn.finance, formerly known as iearn.finance, is an automated decentralized financial yield aggregator. Its working principle is to automatically save stable coins, and realize returns through various protocols such as AAVE, Compound, and dYdX.

For Yearn.finance, this is also the first time that the price of YFI tokens has entered the price discovery stage 8 days after the price of YFI tokens reached the peak of $16,666 in the previous round, and from the perspective of price trends, YFI seems to have left Bitcoin far behind. The reason why the price of YFI can hit a record high is mainly driven by three factors: listing on the regulated exchange Aave, new corporate partners, and strong technical strength.

Golden Noon News | A list of important developments at noon on October 4: 7:00-12:00 Keywords: Guavapay, V God, Bitfinex, SWIFT system

1. The Bitcoin network difficulty has been reduced by 0.09% to 19.30T.

2. British electronic currency institution Guavapay became a member of RippleNet.

3. Vitalik denies the claim that the current performance of Ethereum is low.

4. Data: The total circulation of BTC anchor coins reached 126,800 pieces.

5. Bitfinex will open BAL trading and withdrawal services at 18:00 on October 4th.

6. Hao Yi, Bank of China Research Institute: The central bank's digital currency will impact the SWIFT system.

7. Yam Finance submitted the fifth proposal to add a synchronous call function to the Yam/ETH Sushiswap pool.

8. Shanghai Xuhui Notary Office's "Huicun" blockchain electronic data storage platform has nearly 130,000 pieces of hash value data. [2020/10/4]

In fact, this is not the first time the YFI token price has surpassed Bitcoin. On August 20, the price of yearn.finance token YFI, a DeFi aggregation income agreement, once exceeded 12,800 USDT this morning, and rose by more than 25% in 24 hours. The price surpassed Bitcoin (11,786 USDT) for the first time. The picture below is the price chart of Yearn.finance’s native token YFI in the past two weeks, source: TradingView.com:

Jinse Finance Market Report丨BTC fell sharply and continued to oscillate locally: According to the Huobi market, the price of BTC fell sharply from a maximum of 9430USDT last night to a minimum of 9160USDT, then rebounded slightly and continued to fluctuate in the price range of 9200USDT. The daily chart yesterday formed an anti-envelope against the previous day's market, supported by the moving average MA10. The 4-hour chart continued to hover below the moving average MA30 after falling yesterday, and the 1-hour chart was under pressure around 9250USDT. Yesterday’s drop formed a large deviation value, and some markets have a need for a rebound. As of 10:00, the specific performance of mainstream currencies is as follows: [2020/7/10]

On August 28, the money market protocol Aave (LEND) announced the launch of YFI. Aave is currently the DeFi protocol with the largest total locked-up amount in DeFi, with a total locked-up value of 1.52 billion US dollars. Although Yearn.finance has been one of the most dominant DeFi protocols in the market, the listing on Aave may be the main reason for spurring the YFI token price to a new all-time high this time around. Aave COO Jordan Lazaro Gustave said:

Golden Noon News | A list of important developments at noon on February 14: 7:00-12:00 Keywords: People's Daily Online, Voice, Baixin Bank, the United States

1. People's Daily Online: People's Online uses blockchain technology to protect copyrights against the "epidemic"

2. Voice: Has partnered with a trusted third-party provider to securely authenticate users;

3. Learning Times: It is recommended to increase the pilot work of digital currency;

4. Member of the Federal Reserve: The digitization of the US dollar will help maintain the dominant position of the US dollar in global trade;

5. People's Post and Telegraph: Blockchain and other digital technologies shine in the fight against the epidemic;

6. Fcoin official announcement: After the user receives the verification code, the account asset verification is completed and the withdrawal currency can be received;

7. U.S. security company: North Korea’s Monero mining scale has increased by at least 10 times since last year;

8. Baixin Bank has landed the first blockchain loan;

9. Since 2015, the average daily return rate of BTC ETH XRP on Valentine's Day has exceeded 3%. [2020/2/14]

"Through the legal agreement reached by OpenLaw, Aave will make credit authorization possible. As far as Party A and Party B are concerned, Party A can entrust Party B with its own credit line, and Party B can also borrow credit line from Party A. For example, a A credit client can be a party that wants to build more credit, and a borrower can be a business, an NGO, a government, an institution, etc.”

Golden Morning News | Beijing Mutual Finance Association reminds that the risk of illegal fundraising in the blockchain is only $1,567 for Bitcoin mining: 1. Beijing Mutual Gold Association: Prevent the use of "virtual currency", "blockchain", "ICO" and its variants. Risk of illegal fundraising.

2. Deputy Secretary-General of the Insurance Society of China: The biggest challenge in the application of blockchain in the insurance field is the shortage of talents.

3. Russian lawmakers suggest switching to gold-backed cryptocurrencies for arms exports.

4. The Cyprus cabinet formed a blockchain joint working group.

5. India uses a national digital currency to cut $90 million in bills.

6. Wal-Mart applies blockchain technology to establish a robot certification team.

7. The Chicago Board Options Exchange (CBOE) may launch Ethereum (ETH) futures at the end of 2018.

8. U.S. stocks closed today, and U.S. blockchain concept stocks generally closed down.

9. Bitfarms, a Canadian cryptocurrency mining company, said it only cost $1,567 to mine a bitcoin in the first half of this year. [2018/8/31]

On the other hand, before landing on Aave, Yearn.finance founder and core developer Andre Cronje had hinted that he was in talks with FTX CEO Sam Bankman-Fried for cooperation. It is worth mentioning that the potential cooperation between FTX and Yearn.finance is also in line with its development plan in the field of DeFi and DEX.

In recent weeks, the cryptocurrency derivatives exchange FTX has completed a number of cooperation and acquisition transactions in the DeFi industry, including the launch of a decentralized exchange called "Serum", the launch of the Compound governance token COMP and the Balancer governance token BAL , Launched Uniswap top 100 liquidity pool index futures, acquired encrypted price tracking application Blockfolio at a price of US$150 million (this acquisition is also the largest acquisition transaction in the field of digital assets in 2020).

Andre Cronje hinted:

"I guess there's a cat that can't wait to jump out right now, but it's better to wait, it's a long roadmap that we're working on, so there shouldn't be any other problems in the short term, but there could be some very Sexy things happen."

Judging from the current situation, the "cat" mentioned by Andre Cronje is likely to be an insurance service. On August 17, Andre Cronje announced the launch of yinsure.finance, a decentralized insurance service prototype, and will systematically release products in the next few weeks. The product will consist of three core parts: Insurer Vaults, Insured Vaults and Claim Governance.

Among them, the insurance service of the underwriting vault is provided by the liquidity provider (LP), but related fees can be obtained as income. The first online underwriting vault is USDC; the insurance vault can store insured tokenized assets. A provided insurance vault is the yUSD (wrapped yCRV) asset in yVault; claims governance allows the insured to make a claim by staking their yiUSDT, if the claim is approved, the yiUSDT is allocated to the yiUSDC liquidity provider, and the USDC will pay to the insured.

The rapid development of Yearn.finance has also attracted the attention of other DeFi protocols. On Wednesday (August 26), members of the DeFi community revealed that the MakerDao community forum has launched a proposal to add YFI as a collateral asset to the Maker protocol, and is currently waiting for community feedback. Andre Cronje responded that although he was very happy that the community members initiated this proposal, he personally thinks that this idea is still a bit premature, because the small circulation of decentralized exchanges may lead to higher volatility of YFI, after all Most tokens are still used in project treasury or governance.

At the time of writing this article, according to DeFiPluse data, the total locked value of Aave has reached 1.56 billion US dollars, ranking first among all DeFi protocols.

Part of this article is compiled from cointelegraph

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