Happy Tuesday, Blockfolians
There is no denying that DeFi is hot. Like, magma bursting from the core of the earth hot. The total value locked in DeFi has surged from $2B to $3B all the way to more than $6B in the last few months alone.
What’s more, individual tokens and protocols have investors, experimenters - and, of course, yield farmers - going batty.
One of those tokens is Yearn Finance.
Yearn launched just one month ago, and since then has seen total value locked surge to more than $600 million.
Today, briefly, the protocols $YFI governance token spiked to $12,800. While the spike was ultimately brief, for a time, YFI was trading above BTC.
According to some analysts, the interest in YFI isn’t just crazy retail DeFi speculation, but a belief that crypto-native insurance may be the next big thing.
Whatever the case, get ready for a lot more of these crazy spikes in the months to come.
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