1 YFI > 1 BTC?

Plus bitcoin holding sentiment hits a nearly 2 year high

Happy Tuesday, Blockfolians

The Lede

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.

yEarn Finance Launched a Governance Token With No Pre-Mine

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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Highly Relevant Reading


Community Commentary

r/EthFinance is having a 1 year anniversary livestream celebration
Okay so this isn’t Paul Tudor Jones but….it could have been

A Really Big Number We Should Be Paying Attention To  

15%

That’s the hashrate drop for top bitcoin mining firms in China due to heavy rainstorms and flooding


Final Thought

Man, and you thought CRYPTO Twitter was rough.