The crypto asset YFI is once again on a tear after earning support from the digital asset exchange Binance.
The governance token of the decentralized finance (DeFi) protocol Yearn.Finance has surged more than 18,860% since mid-July, when it started trading around $31.65.
Following Binance’s announcement, the asset jumped more than 50% in value from around $4,495 to more than $6,941, according to CoinGecko. It is trading at $6,318 at time of writing.
Binance will offer YFI pairs with Binance Coin (BNB), Bitcoin (BTC), Binance’s stablecoin (BUSD), and Tether (USDT).
Andre Cronje, the creator of the Yearn.Finance protocol, initially intended for YFI to be a completely “valueless” governance token.
In a blog post in mid-July, Cronje said he released the token in order to give up management of the control mechanisms, configurable fees, maintenance controls, and rules of Yearn.Finance’s various systems.
“In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it.
Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts (we will provide an interface for this), and you will earn a (governance controlled) amount per day…
And just because we feel we didn’t stress it enough, 0 value. Don’t buy it. Earn it.”
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