{"id":140179,"date":"2020-07-26T16:00:32","date_gmt":"2020-07-26T15:00:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=140179"},"modified":"2020-11-07T14:17:21","modified_gmt":"2020-11-07T14:17:21","slug":"a-new-ethereum-defi-token-is-literally-up-100000-in-a-week-vc","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/a-new-ethereum-defi-token-is-literally-up-100000-in-a-week-vc\/","title":{"rendered":"A new Ethereum DeFi token is literally up 100,000% in a week: VC"},"content":{"rendered":"

After a parabolic rally<\/a>, the Ethereum decentralized finance (DeFi) market experienced a blow-off top<\/a> over the past week. As reported by CryptoSlate previously<\/a>, many of the top players, such as Chainlink (LINK)<\/a>,\u00a0Synthetix Network Token (SNX)<\/a>, and\u00a0Kyber Network (KNC),<\/a> are down greatly since local highs.<\/p>\n

With this recent price action, the question of if the DeFi bubble<\/a> has popped is one that has crossed the mind of many in the crypto space. This may seem to be the case on the surface level. But then if you look a little deeper, at certain token valuations, it becomes clear that this is anything but the case.<\/p>\n

Ethereum DeFi's new darling coin, yearn.finance (YFI) gains 100,000% in a week<\/h2>\n

At least for the time being, Ethereum DeFi investors are moving on from the tried and true investments of LINK and SNX and are focusing their efforts on new players.<\/p>\n

Last week, the developers of yearn.finance<\/a> (a.k.a. iearn.finance), a recently-launched Ethereum-based DeFi platform, rolled out its native token: YFI. Like many other DeFi protocols, the token was distributed through a “liquidity mining” incentive system, where investors that use the protocols get the coin as a reward.<\/p>\n

What was different about YFI, though, compared to Compound's COMP<\/a> or its other contemporaries, was how far it rallied just days after its launch.<\/p>\n

According to<\/a> prominent crypto analyst and VC investor Andrew Kang, at $3,000, YFI is up 1,000 times \u2014 that's to say 100,000 percent \u2014 since its launch around eight days ago:<\/p>\n

“YFI is now the second 1000x I've seen in the last few weeks. For those questioning the math, the balancer pool launched at $3 YFI, but CMC and Coingecko did not start tracking the price until sometime after.”<\/p><\/blockquote>\n

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YFI is now the second 1000x I've seen in the last few weeks. <\/p>\n

Officially full bull market https:\/\/t.co\/Gc7cEiY3md<\/a> pic.twitter.com\/a9wIWA4Naz<\/a><\/p>\n

— Andrew Kang (@Rewkang) July 24, 2020<\/a><\/p><\/blockquote>\n