Fun

Yearn Finance Token Value Slides 67%, While Locked Value Loses Over $300M

News Feed - 2020-10-08 01:10:33

Yearn Finance Token Value Slides 67%, While Locked Value Loses Over $300M


Yearn Finance’s native token YFI has been seeing significant capitulation as the price has dropped from an all-time high (ATH) of $43k in mid-September to today’s $13,875 USD value. Despite the -67.7% loss since the token’s ATH, the Yearn Finance project still has around $624 million total value locked into the platform.


Yearn Finance and the native token YFI has been a hot topic during the latter half of 2020. This is because the YFI token went from an all-time low of $739 on July 21, 2020, to reaching an ATH of $43k on September 12. In between that time, YFI saw a whopping 5,718% gain for anyone who held YFI at those times. Additionally, on August 29, the Yearn Finance project had around $967 million locked into the protocol according to Defipulse.com stats.


However, since these recent ATHs, both the project’s TVL (total value locked) and the native token’s value has plummeted. The project’s TVL has slid to $624 million in assets locked on Wednesday, October 7, 2020. That’s a large decent of around -35% since the August 29 TVL-ATH locked into the Yearn Finance project. The coin itself, YFI has lost a critical -67.7% since the September 12 ATH and has been sliding relentlessly since that day.




Some people blame the drop on the lack of trust in Yearn Finance founder Andre Cronje. Not too long ago the decentralized finance (defi) crowd witnessed a mishap with Cronje’s secret Eminence (EMN) project. “YFI has been getting creamed,” tweeted the crypto proponent Alex Krüger in regard to the declining YFI value. “Recent underperformance relative to other cryptos has been notable. One could argue it is the chart. But it is not. One can find plenty of equally poor charts across crypto. This IMO is the marketplace punishing YFI by removing the Cronje premium,” Krüger added.


Krüger also said:The main reason IMO was Yearn’s blatant negligence around the EMN launch, and how poorly the aftermath was handled. Said so when it happened, not in hindsight later. Many exited/reduced YFI positions because of it.


The Eminence (EMN) project was considered “bizarre” as the unfinished project was hacked for $15 million before it even launched. Even after the incident, Cronje said that he was going to continue building Eminence.


“I am still building [Eminence],” the Yearn Finance developer wrote on Twitter. “I love the metaverse and metaconomy. I am also going to continue deploying test contracts. I have over ~100 deployed contracts, of which probably >half have vulnerabilities.”


Still, Cronje was criticized for putting unfinished work on the main network instead of using an Ethereum testnet.


“Why put unfinished code on mainnet to be tested?” an individual asked Cronje after his statement. “The contract should have been on a testnet. Any noob programmer knows not to test on a live server. With great reputation comes great responsibility. You need to own this and return funds fully before the hack.”


What do you think about the Yearn Finance and YFI decline, as well as the Eminence controversy? Let us know in the comments section below.Ethereum Transaction Fees Fall 82%, as Defi Hype EasesALTCOINS | 2 days agoETH Volumes Top $119.5 Billion in Q3: High-Risk Dapps Dominate Tron NetworkALTCOINS | 4 days agoTags in this story35%, 67%, Alex Kruger, Altcoins, Andre Cronje, crypto assets, Crypto markets, Cryptocurrency, DeFi, Defi Tokens, Defipulse, Descent, Dip, drop, Eminence (EMN), Ethereum, Mainnet, Markets, Native Token, Prices, Programmer, software developer, Stats, testnet, Yearn Finance, Yearn Finance Token, YFI


Image Credits: Shutterstock, Pixabay, Wiki CommonsPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimerShow comments

News Feed

2 More Crypto Platforms Pause Withdrawals as Liquid Global and Salt Lending Cite Exposure to FTX
2 More Crypto Platforms Pause Withdrawals as Liquid Global and Salt Lending Cite Exposure to FTX On Nov. 15, 2022, the crypto exchange Liquid Global revealed that it has suspended
Bitcoin mining to boost UK’s renewable energy grid
Savannah Fortis10 hours agoBitcoin mining to boost UK’s renewable energy gridA UK-based Bitcoin organization is advocating to the new Labour government to implement a Bitcoin mining-based strategy to combat a growing p
Marcel Pechman6 hours agoCPI report may show uptick in US inflation — How will Bitcoin price react?Bitcoin’s price remains range-bound as equities, gold and U.S. Treasurys offer competitive rates with reduced risk. T
Stop the Presses: Criticism Against the New York Times Mounts as Newspaper Is Accused of Killing 59 Million Trees Annually
Stop the Presses: Criticism Against the New York Times Mounts as Newspaper Is Accused of Killing 59 Million Trees Annually After the New York Times (NYT) published an editorial abo
JPMorgan CEO Jamie Dimon Says Banking Crisis Not Over — Warns of ‘Repercussions for Years to Come’
JPMorgan CEO Jamie Dimon Says Banking Crisis Not Over — Warns of "Repercussions for Years to Come" JPMorgan Chase CEO Jamie Dimon says the U.S. banking crisis is not over and 
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report Ahead of the latest nonfarm payrolls report, bitcoin rose to a multi-week high above $22,000 on F
Crypto.com Reveals 483 Accounts Compromised in Recent Hack — $34 Million in Bitcoin, Ether Stolen
Crypto.com Reveals 483 Accounts Compromised in Recent Hack — $34 Million in Bitcoin, Ether Stolen Crypto.com has revealed that 483 user accounts were compromised in the recent ha
Crypto-related investment fraud rose 53% in 2023: FBI
Ciaran Lyons4 hours agoCrypto-related investment fraud rose 53% in 2023: FBIAccording to the FBI, cryptocurrency-related investment fraud accounted for 86% of all investment losses within the United States in 2023.1863 T
Ezra Reguerra22 minutes agoSecurity firm dWallet Labs flags validator vulnerability that could affect $1B in cryptoValidator service provider InfStones disagreed and told Cointelegraph that “nothing close to $1 billion
Cryptocurrency ETFs: SEC Wants to Facilitate Tokenized Products
Cryptocurrency ETFs: SEC Wants to Facilitate Tokenized Products The U.S. Securities and Exchange Commission (SEC) wants to facilitate tokenized exchange-traded f
Crypto Derivatives Volumes Crash 36% to $393 Billion in June, a Low for 2020
Crypto Derivatives Volumes Crash 36% to $393 Billion in June, a Low for 2020Crypto derivatives trading volumes plunged 36% to $393 billion in June, the lowest they have reached in 2
Brian Nibley15 hours agoBitcoin and crypto brace for further upside as equities look to extend their recent gainsA variety of macro factors propelled the recent rally across several asset classes, but analysts are at odd