If you follow crypto at all you’ve probably been hearing about Yearn Finance (YFI) token. Lets start with the most pressing story of the day. Not many people have seen the clip I’m about to show you. Someone shared with me a conversation between the CEO of Chainlink Sergey Nazarov and the founder and creator of Yearn Finance (YFI) token Andre Cronje.
Ok so what do we know about this conversation. Well it took place on Aug 29, 5:00PM PDT. So this is just a few days ago.
Originally when Yearn Finance was created by Andre and the team he actually CAUTIONED the public saying that YFI token is a “completely valueless 0 supply token. We reiterate, it has 0 financial value.” That was a direct quote.
We also know right now DeFi Token YFI Peaked at $38,682 which is more than 3x Price of Bitcoin.
What Is Yearn Finance (YFI) Token?
Well it’s a ‘governance token’ that runs yearns.finance and a speculative asset. I’m sure most are going to say great but what’s the actual use of Yearn Finance.
If you’re familiar with DeFi space then you know Yield Farmer has become incredibly popular. That’s where people are lending and borrowing basically to find the best yields. In layman’s terms where you can make the most interest. Easier said than done.
It’s very hands on and you have to constantly monitor and this is where Yearn Finance comes in.
So you deposit their coins in their system and you get the best yields. That is Yearn Finance (YFI) in a nutshell. Obviously there is more to it. With so much money going into YFI and decentralized exchanges for the first time EVER Uniswap beat out Coinbase for daily trading volume.
The Dexes are now getting used more than centralized exchanges? Something to definitely keep your eyes on.
As you will see in the video Sergey asks Andre why are we seeing so much money flow into DeFi? With all this going on this conversation is pretty eye opening.
First place I saw this video was on Youtube channel Crypto Culture so credit to them. Now I am sharing it with you.
Did you hear the direct quote from Andrew where he says “we came up with a whole new Ponzi which is this wonderful way where we give away free worthless tokens where for some reason people buy.” Sort of reminds me of the crypto lending programs just a couple years back where thousands of people took a bath.
YFI Token Bottom Line
In conclusion if you read my crypto newsletter I put out yesterday you know my exact thoughts on all of this. Be wary. Most of these sort of projects fail and go to zero. We are not talking about Bitcoin, Ethereum or a top 20 coin here. Yearn Finance (YFI) and DeFi no doubt is pumping but there is an old saying. EVERYONE’s a good investor/trader in a bull market. Just because a project pumps in price doesn’t necessarily make it quality and that’s exactly my feelings on Yearn Finance (YFI) token.
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