The final weekend of August will be historic for the field of decentralized Finance, as the market exceeded $ 7 billion in value tied to the platforms that make up the ecosystem. Overall, it’s been an amazing month for the DeFi environment, but this weekend has shaken up the cryptocurrency and financial space
YFI breaks Bitcoin record
According to data from DeFiPulse and DAppTotal, the total cost of decentralized Finance is more than $ 7 billion, and this threshold has been exceeded in just the last 24 hours.
The headlines about DeFi over the weekend were dominated by the staggering growth of the yfi token from yearn.finance. On Saturday, YFI surpassed Bitcoin’s all-time high of $ 20,000, and left it much lower as it eventually soared to $ 38,000. The cost increase was more than 75% in just 24 hours.
As reported by Cointelegraph, the astronomical increase in value has led to the market capitalization of the token yearn.finance surpassed $ 1 billion.
Yearn platform.finance collects returns for various decentralized financial lending platforms to give users the maximum possible profit for various DeFi tokens.
Users can operate on the platform to bond $ DAI, $ USDC, $ USDT, $ TUSD, and / or $ sUSD and earn interest from placing their tokens.