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Yearn.Finance (YFI) New Year Breakout Continues

What is Yearn.Finance (YFI)?

Yearn.Finance (YFI) is a multi-product platform in the DeFi space. There are currently three main products on offer. These include Vaults, Labs, and Iron Bank.

vaults: Similar to savings accounts, users are depositing cryptos and the platform is aiming for the highest returns available. Users just need to select their preferred strategy, make a crypto deposit and let Vaults do the rest. Unlike fixed deposits and other high-yield banking products, users can withdraw their assets at any time.
labs: Users with a greater appetite for risk can find the latest strategies for higher returns.
iron bench: A DeFi lending product used by protocols and individuals. Loans have been overcollateralized for individuals to account for crypto volatility.

In addition, there is an Earn product. Here, the platform moves supported coins between a number of lending protocols to generate the highest yield. Supported currencies include DAI, sUSD, tUSD, USDC and USDT.

The Yearn ecosystem is operated by YFI token holders. Two-thirds of a wallet with multiple signatures from 9 members must agree to any changes.

The driving force behind the outbreak

Yearn.Finance (YFI) has been in the news for the past few weeks, triggering the latest price breakout. The key, however, was news touching the thread of a proposed change to the project’s tokenomics. The proposal is to “send a portion of YFI repurchased by the Treasury as a reward to YFI token holders who actively participate in Yearn Governance”. To see here for full details of the proposal.

Yearn.Finance (YFI) Price Action

They may not have been the most impressive years for YFI, which gained just 45% in 2021. YFI ended the year at a $33,000 level, lagging well behind an ATH $95,339 that was hit in mid-May.

However, fortunes appear to have changed after news reached the threads of the proposed tokenomics changes.

At the time of writing, YFI was up 5.77% to $41,391. This morning’s rise follows 4 consecutive days in the green with a New Year’s rally of 10.69%. Due to the breakout, YFI is up 45% since December 30.

After breaking a high of $39,354 in December, the next key resistance level will be September’s $43,843. Investors will be watching closely as a breach to $45,000 levels above last May’s ATH would bring into play.

At the time of writing, Yearn.Finance was ranked 79th on CoinMarketCap, with a market cap of $1,506 million.

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