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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

How DeFi Season Could Send YFI To $270,000 Per Token

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Yearn Finance YFI

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When Andre Cronje released Yearn Finance (YFI), the DeFi fever was brewing. Two events converge and launched the sector into full madness: Uniswap’s UNI airdrop and governance token YFI breaking every foreseeable resistance to reach $30,000.

At that moment, Bitcoin was trading at approximately $10,000. Now, after a downtrend, YFI seems ready to reach new highs. YFI is trading at $51.386 with 15.4% profits in the 24-hour chart. Over the week, YFI is up 15.9%.

Yearn Finance YFI
YFI with bullish momentum in the 24-hour chart. Source: YFIUSDT Tradingview

Data from DeFi Pulse point to a highly bullish outlook for DeFi. Picking up the upward momentum from February 2021, the DeFi ecosystem has an all-time high Total Value Locked of $57.9B. Top 3 protocols Compound, Maker, and Aave hold over $20B alone.

Yearn Finance YFI
Source: DeFi Pulse

Amidst this DeFi Season, trader Sean Nance said YFI could go as high as $270,000 per Token “soon”. According to the trader, YFI’s market at that price would keep it away from the top 10 cryptocurrencies hinting at a further upside movement. Nance said:

I’ve got 270k as a pretty reasonable target on YFI soon. I’m not sure if y’all are prepared for what’s coming to the market.

Yearn Finance aims for improvement

Setting support at $34.170 and $20.335, Nance indicated YFI recommended investors to buy more YFI and YFII. In support of this thesis, investor Daniel Cheung said Yearn Finance’s Total Value Locked reached a new ATH today with YFI price and it stands at $3B.

Cheung revealed to be “massive in YFI” and added Yearn Finance is “undervalued” with a story that is demanding recognition from the sector. At present, Yearn Finance growth could be amongst the highest in DeFi. Therefore, Cheng expects YFI to appreciate further. He added:

The $1.5 billion TVL in V2 alone produces $30 million in management fees. I would not be surprised if with the addition of performance fees across all vaults and yield from Yearn’s treasury farming, run-rate revenue is > $100 million. Markets are starting to appreciate undervalued protocols with outstanding fundamentals (…)

Yearn Finance YFI
Source: Daniel Cheung

Yearn Finance community seems very active via its governance model. Lawyer Gabriel Shapiro has been working on a new operational governance model with user “Tracheopteryx”.

Via his Twitter handle Shapiro explained this proposal attempts to “craft a governance philosophy” rooted on  real-world situations, based on what the lawyer described as “realpolitik”. Shapiro added:

(…) as applied to yearn, we call this philosophy “constrained delegation”: a system in which the primary role of YFI holders is to help decentralize and fine-tune the parameters of legitimate exercises of power within the community.

With an important number of partnerships in place, an active community that could gain more power, and strong fundamentals, YFI could be holding a moon ticket set to depart in the coming months.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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