Source: Token Terminalĭata from Token Terminal suggests since mid-December, the protocol’s total revenue rose steadily. ![]() A more sustained and concentrated voting power among active DAO members would ensure streamlined decision-making. As part of the buyback, the protocol purchased over $7.5 million worth of YFI from the open market by mid-December.Īs YFI also acts as a governance token in addition to a utility token, the buyback will ensure better governance. Why is YFI making such moves? Two weeks ago Yearn.finance announced a buy-back program. Immediately after the high net flow, there was a low net flow on exchanges, with over 142 YFI tokens moved off exchanges than moving in. What is key here is that the price peaked at $43,000 (for the second half of 2021) a few weeks after this high net flow. Market participants used this as an opportunity to take profits. Over six months ago, when YFI rose by 33% to $40,000. The last time this much YFI moved onto exchanges than off it was in August 2021. At the time of writing, there are over 60 YFI moving into exchanges than moving out of it. ![]() This means that there was more YFI moving into exchanges than off it. The more important question should be, where and how quickly is YFI moving?Īccording to data from Glassnode as early as December 20, the net transfer volume of YFI rose. Coinmarketcap estimates trading volume of over $700 million in the past 24 hours. With prices on a high, trading volume is expected to be higher. This is because of a range of factors, including activity on protocol and exchanges. In the last week, while Bitcoin and ETH remained volatile shuttling in a tight range, YFI rose nearly 20%. Now, its price change is also relatively higher, but can it last? The second-largest token by price per coin at nearly $40,000 (compared to Bitcoin’s $47,000), YFI stands separate from other DeFi protocols. Starting the first week of 2022 on a high is yearn.finance’s token YFI. ![]()
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