Cryptocurrencies

Exceeding 4 billion, DeFi looks way too much like Bitcoin in 2017 – Cryptocurrencies

Decentralized finance has already marked from all points of view the world of cryptocurrency in this year 2020. The insolent form it displays with ever-larger numbers has only fueled criticism of it, to know that it would only be a bubble. It is indeed impossible for some to explain how she was able to raise so much money in such a short time. The proof, DeFi has just hit the $ 4 billion mark in terms of blocked assets. A new feat to be credited to the YFI token, which also has not escaped criticism.


Record numbers keep coming

Over the year, DeFi applications saw the arrival of several tokens that helped boost the value of the entire system. DeFi tokens enjoying huge success, the value locked in the sector therefore naturally took an upward trajectory. They each participated in their own way to the records set with their impressive price changes. Thus, it was not uncommon to hear on various occasions that the total value stuck in the DeFi space had reached new all-time highs. We could even go so far as to say that the branch has recorded new records almost every day.

Just over a week ago, the total value of all assets allocated to a DeFi application passed the $ 3 billion mark. This record is already a thing of the past since it has given way to another with currently a total of $ 4 billion blocked. At the top of the rankings within the DeFi token family, Maker leads the way with 20.69% of that total. However, many analysts doubt the sustainability of this record race observed in decentralized finance. Critics are particularly targeting newcomer YFI which has experienced spectacular growth.

YFI boosts the value of DeFi

Just a month ago the true darling of DeFI was none other than Compound whose start had impressed many. He had gone so far as to question the first place of Maker within DeFi protocols. Meanwhile, the lending and borrowing platform Aave took second place in this ranking with a total of $ 642.3 million stuck in DeFi. However, it is the YFI token that is currently drawing all the light with its progress.

The progression of the YFI currency

Landed in decentralized finance last February, the governance token carried by Yearn Finance did not initially require any investment. However, its value quickly increased so much that it even exceeded $ 4000. Another sign of its growth, it rose on July 25 to 371 million dollars stuck in DeFi against just $ 9.317 million a week earlier.

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It should be noted that these figures are already falling, the value of the token currently hovering around $ 2,400, a downward curve already observed at COMP. So like YFI, which has shown signs of restlessness in recent days, it is the viability of the entire DeFi itself that worries.

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