ADVERTISEMENT

Ethereum DeFi: This new token surged more than 900% in one week

  • YFDOT has surged from just $13.1 to $132 in just the past 7 days.
  • The token is a DeFi version of the legacy cryptocurrency Polkadot.

A new token is riding the decentralized finance (DeFi) wave all the way to the top, gaining an eye-popping 900% in just one week. Yearn Finance DOT (YFDOT) shot up from $13.1 to hit an all-time high at $132.

The rise to the top

YFDOT is a relative newcomer in the DeFi scene according to data from CoinGecko. The token has only been trading since October 13 when it debuted at $65.95. After a brief rise to $73.3, it shed over 80% of its value to trade just above $11 two weeks ago.

In the past 7 days, however, YFDOT has changed course, recording an incredible surge that saw it become one of the biggest gainers in the booming DeFi sector. It shot up to $136.6 on November 24, recording a 946% surge from just a week earlier when it traded at $13.6. The token has since then briefly corrected and is trading at $100.5 at press time. It’s available to trade on Uniswap, Hotbit, CoinTiger and DigiFinex.

YFDOT was designed as the DeFi token version of the ‘next-generation decentralized web platform’ Polkadot. The cryptocurrency is the ninth-largest in the world, worth $4.9 billion. The token is part of YFSwap, a platform that seeks to introduce DeFi farming to major cryptocurrencies.

In an October 4 blog post, YFSwap explained that it intends on eliminating the ‘rug-pulls’ that have tainted the DeFi sector. It stated:

There are no founder shares, no VC interest, simply a fair and equal staking distribution to attract a broad and vision-aligned community to steward the future of the protocol and token.

To further boost the price of YFDOT, the team intends to burn 15% of the total supply by the first quarter of 2021. The first 5% supply burning took place in Q3 this year, with the second one expected to take place before the year ends.

The DeFi boom

While eye-catching, the YFDOT rise to the top is not unique in the DeFi sector. The sector has seen projects shoot up to dizzying heights overnight. The most notable is yearn.finance, a DeFi token that took the world by storm. After launching in July, it shot up rapidly to achieve an all-time high that no other altcoin has managed – surpassing the price of Bitcoin.

Yearn.finance’s YFI token achieved the all-time high on August 20, and it hasn’t looked back since. At press time, it was trading at $23,612, over $4,500 above the price of Bitcoin. Some analysts predict that the YFI price could hit a price of $34,500 if it continues to hold above its 100-day simple moving average.

Despite flipping Bitcoin, YFI’s market cap stands at just $662,441 compared to BTC’s at $353 billion. This is because the token’s total supply stands at just 30,000. As cryptocurrency investor Ian Lee explained recently, the flipping is not as significant.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

Comments are closed.

Suivez nous sur la Lune!

Send this to a friend