The crypto miracle — YFI and its incredible growth
Without any doubt, decentralized finance (DeFi) is the hottest sector in the cryptocurrency industry. It grew from below 1 billion dollars around March lows, to over 6,3 billion dollars around press time according to Defipulse. We have seen the parabolic increase of projects such as Curve, Uniswap, MakerDAO, Compound or Aave. Moreover, the number of projects in this sector has drastically increase and it brought into the world some gems that had literally “skyrocketed to the moon.” The best example of this is the project yEarn.finance (YFI).
100 dollars = 40 000 dollars
What might look like a joke or a terrible scam, is actually true. Only 100 dollars invested in yEarn.finance in mid-July would right now be worth well over 45 000 dollars (yes, that is right!). This is an increase of over 32 000% in just one month, leading to average daily increase of over 1 000%.
These numbers might not even look real, but the truth is that the YFI token (yEarn.finance) was at price of only 32 dollars in mid-July and now is selling higher than Bitcoin. To be more precise, its above Bitcoin by more than 3 500 dollars, as the current price of YFI is 15 500 dollars, where is Bitcoin is only fighting to get back to 12 000 dollars.
Total capitalization of 9,3 million dollars that was visible during July is now well forgotten. Currently sitting on the market capitalization of over 460 million dollars according to Coinmarket cap, the YFI is one of the highest placed DeFi projects according to the cryptocurrency market capitalization (at 40.position). However, according to the Defipulse website the market capitalization of the project is over 730 million dollars. The difference is that the Defipulse is looking at the value locked in the whole project, which makes the growth of YFI look even more staggering.
Whatever the real market supply is, is not as important as what does this project represent. YEarn.finance is by far the biggest and most visible bubble in the sector or maybe even in the whole financial industry (even with Tesla over 2 000 dollars). With supply of only 30 000 YFI, the scarcity is the biggest pro of yEarn.finance. However the project does not seem to do much more at present time, which was actually openly admitted by the founder of yEarn.finance. Andre Cronje told that the value of the token is 0, which only highlights the excessive bubble in which this project currently is.
Fun Grams´ social platform for connecting everyone
This project is definitely one of the biggest miracles of this year. Growing on average by 1 000% day well over one month is something that was probably never seen before. However, the problem with the project is that it is valueless and therefore, its price high above the price of Bitcoin really does not make any sense.
What is even more shocking is the fact that cryptocurrency enthusiasts, mainly newcomers to the sector, are still willing to invest in this project, because they believe it can make them a profit. However, after such an incredible performance, YFI is going to lose its value. It is impossible for “valueless token” to be this high for long period of time.
That is one of the reasons, why everyone should be extremely cautious when investing in such a hot and new sector. Sometimes, the only thing that is needed to make the investor aware of the situation with any project is the right environment. And that is exactly what Fun Gram offers.
In Fun Gram, investors, traders and cryptocurrency enthusiasts can all join together on one of the most intuitive, progressive and easy-to-use social platform in the cryptocurrency sector. The accent within Fun Gram is firstly on the safety of the users, but more importantly, on the easy-to-use interface, which combines elements of blockchain technology, consensus mechanism and encryption to ensure the highest satisfaction of the users possible.
Moreover, Fun Grams´ objective is to create social platform that will help like-minded people to get in touch as well as to share their ideas and knowledge. The platform will be also used by the experts in the field, which will not only increase the credibility of the project, but also highlight the potential of being informed about projects just as YFI to get the best chance to invest in them at the right time.