Crypto NewsEthereum (ETH)

DeFi Altcoin on Ethereum recovers 50% in just two days, outperforming sideways-facing crypto markets

An altcoin that helps holders generate returns sees its own value rise even as the broader crypto markets try to shake off a recent slump.
Decentralized Financial Protocol (DeFi) Yearn.Finance (YFI) offers credit and trading services so users can optimize their crypto asset returns.

The price of the YFI token rose 50% practically overnight after the word got around that Yearn went on a big shopping spree to buy back its own token.

Yearn says in a tweet to his 159,200 followers:

“Yearn bought YFI on the open market for $ 7,526,343. We received 282.4 YFI (0.77% of total supply) at an average price of $ 26,651.

More YFI was bought back last month than last year. “

Yearn reports that its treasury now holds over $ 45 million and intends to make additional buybacks in the future.

In the investment world, companies often buy back when they believe their stocks are undervalued or to reward existing owners by reducing the overall supply available.

The move pays off for them Ethereum-based protocol. YFI’s price has jumped from a weekly low of $ 18,877 on Wednesday to $ 28,802 at the time of writing, including a nearly 20% increase on the day.

When Yearn first launched in July 2020, the YFI token was worth around $ 30, then rose to a staggering valuation of over $ 90,000 in May, before hitting $ 33,000 in days crashed.

Like most crypto markets, YFI has seen choppy price movement over the past few months.
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Source: Crypto News Deutsch

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