DeFi token Yearn.Finance (YFI) has soared nearly 50% in the 24-hour period leading up to press time.
What Happened: YFI traded 47.38% at $88,287.37 at press time on Tuesday night. On a seven-day trailing basis, the coin has risen 68.07%.
See Also: How to Buy Yearn.Finance (YFI)
Other DeFi tokens that saw rises included QuickSwap (QUICK), which is up 79% in a 24-hour period at $1,268.26 and SushiSwap (SUSHI) which rose 24.01% in the same period to $17.73.
The apex cryptocurrency, Bitcoin (BTC), traded 4.34% higher at $57,069.94 at press time.
In a 24-hour period, YFI touched an intraday low of $57,360.58 and a high of $93.435.53, which was also an all-time high level.
Yearn.Finance was launched in February 2020 and formerly known as iEarn. The aggregator service for DeFi investors uses automation to allow investors to maximize profits from yield farming.
Why It Matters: Rich Rosenblum, co-founder of crypto market maker GSR, attributed the current spike in YFI to ease of use, reported CoinDesk.
Rosenblum compared YFI and its founder Andre Cronje with Tesla Inc (NASDAQ:TSLA) and its CEO Elon Musk.
“It’s been the Tesla of self-driving investment management,” said Rosenblum — adding, “Crypto moves a lot faster than autos, and others are hot on the trail.”
It is notable that both Musk and Cronje have South African origins.
The total value locked in Yearn.Finance in the last 30 days has soared from $2.68 billion on Apr.14 to $4.33 billion shortly before press time, according to DeFi Pulse.
Total Value Locked In yearn.finance over last 30 days, as per DeFi Pulse
Stani Kulechov, CEO of AAVE (AAVE), had high praise for Cronje. He pointed out that the Yearn.Finance creator “doesn’t care too much about the financial aspect.”
“Even if he cares, he won’t care that much. It’s more about products – creating something and people saying: ‘That’s cool.’ He’s a builder at heart,” said Cronje, CoinDesk reported separately.
Cronje reportedly did not reserve any tokens for himself when YFI was dropped.
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