On Tuesday, August 18, the price of the DeFi platform token yEarn Finance (YFI) surged on the Binance exchange to $12,800. At the same time, Bitcoin was trading just above $12,200.
The maximum weighted average price of YFI, according to CoinGecko, was $11,275.88.
After the price spike, the token’s quote fell sharply. At the time of writing the asset was trading around $10,130, a daily rise of about 48%, monthly — 1,300%.
The reason for YFI’s rapid rise is that more than 60% of the token’s circulating volume has been locked in pools of various DeFi projects.
On Monday, August 17, yearn.finance founder Andre Cronje announced the launch of a new product – yinsure.finance, which will be “a prototype of a new kind of tokenized insurance.”
The launch of yinsure.finance is expected within the coming weeks. The service will be based on decentralized mechanisms, where insurers will be liquidity providers, and users will pay a percentage on their assets for the service provided. The first asset available for insurance will be the stablecoin USDC.
Meanwhile, the cryptocurrency Chainlink (LINK) continues to attract attention and, over the past 24 hours, has shown notable volatility. On Monday, August 17, the price rose to $19.54, slightly short of the previous day’s all-time high of $19.83.
During the night of August 18 came a sharp fall: in less than an hour LINK dropped to $16.57. At the time of writing the asset was trading around $17.
Despite the drop, the price gain over the week stands at 27%, over two weeks — more than 86%. Chainlink remains in fifth place among cryptocurrencies with a market capitalization of over $6.5 billion.
Last week, Chainlink overtook Bitcoin Cash in this metric.
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