The yEarn Finance clone token has devalued, failing to attract the original’s hype

The yffi finance (YFFI) token lost 99% of its value in two days. Another ‘copy’, yfii finance (YFII), fell 87.6% from the peak set three days ago. The original yEarn Finance (YFI) remains stable amid the collapse of imitators.

Price dynamics of yffi finance (YFFI). Source: CoinGecko

Dynamics of yfii finance (YFII). Source: CoinGecko

The creator of another yEarn fork — Asuka.Finance — was even accused of an exit scam. A well-known member of Korea’s crypto community, Chonchan Jung, described his project as ‘Dogecoin among DeFi tokens’.

The yield farming project yEarn Finance has recently sparked considerable buzz. In just a week since launch, the YFI token, which, according to the description, has zero financial value, jumped from $34 to $4,500. After that it rapidly declined, losing almost a third of its value in a day. However, as of now, YFI has recovered to $3,950.

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Despite the highly experimental and high-risk nature, as the project’s creators themselves say, yEarn Finance sits in eighth place on DeFi Pulse’s ranking. The amount of assets locked in the protocol amounts to $217 million (at its peak the figure reached $350 million).

As shown by the trading of YFII and YFFI tokens, imitators could not replicate a hype wave comparable to yEarn Finance. In the second case, even a classic Pump & Dump scheme failed.

After the weekend, DeFi tokens generally show mixed dynamics. The algorithmic coin Ampleforth (AMPL) has also drawn attention. Over the last 24 hours its price collapsed by 21%. The flagship of the DeFi sector, Compound (COMP), is near the close of the previous day. Over the last two weeks the token has lost a quarter of its value.

Forklog regularly publishes a DeFi bulletin.

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