Yearn Finance token surges above $90,000 after Woofy release

The DeFi project token yEarn Finance (YFI) hit an all-time high around $95,000 after the Woofy cryptocurrency release. In 24 hours, the digital asset rose by more than 25%.

As of writing, the asset was trading at around $83,527. The token ranked 56th in CoinMarketCap’s ranking with a market capitalization of $3.046 billion.

According to DeFi Pulse, over the last 30 days the value of funds locked on the yEarn Finance platform rose by 67% to $4.36 billion. Over the same period the broader DeFi market rose by 53%.

Earlier, the project’s lead developer under the handle banteg introduced the Woofy token, which has a two-way peg to YFI and a low price. The asset trades on the decentralized exchange Uniswap.

Introducing Woofy

The blue dog companion token of Wifey utilizes special Woof technology which allows two-way conversion between the two. That means you can be exposed to a lighthearted dog coin and the DeFi darling blue chip at the same time.https://t.co/cTpzfQvo2c pic.twitter.com/rkm4R2AsWo

— banteg (@bantg) May 11, 2021

According to the GitHub repository, banteg provided a function to convert YFI into Woofy and back. The token is based on the Ethereum blockchain.

“The ratio is always 1 YFI = 1,000,000 WOOFY. Woofy is always fully backed by YFI,” the developer said.

In February, Grayscale, the digital assets manager, registered a trust for yEarn.Finance, after which the token rose more than 35% in two days.

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