YFI Continues to Tank, Wiping Out All the Gains It Made Since August

YFI is not having a good day.

As a matter of fact, the popular DeFi token didn’t have a good week or month either.

Falling out of the top 50 coins, YFI is currently trading around $8,500 down 12.50%, slightly up after falling under $8,445 today.

In the past seven days, YFI has actually been the biggest loser among the DeFi tokens with 32% losses. Meanwhile, in the past 30 days, YF’s price went down 55%.

“YFI is the worst performing coin of the last 7 days among the top 100 coins. That’s quite an achievement,” commented trader Alex Kruger on this downslide.

YFI is the same coin that leveled the price of Bitcoin in mid-August only to hit $20,000 before BTC, which is currently under $14,000.

This is the same coin that surged past $44,000 in mid-September to its all-time high, and since then, it has only been going down.

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Some are still calling for more pain ahead for this DeFi darling, with one trader saying “capitulation around the corner,” targeting $7,500.

When it comes to the Yearn.Finance protocol, the amount of funds locked in it is also on a decline, which started around the same time the price of the token started crashing.

From about $952 million on Sept. 1st, the TVL in Yearn.Finance went down to almost $330 million on Oct. 28. Currently, it is trying to make it back to $400 million, as per DeFi Pulse.

The amount of Ether locked in the project has also fallen to a mere 55.4k ETH from over 323k in early Sept. besides 51 million DAI and less than 2 BTC.

Amidst this, today, its team announced the integration of Yearn yVaults into Frontier’s interface, which means “users can now seamlessly Track and Manage their vault positions with Frontier Mobile interface.”

Meanwhile, the project creator Andre Cronje is busy with the latest project, Keep3r Network, whose token KP3R is currently trading around $130, down 27% in the past 24 hours. The token hit its ATH the day after its launch at $366.

After all, last month, he had explained that Yearn is more than just him. The project now has its own team, which is “far more skilled and capable than I am,” he had said.

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Author: AnTy

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