The Yearn.Finance project seems to be consolidating. The community voted on several key changes to the protocol, and the YFI price has exploded in recent days.
YFI explodes amid changes for Yearn.Finance
The YFI price explosion is not simply due to the Bitcoin bull run (BTC) , which recently surpassed $ 16,000. The Yearn.Finance protocol seems to be consolidating, after spending several months in the headlines thanks to the very significant volatility of its YFI asset.
Recently, Yearn.Finance users voted to pass a key proposal: YIP-54. The latter clarifies the means that Yearn.Finance can fund itself , by allowing community members to audit protocol spending on a quarterly basis. This “Operation Fund” will also have an influence on the price of the YFI. It may indeed buy back YFI or other assets if it considers it necessary. The measure was 99% approved.
Other changes for Yearn.Finance include YIP-52, which increased the rewards for Yearn.Finance smart contract managers. The latter develop strategies for the “vaults” of the protocol. The project has also shown that it wants to be monitored more effectively: the YIP-53 has enabled the launch of the yAcademy , which aims to audit Yearn.Finance contracts .
YFI price targets $ 20,000 again
All of this has therefore helped to support the progress of the YFI, the governance token of Yearn.Finance. It must be said that it was showing signs of weakness so far: it touched $ 7,300 a few days ago, after competing with the price of Bitcoin (BTC) during the summer.
But the YFI has now started a bull run: it has exploded over the last ten days and this morning exceeds 18,000 dollars. In less than a week, he took + 163% :
He has since moderated his ardor slightly: from 19,350 dollars, it has come down to 18,430 dollars this morning. He is now tackling a crucial level: that of $ 20,000. It has not reached this threshold since the beginning of October, because it had plummeted for a month and a half . However, the YFI stood out for its extreme volatility during its short months of existence. It is therefore not guaranteed that it will maintain these levels.