The Yearn Finance (YFI) ecosystem is once again showing signs of life
Yearn Finance’s transaction count hit a new all-time high of 11.3k on the 7th of November
YFI has rebounded hard from a local low of $7,450
YFI value has once again exceeded that of Bitcoin at its current rate of $18,400
From the beginning of Q4 2020, popular DeFi tokens such as Yearn Finance (YFI) have been continuously losing value as Bitcoin stole the show and posted a 2020 high of $15.950 on the 6th of November. Bitcoin is currently experiencing sideways movement that has provided the ideal environment for DeFi tokens to once again bounce back from what seemed like a never-ending downward spiral.
Yearn Finance (YFI) Transaction Count Hits New All-Time High of 11.3k
In the case of Yearn Finance (YFI), the DeFi token has had a rough few weeks after posting an all-time high of $43,873 on the 12th of September. From that record-breaking day, YFI continued to lose value and posted a local low of $7,450 on the 5th of November.
Two days later, and on the 7th of November, Yearn Finance’s transaction count hit a new all-time high of 11,3000. This event was captured by the team at CoinMetrics who explained that the increased YFI activity could be a sign of a DeFi resurgence.
Decentralized finance (DeFi) is showing signs of life. After declining over the last few months, yearn.finance (YFI) transaction count hit a new all-time high of 11.3K on November 7th.
With ETH pumping, DeFi could be in store for a resurgence, although it remains to be seen whether we will ever return to the days of peak DeFi mania.
The team at Coinmetrics demonstrated the increased transaction activity on Yearn Finance (YFI) via the following chart.
YFI Value ‘Flippens’ That of Bitcoin Once Again
Since posting a local low of $7,450, Yearn Finance (YFI) has bounced hard and is currently trading at the $18,400 level. This means YFI has increased in value by 146% in less than a week. Furthermore, YFI’s value has exceeded that of Bitcoin at the current BTC rate of $15,374.
In conclusion and reiterating the analysis by CoinMetrics, Yearn Finance (YFI) has generally been used as an indicator of the overall health of the DeFi realm. YFI exceeding Bitcoin in value and Yearn Finance transaction count hitting a new all-time high could be two sings that the DeFi industry is once again ready to wow us in the days and weeks to follow.