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What a weekend for DeFi

Gareth Jenkinson by Gareth Jenkinson
2nd October 2020
2 min read
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What a weekend for DeFi

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The closing weekend of August will go down as a massive one for the Decentralized Finance space as the market surpassed $7bln in value locked into platforms making up the ecosystem.

It has been a month to remember in general for the DeFi environment but this weekend has capped off a phenomenal year for the space that is seemingly shaking the cryptocurrency and finance space.

The overall Decentralized Finance space has locked in a total value in excess of $7bln according to data from DeFiPulse and DAppTotal – with the threshold of $7bln being crossed in just the past 24 hours.

YFI smashes past Bitcoin’s all-time high

The weekend’s DeFi focused headlines were dominated by the sky-shattering bullrun of yearn.finance’s YFI token. YFI surpassed Bitcoin’s all-time high of $20000 on Saturday and left that far below as it eventually soared as high as $38000. The gains were more than a 75% increase in value in just 24 hours.

As Cointelegraph reported, the astronomical surge in value saw the yearn.finance token’s market capitalization move above $1bln.

The yearn.finance platform aggregates yields for different decentralized finance lending platforms to give users the highest possible yield for different DeFi tokens.

Users can use the platform to deposit $DAI, $USDC, $USDT, $TUSD, and/or, $sUSD and earn interest on staking their tokens.

The platform is delivering a number of innovative DeFi products to users which has been touted as the main drivers behind its massive success over the past 4 weeks.

‘Greed’ could be driving DeFi

While the numbers will tell the general public that things are booming in the DeFi space, some of the people behind the biggest projects have given some poignant insights into the current climate at this weekend’s Smart Contract Summit.

Yearn.finance founder Andre Cronje delivered an interesting insight during a panel discussion, saying that early adopters were guilty of being greedy due to the sheer amount of money being made from DeFi projects.

“I think the reason there is such a massive influx of money right now is because people are making money in insane amounts,” Cronje was quoted by Decrypt.

Tags: Decentralized FinanceDeFiYearn.FinanceYFI
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Gareth Jenkinson

Gareth Jenkinson

Gareth is a radio presenter and an award-winning sports journalist based in Johannesburg, South Africa. Away from his love of all things sport, he’s been covering the cryptocurrency and blockchain space since 2017.

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