YFI, the original branding of the financial giant DeFi (Decentralized Finance), has reached a new high. It rose 30% from $ 14,017 to $ 18,169 in the last 12 hours, as pricing began.
The term pricing refers to the point in time when an asset reaches a new record high and the markets move to a new high. YFI entered a price for the first time in 8 days after hitting a previous high of $ 16,666.
New Partnership Advice, Aave List, Powerful Technologies
There are three factors that are likely to take YFI to a whole new level: a potential new partnership, and robust Aave-based technologies.
On August 28, the YFI AF (LEND) Capital Market Protocol was adopted. Aave is the largest DeFi protocol in the global market, valued at over $ 1.52 billion.
As Cointelegraph previously reported, Aave received approval from the UK Financial Conduct Authority, which also ensured Aave’s dominance in the DeFi market. Jordan Lazaro Gustaf, Aave Operations Manager, told Cointelegraph:
“Aave will also enable credit delegation where Party A can delegate its credit limit to Party B, who can take out loans. All of this will be possible under a legal agreement through OpenLaw. For example, a loan officer could be a party wanting more. From configuration “. For loans, the borrower can be a company, NGO, government, institution, etc. ”
Although yearn.finance was a major DeFi protocol valued at around $ 1 billion, Aave’s addition could drive YFI.
At the top of the new list, general financial developer André Crony said he is working with FTX CEO Sam Bankman-Fried.
FTX, one of the largest exchanges for cryptocurrency derivatives, has formed various partnerships over the past few weeks. Help start a Decentralized Exchange (DEX) called Serum and acquire a Blockfolio.
A potential collaboration between FTX and developer Cronje yearn.finance is in line with FTX’s activities in the DeFi market and in DEX.
“The cat is probably out of the bag, but until there is managing expectations, that’s a long roadmap we’re working on. So there will be nothing soon. But there will be something very exciting ahead of us.”
It can also be said that Yearn.finance is less than other major DeFi protocols, which are worth a billion dollars. For example, Synthetix is valued at over $ 600 million, but less than the locked down value from Public Funding.
The launch of active products from Yearn.finance is boosting YFI’s momentum
Last month, yearn.finance and its lead developer Cronje released various products ranging from safes to decentralized insurance.
For example, Yearn.finance announced the launch of yinsure.finance, one of the first token insurance services in the DeFi space, alongside Nexus Mutual.
Popular venture capital investors such as Kelvin Koh of Spartan Black and Fred Ehrsam of Paradigm said DeFi Insurance has the potential to become a multi-billion dollar market.