The altcoin YFI, which allows its owners to generate income, is showing a rise in value, while the rest of the crypto market is only trying to recover losses from the recent downturn.
Yearn.Finance’s DeFi Protocol (YFI) offers lending and trading services, allowing users to optimize their crypto asset revenues.
After information appeared that Yearn was actively buying back its own token, in a short time the price of the YFI token rose by 50%.
Yearn’s Twitter account, which has 159,200 followers, posted the following information:
Yearn acquired YFI on the open market for $ 7,526,343. We received 282.4 YFI (0.77% of total supply) at an average price of $ 26,651.
For the last month YFI more was bought than in the entire previous year.
Yearn says it currently holds more than $ 45 million in its Treasury and plans to make more buyouts in the future.
In the investment world, companies often buy back when they believe their shares are undervalued or to reward existing holders by reducing the total available supply.
As we can see, for the Ethereum-based protocol, this step has paid off in many ways. The price of YFI rose from a weekly low on Wednesday at $ 18,877 to the current $ 31,286, and only for today, the growth was 14%.
When launched in July 2020, the YFI token was worth about $ 30, in May of this year it skyrocketed to a staggering $ 90,000 valuation, then plummeted to $ 33,000 within a few days.
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