Yearn.Finance Soared 10% On V2 Vault Teaser: Price Analysis
Yearn.finance soared 10% on the v2 vault teaser in one hour after it was announced on Twitter so let’s read more in today’s altcoin news.
One developer working on the v2 vaults said:
“After 4 months and 8 design iterations, v2 Vaults are finally live! So proud to see this extensive redesign in action! All part of the larger v2 redesign of Yearn. A lot of moving pieces all coming together at last!”
Yearn.finance soared 10% on the v2 vault announcements as users ever more interested in it now. YFI is essentially an interface to all of the Defi as it allows users to access yield-generating products in the ETH ecosystem and all of that is in one platform. Vaults are a popular product in the YFI ecosystem that deploys various strategies to maximize yield for the users that stake holdings in the vaults as the official YFI document reads:
“Vaults employ strategies to automate the best yield farming opportunities available. They were designed so that the community could work together to build new strategies to find the best yield.”
— yearn.finance (@iearnfinance) January 18, 2021
V2 vaults allow the YFI users that have high yield-earning opportunities alongside different improvements to the V1 vaults. The pseudonymous trader Hsaka predicted that the YFI price will rise dramatically when the v2 vaults are completed as he wrote:
“I don’t know how any of this concludes, and am pretty apathetic at this point, but the parabolic rise in shitposting from Andre/Banteg makes me think the work on v2 is all but done and about to be deployed soon.”
On top of this positive market sentiment, the v2 vault release finally gave the needed momentum that YFI needed in order for it to start a new rally. It placed YFI close to a price discovery which usually occurs when the price of the coin reaches a new all-time high. Right now, the record-high of YFI is set at $44,000 on Binance which is 10% away from the daily high. Analysts from IntoTheblock noted that the YFI rally made the crypto worth more than BTC while there’s still a huge discrepancy in the market cap since the supply of BTC is fixed at 21 million as the price parity is more symbolic than anything else.
About 82% of the YFI holders are “in the money” according to the analysts which shows a positive market sentiment and a newly formed bull cycle:
“The Yearn flippening happened again. One YFI is now worth 1.05 $BTC. The price @iearnfinance token $YFI increased by 7.49% and briefly touched the $40,000 mark again. On-chain facts: – 82% of the YFI holders are in the money – 21.17k addresses with a balance in YFI (highest).”