After the $15 million hack, many YFI holders sold their tokens, and YFI was down by over 6 percent after the bug was announced. Target at least $10k range, but horizontal support down there is at $6k.”Īround a week earlier, Andre Cronje, the founder of Yearn.finance has deployed a series of new contracts relating to a new game called Eminence Finance, which later led to a massive loss in capital due to a bug.Ī user withdrew $15 million worth of DAI from the contracts, although the user put in much less. If the Ethereum-based token breaks beyond this level, Yearn.finance could be valued lower than Bitcoin’s current price, plunging towards $6,000. The massive sell-off of YFI has been affected by the sell-side pressure from its perpetual swaps on platforms including FTX exchange.Ī crypto analyst pointed out that YFI’s next support level to look out for is at $10,000. Yearn.finance’s price is currently at its lowest period since it peaked at highs at over $40,000.

Yearn.finance’s 圜RV/yUSD vault, is offering around 15 percent of an annualized yield, which is a large difference from the 60-100 percent offered previously. Venture capital firms have launched industrial-scale farms, which led to a halt in the DeFi farming industry. In the past few weeks, Ethereum-based coins have been dropping due to the yields offered to users through farming have plunged.

This will then enable high-yield interest where more token rewards are earned by the user. YETH was launched as a part of Yearn.finance’s yVault strategies, which are a set of predefined actions that allow users to deposit funds and automatically send them to liquidity pools. The yETH vault enables the process of seeking the best returns for yield farmers, pooling funds to reduce Ethereum gas fees. Yearn.finance’s yETH vault, its core product was launched in early September. YFI, which is based on Ethereum, has faced a huge plunge as the users of Yearn.finance’s vault’s returns have been facing a strong drop. YFI is currently trading at $18,009, according to CoinGecko, and has seen a 41 percent loss in the past week. Bitcoin has been able to gain 0.7 percent in the past 24 hours. He was Chairman of the Fantom Foundation and served as the project’s technical (YFI) has faced a steep correction lately and has been one of the worst performers in the top 100 cryptocurrencies. The account, which has now been deleted, tweeted about the developer returning to the industry, leading to a brief pump for FTM-related tokens.Ĭronje is widely hailed as the father of DeFi and is credited with developing several projects, including Yearn Finance, Keep3rV1, PowerPool, SushiSwap, PowerPool, CreamV2, etc.

In July, Cronje denied he was behind an account masquerading as him on Twitter. His verified Twitter account also shared a tweet that implied he was back in the industry - all of these have sparked speculation that Cronje has finally returned. YFI price has rallied more than 160 in November, touching a high of 15,591. The move comes as investors liquidated their YFI holdings amid the recent selloff in the border crypto market. iamdefinitelyandre.ftm November 3, 2022 In a surprising move on November 18, Yearn.finance (YFI) fell 45 within hours, losing most of its recent gains. However, earlier today, Cronje updated his LinkedIn to the Vice President of Memes at the Fantom Foundation, adding that he started the position this month. The blog post divided the crypto community, with some arguing that it was not from him. The DeFi developer also used the opportunity to call for more regulatory reforms. Rumors of Cronje’s return began last week when he published a medium post discussing the various issues that led to the recent market meltdown. The total volume of assets locked in Fantom also reacted positively to the speculation, rising 3.10% in the last 24 hours to $517.22 million. FTM traded over $0.40 in early August however, the asset experienced a market downturn that pushed its value to as low as $0.19 on Oct 13. The price movement continues the asset’s recent upward trend, which had seen it rise by 25% in the last seven days and over 20% in the previous 30 days. Fantom ( FTM) is up 24% over the last 24 hours to $0.27 amid rumors that DeFi trailblazer Andre Cronje is returning to the industry.

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