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DeFi darling Yearn.Finance surges to $4 billion TVL, launches WOOFY coin

The platform introduced its own dog-themed token, allowing "YFI holders to woof into WOOFY." Yes, seriously.

DeFi darling Yearn.Finance surges to $4 billion TVL, launches WOOFY coin

The total dollar value of assets locked (TVL) on decentralized finance (DeFi) platform Yearn.Finance has exceeded $4 billion, according to an announcement published today.

Yearn.Finance comprises several protocols on the Ethereum blockchain that help users automatically optimize their yields earned on crypto via lending and trading services.

In its turn, TVL represents the total current value of all assets that are being locked up—or staked—on a DeFi platform. Notably, this metric can grow in two ways: actively via new assets being added to a project or passively as the market price of these assets increases.

According to crypto analytics platform DeFi Pulse, Yearn.Finance is currently ranked 10th among the largest DeFi platforms with a TVL of $4.37 billion. Meanwhile, there is $88.7 worth of assets across the whole sector.

Notably, it took only 32 days for Yearn’s TVL to increase from $2 billion to $4 billion. By comparison, it took 226 days for the platform to grow its TVL from $1 billion to $2 billion in the past.

At press time, the top five largest DeFi projects are MakerDAO ($15.8 billion locked), Aave ($12.28 billion), Compound ($11.89 billion), Uniswap ($8.25 billion), and Curve Finance ($8.19 billion).

“Woofing into WOOFY”

According to the announcement, Yearn also decided to capitalize on the ongoing “pet tokens” craze by launching its own animal-themed coin called WOOFY, a “blue dog companion” to the project’s token YFI.

“Holders of YFI can ‘woof’ into WOOFY by using the user interface at Woofy.Finance. By ‘woofing’ into WOOFY you exchange your YFI token for WOOFY at a rate of 1 YFI : 1,000,000 WOOFY,” the developers explained.

To switch their tokens back, users will be able to use a special button to “unwoof WOOFY back to YFI.”

“Some users in DeFi have expressed concern that the YFI token is very expensive, therefore, WOOFY enables people to gain exposure to YFI using a much smaller unit of account,” Yearn noted.

Meanwhile, “Dogecoin killer” Shiba Inu has corrected back $0.00002216 from its yesterday’s all-time high of $0.0000388, which resulted in traders losing $46.5 million on the first day of SHIB futures trading. Because in the crypto market, it is very important to unwoof in time.

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