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DeFi protocol Yearn Finance acquires $408,000 worth of YFI DeFi protocol Yearn Finance acquires $408,000 worth of YFI

DeFi protocol Yearn Finance acquires $408,000 worth of YFI

The acquisition was made as part of a periodic, planned buyback.

DeFi protocol Yearn Finance acquires $408,000 worth of YFI

Cover art/illustration via CryptoSlate

Yearn Finance has acquired over 8.15 YFI as part of a planned buyback, it announced in a tweet yesterday. An average of $408,000 was paid by the team for the holdings.

โ€œYearn has purchased an additional 8.15 YFI for $408K at an average price of $50,121 per YFI,โ€ the team wrote on Twitter.

The buybacks are a result of the โ€œYIP-56โ€ proposal called โ€œYIP-56โ€ that brings more value to the ecosystem by using YFI staking rewards to buy back YFI on the open market. The firm had recently even picked up $1 million worth of YFI, and continues to do so.ย 

โ€˜Banteg,โ€™ Yearnโ€™s pseudonymous core developer, said yesterdayโ€™s amount included two previous, smaller buybacks that weren’t announced. โ€œThe last one was at $60k,โ€ they wrote.

YFI 101

Yearn Finance, for the uninitiated, is a decentralized finance (DeFi) project is a yield aggregator for various lending platforms that rebalances for the highest yield during contract interaction.ย 

Itโ€™s one of the most highly-valued crypto protocols and is worth over $2.6 billion as of Tuesday. Only 36,666 YFI, the platformโ€™s token, exist on the open market, allowing holders to โ€˜governโ€™ the platformโ€™s future technological and growth decisions.

Meanwhile, the latest buyback came days after the total dollar value of assets locked (TVL) on decentralized finance (DeFi) platform Yearn.Finance exceeded $4 billion.

As CryptoSlate previously reported, the increase from $2 billion to $4 billion took only 32 days for Yearn, against taking 226 days for the platform to grow its TVL from $1 billion to $2 billion in the past.

YFI trades at $72,000 at press time, as per CryptoSlateโ€™s coins data page.

Posted In: , DeFi

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