Shaurya Malwa · 8 hours ago · 2 min read
News › Ethereum › DeFi
SUSHI surges 30% to multi-week highs after massive Yearn.finance (YFI) partnership
While many expected Bitcoin to steal the show as it has set a new all-time high, this has not been the case: unlike in October, altcoins have matched BTC’s rapid ascent over recent days, moving in tandem with the lead cryptocurrency.
No coin has shown this quite as well as SushiSwap’s native SUSHI token.
As CryptoSlate market data shows, the coin is up 24 percent since the trading session began and up around 35 percent in the past 24 hours. This makes it by far the best-performing digital asset in the top 100 by market capitalization.
SUSHI now trades for $1.90, its highest price since early September, just after the “rug pull.”
This rally is more than just a technical one, despite SUSHI forming a technical bottom.
The DeFi coin’s rally comes as it has been revealed that SushiSwap is joining forces with another top Ethereum-based protocol Yearn.finance (YFI) to realize crucial synergies. This is the latest in YFI’s acquisition/merger moves to bolster its products and the strength of the DeFi ecosystem as a whole.
SushiSwap and Yearn.finance team up
SushiSwap has faced a number of setbacks since its launch, though over the past few weeks, its fortunes have reversed as the market has begun to realize that the decentralized exchange is making a place for itself in the DeFi space.
Acknowledging this, Andre Cronje, founder of Yearn.finance, announced that his team will be joining forces with the SushiSwap team to realize key synergies:
“As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets. With these overlaps, more and more work started to become mutualistic, and at this point, it makes to take the relationship to the next level.”
Yearn x Sushi 行ってきます https://t.co/0sYZowfXsf
— Andre Cronje (@AndreCronjeTech) December 1, 2020
For context, Yearn.finance is a multi-faceted DeFi ecosystem with a focus on yield farming and now, decentralized exchange. SushiSwap is a fork of Uniswap, the first widely-used decentralized exchange, that is looking to differentiate itself with a community focus and new lending products.
Through this merger, SushiSwap will help the Yearn team develop Andre’s new project, Deriswap. Deriswap is a new project that will allow users to trade, access financial derivatives called options, and take loans all in one platform.
The two groups will also work together on an array of public and stealth DeFi projects to bolster the ecosystem.
While SUSHI is surging on this news, YFI is only up eight percent in the past 24 hours.