YFI, the native token of the decentralized finance giant (DeFi) yearn.finance, reached a new historical record. It shot up by 30% in the last 12 hours from USD 14,017 to USD 18,169, entering the price discovery.
The price chart of yearn.finance’s YFI in the last two weeks
The term price discovery refers to when an asset reaches a new record and markets seek a new peak. YFI entered price discovery for the first time in 8 days, after reaching its previous peak at USD 16,666.
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An indication of a new partnership, inclusion in Aave, strong techniques
Three factors probably triggered YFI’s rebound to a new historical high were a potentially new association, an inclusion in Aave and a strong technique.
On August 28, the Aave money market protocol (LEND) included YFI in its list. Aave is the largest DeFi protocol in the world market, with over USD 1.52 billion in total insured value.
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As Cointelegraph reported earlier, Aave received approval from the UK’s Financial Conduct Authority, further ensuring Aave’s dominance over the DeFi market. Jordan Lazaro Gustave, Aave’s chief operating officer, told Cointelegraph:
“Aave will also make credit delegation possible, where party A can delegate its credit line to party B, which can borrow in return. All this will be possible thanks to a legal agreement through OpenLaw. For example, a credit delegate could be a party that wants to accumulate more credit, and a borrower could be a company, an NGO, a government, an institution, etc.”
Although yearn.finance has been an important DeFi protocol with nearly $1 billion in blocked value, inclusion in Aave could further boost the price of YFI.
At the top of the new list, yearn.finance developer Andre Cronje said he is collaborating with FTX CEO Sam Bankman-Fried.
This DEX ignores the “production test” attitude of other DeFi companies
FTX, one of the leading exchanges of cryptomoney derivatives, has been leading several partnerships in recent weeks. It supported the launch of a decentralized exchange (DEX) called Serum and acquired Blockfolio.
A possible collaboration between FTX and yearn.finance developer Crypto Trader is in line with FTX’s activity in the DeFi and DEX market.
“I guess the cat is out of the bag, but for some expectation management, this is a long plan we are working on, so it won’t be anything soon. But there will be something very sexy in the future.”
It can be said that Yearn.finance is also valued lower compared to other major DeFi protocols with a value of $1 billion stored. For example, Synthetix is valued at more than USD 600 million, but has less insured value than yearn.finance.