BitMEX CEO backs YFI to hit $100,000


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Arthur Hayes, the Bitmex CEO, has lent his support for Yearn Finance(YFI) as he backs it to reach $100,000 soon.

One cannot but admire the resilience shown by Yearn Finance as it has grabbed the headlines in the crypto market to make very massive price jumps. Presently, the token has made a move to a region below 39% in just a day as its price already moved to $39,000 on Binance exchange. 

With the move, the crypto industry experts and enthusiasts have given their support to the coin as they have backed it to make quick price surges. One of those is Arthur Hayes, CEO of the budding exchange, BitMEX who has backed the token to reach $100,000 in the coming months.

YFI makes 39% price jump in a day

Notably, Yearn Finance is the name of the governance token of the Yearn Finance platform and it was launched around the end of July this year. Immediately the protocol was launched, investors stormed in intending to make massive profits via yield farming coupled with the increase recorded in the DeFi sector. 

After rounds of fair distribution, YFI leapfrogged major projects to become the most expensive in the DeFi sector. Presently, the token has displaced the value of Bitcoin and is moving steadily towards the $40,000 mark.

YFI makes a massive move in total value locked

Presently, Yearn Finance is trading at $32,000 after it underwent a price correction earlier today. If it has not impacted anything at all, it has brought key crypto figures to its side as it continues to make positive price runs. 

Presently, the total value locked down of YFI has reached $1 billion from the small $7 million figure it recorded at the start of August. Another coin that has caught the interests of investors is the YFII, which is a clone of the YFI coin. 

Presently, the YFII is trading a little above $5,000 which signifies a 300% move in one day. With key moves like this, it shows that the DeFi sector boom is not going anywhere anytime soon.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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