Yearn.Finance (YFI), a popular decentralized financial protocol (DeFi) on Ethereum, bought back $1.164 million worth of YFI tokens yesterday.
Year after year, longer
Yearn acquired another 27.97 YFIs for $1.164 million, at an average price of $41.621 per YFI, the Yearn.Finance team said in a tweet.
Year bought another 27.97 YFI for $1.164 million, at an average price of $41,621 per YFI.
Such redemptions will occur in accordance with YIP-56. For more information, visit the forum: https://t.co/JOdazAzypx pic.twitter.com/3h5B0QGo2M
– an.finance (@iearnfinance) April 18, 2021
Yearn.Finance includes several protocols on the Ethereum blockchain that help users automatically optimize the return on cryptocurrency services through lending and trading.
These redemptions of YFI, a platform management token, are the result of a proposal called YIP-56, which aims to increase the value of the ecosystem by using YFI’s stack rewards to redeem YFI on the open market.
Initially, YFI owners could not only vote on new proposals, but also contribute their tokens to generate revenue. However, a different system was later proposed that would allow the YFI to be redeemed.
Use redeemed YFI for sponsorship and other annual initiatives. Leave the YFI management safe because it is no longer in use and open it to replace it with a regular safe in the future. Make it possible to participate in management even if someone’s YFI is used elsewhere, the January proposal says.
IFJ sees price increase
The price of YFI rose 14% after the announcement and reached nearly $57,000 today, up from a low of about $44,000 yesterday, according to cryptocurrency platform CoinGecko.
So Ify stormed the market to get this fill.
– Lenny (@Lenny99541827) April 18, 2021
So it was YFI that crashed the market to fill it, one Twitter user joked.
However, much of the cryptocurrency market continues to decline at press time, with YFI dropping below $50,000 again.
Most of the top ten cryptocurrencies are currently sliding into the red, with Bitcoin (BTC) and Binance Coin (BNB) posting the worst losses of around 9% and 15% respectively over the past week.
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