One of the most expensive cryptocurrencies in the latest DeFi euphoria is on the rise again amid a bearish downturn
content
- YFI up 46% in less than 12 hours
- Yearn.Finance overhauls its indemnity policy to keep protocol sustainable amid recession
YFI, a native cryptocurrency from high-performance DeFi aggregator Yearn.Finance, has been demonstrating rocket performance despite the bullish bearish trend in crypto.
YFI up 46% in less than 12 hours
On June 18, 2022, YFI price broke down from a 22-month low and declined to near the $4,000 level. However, after hitting the lower levels, the asset started gaining momentum.
The most impressive phase of the rally began yesterday on June 24, 2022. The price of YFI rose from $5,400 to nearly $8,000 in a matter of hours.
This allowed YFI to erase its losses over the past three weeks: the last time, YFI exceeded $8,000 in early June. However, YFI is still one of the worst victims of the crypto winter: it has fallen by more than 92% since its all-time high.
Over the past six months, the price of YFI has dropped from $40,000 to $4,000. At press time, YFI is changing hands on the leading spot trading platform at $6,724.
Yearn.Finance overhauls its indemnity policy to keep protocol sustainable amid recession
On June 21, 2022, Banteague, a major contributor to Year.Finance, published a proposal that may have catalyzed the YFI’s price rally.
According to this proposal, Yearn.Finance is set to adjust its compensation model for full-time contributors in the midst of a bear market. The platform can implement a YFI, flat compensation level of 10,000 DAI + $10,000 value per person per month.
Previously, 23 Yearn.Finance full-timers shared 45% of the exchange’s net profit and a 2,000,000 DAI/month floor pool for the period the KPI was not reached.
This reduction is set to make the Year.Finance spending model healthy and maintain its stability in a bear market. Overall, the improvement has resulted in a 6.17x reduction in compensation expenses.
In addition, Banteague announced that Year.Finance Treasury has $18.1 million in cash to guarantee “two years of runway saved” for its team members.