Yearn.finance (YFI) Holders Are Unprofitable
The shock is that many people believed in yearn.finance now they will leave
YFI, the governance token of DeFi yield optimizer yearn.finance, was rolled out without a pre-mine on July 17. As explained by yearn.finance founder Andre Cronje, the token could only be earned by using the protocol. Moreover, Cronje stressed that YFI was a "completely valueless" token and the team did not own any of it:
In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value.
His words of caution did not stop DeFi speculators from pushing the token's YFI market cap to $100 mln within one week. Its gargantuan rally quickly began to capture the attention of the broader cryptocurrency industry, suckering in FOMO-driven holders. In just over a month, YFI replicated Bitcoin's nine-year bull run, surging from $34.53 to $20,000. It went on to eclipse BTC's all-time high with its current peak of $42,164 reached on Sept. 12.
See the world is crazy but the madness has been paid! Here