However, them redefining their tokenomics had a big part to play in the price surge. This rapid increase happened in less than two months as the platform saw massive interest and rapidly gained users. From a yearly low of about $30 in July 2020, YFI's price shot up to a yearly high of nearly $44,000 in September 2020. YFI is a very volatile cryptocurrency, with its price rising and falling very sharply within short periods of time.
Holders of the token can vote on and submit proposals to modify the protocol and earn a portion of its transaction fees. YFI, the governance token of the Yearn Finance protocol, has a maximum supply of just 36,666 tokens. These are token pools that follow investment strategies that often involve multiple other DeFi protocols. The Yearn ecosystem encompasses a wide array of DeFi products, with the most popular being yVaults. These trading strategies are developed and modified by the Yearn Finance community. The Ethereum-based protocol utilizes automated trading and investment strategies deployed across various DeFi protocols to achieve this purpose. Founded in 2020 by prominent Ethereum developer Andre Cronje, Yearn Finance is a suite of Decentralized Finance (DeFi) products that aim to help users maximize their returns from crypto deposits by cleverly leveraging multiple DeFi protocols and taking minimal risk.
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