The DeFi darling Yearn.Finance has raised $4 billion in TVL in the past week. The growth was so rapid that the company had to introduce the new WOOFY coin to meet the demand. (The rapid growth of the company can be attributed to the successful launch of the WOOFY coin due to the fact that users can earn WOOFY by using the DEFi loans provided by the Yearn.Finance platform.)
The value of finance-oriented decentralized applications (DeFi DApps) has increased by more than 50 percent in the last week. The top 5 DeFi DApps — dYdX, Dharma, Compound, Maker and Set Protocol — have collectively increased their total transaction volume (TVL) by more than $1.5 billion since October 26, exceeding $4 billion. This level of growth has been possible due to the launch of several new decentralized platforms and the sustained bullish trend in the cryptocurrency market.
The total value of trapped assets (TVL) on the decentralised finance (DeFi) platform Yearn.Finance has passed the $4 billion mark, it announced today.
In this week’s Yearn newsletter
TVL’s annual volume exceeds $4 billion.
Presentation: Woof: The blue dog is a YFI companion
To use the YFI token
The strategists have received $5 million since the start of 2021http://t.co/bUiDfvtknh.
– yearn.finance (@iearnfinance) 12. May 2021
Yearn.Finance includes several protocols on the Ethereum blockchain that help users optimize cryptocurrency returns automatically through lending and trading.
The TVL in turn represents the total present value of all assets tied up or delivered to the DeFi platform. Note that this measure can grow in two ways: actively, by adding new assets to the project, or passively, as the market price of those assets rises.
According to cryptocurrency analytics platform DeFi Pulse, Yearn.Finance is currently the 10th largest DeFi platform with an ATV of $4.37 billion. Meanwhile, the wealth of the entire sector is $88.7.
Remarkably, it only took TVL Yearn 32 days to go from $2 billion to $4 billion. By comparison : In the past, the platform took 226 days to grow its TVL from $1 billion to $2 billion.
At the time of publication, DeFi’s top five consists of MakerDAO ($15.8 billion), Aave ($12.28 billion), Compound ($11.89 billion), Uniswap ($8.25 billion) and Curve Finance ($8.19 billion).
Wuffing in WOOFY
According to the announcement, Yearn has also decided to capitalize on the current pet token craze by releasing its own pet-themed coin called WOOFY, the blue dog pet coin from the YFI project.
YFI owners can sign up for Woofy through the user interface at Woofy.Finance. When you enter WOOFY, exchange your YFI token for WOOFY at the rate of 1 YFI : 1,000,000 WOOFY, the developers explained.
To redeem their tokens, users will be able to use a special button to transfer WOOFY to YFI.
Some DeFi users were concerned that the YFI token is very expensive, so WOOFY provides access to YFI with a much smaller unit of account, Godin said.
Meanwhile, dogecoin killer Shiba Inu corrected $0.00002216 from its all-time high of $0.0000388 yesterday, costing traders $46.5 million on the first day of trading in SHIB futures. Because in the crypto-currency market, it is very important to turn around on time.
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