YFI crypto asset became the first crypto asset to reach Rp1 billion and is currently the only one. What is YFI? Will the crypto asset still go up?
Currently, Bitcoin is still showing a downward trend in price. Not a few altcoins have also experienced price declines. For example, Ethereum. This is normal and is not really what you are worried about.
However, not a few crypto assets have experienced price increases. Perhaps, one of the most interesting is the YFI crypto asset. Because the price exceeded Rp1 billion.
In this article, we will explore YFI crypto assets. We will discuss fundamentals and price movements. Let’s learn.
YFI’s Crypto Asset is DeFi
yEarn.Finance is a decentralized platform based on decentralized finance. Meanwhile, YFI is the token. yEarn Finance is an ‘ecosystem’ of protocols built on top of the Ethereum cryptocurrency.
The purpose behind creating YFI was to facilitate user interaction with the DeFi protocol and then maximize the annual percentage in cryptocurrency.
yEarn Finance wanted to create something between a decentralized financial protocol and a yield large enough to allow people to invest in more stable coins on the platform.
YFI Crypto Asset Price Movement
Since listing on Indodax for the first time, YFI has increased by almost 20 times. In August 2020, YFI was listed for the first time on Indodax for only IDR 74 million.
YFI then increased dramatically, towards the end of the year. Then it increased again until the highest price was Rp1.38 billion last week (early May 2021). When viewed in one month, YFI’s increase almost doubled. Increased from April, which was only Rp. 700 million.
Now, the price is still staying at the highest level of Rp1 billion, beating Bitcoin, which is still down to the level of Rp. 500 million. Indeed, several times, YFI’s price from last year rivaled Bitcoin.
The reason YFI is so expensive
There are several reasons why YFI is so expensive. Although in fact, the increase is just as fantastic as any other altcoin. Even so, YFI does not yet have a large market cap.
YFI’s market cap as of 19 May 2021 is USD 2.35 billion or only ranked 55 on coinmarketcap.com.
Then, why is YFI so expensive. Here are, the reasons why YFI is so expensive:
- YFI has increased its demand due to the limited supply of tokens, or only 3,666 tokens.
- The total value of assets blocked on the Yearn Protocol which has affected its popularity and performance of the Ethereum network quite significantly. That means the platform is here to stay and isn’t going anywhere anytime soon.
- There is ongoing work in the development of the YFI protocol project. This involves not only introduction of new products but also enhancement and optimization of current product UX and research on DAO management capabilities.
- It is rare and difficult to build, so it stands on its strength and mistrust as a platform itself.
Potential for YFI’s Price Rise
YFI is one of the crypto assets that is not affected by Bitcoin. The proof, YFI broke the ATH record to Rp1.38 billion when Bitcoin was down. YFI can be called an altseason marker or an altcoin price increase.
One of the reasons why YFI’s price might increase is because the supply or supply is only 3,666 tokens. In addition, the decentralized finance ecosystem is still in great demand.
How to Buy YFI Crypto Assets on Indodax
You can buy YFI crypto assets on Indodax. Do the following:
- For those of you who are not yet a member, you can click the link here.
- After that, make a deposit. For those of you who are confused about how to deposit, click this link
- After your deposit and balance are entered, you can return to the market.
- Search for YFI. Then click
- After entering, all you have to do is buy by filling in the balance and at what price do you want to buy YFI. Or you can also buy it instantly or directly.
- After that, you need to wait patiently for the price to increase for some time.
- After the price increases, you can sell at a higher price using the instant method.
- If you sell using the limit method, you can place an order after buying. Make sure you enter a higher number when selling.