AnalysisCryptocurrency news

This Altcoin Opened The Board With Over 1.022 Percent Increase!

This Altcoin Opened The Board With Over 1.022 Percent Increase!

An altcoin that has just entered the decentralized finance (DeFi) market, has managed to attract attention. The altcoin, named Yearn Finance DOT (YFDOT), saw an increase of 1.022% within a few days.

An altcoin newly entering the DeFi market managed to attract attention

Yearn Finance DOT (YFDOT) was designed to be a DeFi version of the old cryptocurrency Polkadot (DOT). The project is part of the YFSwap platform, which aims to reduce supply by 1,000 times while bringing DeFi farming functions to the market dynamics of major cryptocurrencies. The goal is to eliminate scenarios where users and developers suddenly sell their tokens in bulk.

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Yearn Finance DOT (YFDOT)

Besides Polkadot, YFSwap has also created other DeFi tokens including Yearn Finance Bitcoin (YFBTC) and Yearn Finance Ethereum (YFETH). According to the Yearn Finance DOT website, users can stake, farm, exchange, borrow and pledge YFDOT tokens. YFDOT also has scalability and interoperability features that are key components of Polkadot.

Yearn Finance DOT (YFDOT) price increased by over 1,022% in six days

CoinGecko announced that YFDOT rose from lows of $ 12.48 on November 18 to an all-time high of $ 140 on November 23. This price action represents an increase of over 1.022% in cryptocurrency in six days.

Yearn Finance DOT (YFDOT)
Yearn Finance DOT (YFDOT)
Source: CoinGecko

The YFDOT team’s token amount will be locked for 18 months to prevent developers from suddenly selling their tokens in bulk. In addition, the project team will eliminate 15% of the total supply of 18,493.75 YFDOTs in three coin burning incidents to encourage long-term investors.

Yearn Finance DOT (YFDOT) What is the latest situation on the price?

The cryptocurrency YFDOT is trading at $ 82, an increase of about 105 percent at the time of writing. At the time of writing, YFDOT manages a $ 924.2k trading volume in the last 24 hours at market capitalization.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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