Yearn Finance announced the completion of the repurchase, and YFI returned to its original position after a sharp rise

Yearn.Finance is a well-known DeFi protocol based on Ethereum. It announced on April 18 that it had repurchased $1.164 million worth of YFI (Yearn.Finance’s platform governance currency).

The Yearn.finance team tweeted: “Yearn.Finance repurchased another 27.97 YFI at an average price of $41,621 per YFI, with a total value of about $1.164 million.”

Founder of yearn.finance: On-chain governance will be deployed within the next 2 weeks: Yearn.finance founder Andre Cronje tweeted that yearn.finance on-chain governance will be deployed within the next 2 weeks (depending on audit results) . As the first official on-chain mandatory governance vote, I propose to permanently destroy YFI's minting power. [2020/9/12]

Yearn.Finance includes multiple DeFi protocols on Ethereum, which can help users automatically optimize their encrypted income through lending and trading services.

Founder of Yearn.Finance: The reasonable valuation of YFI should be $3: Hasu, a well-known cryptocurrency researcher and host of Uncommon Core, recently interviewed Andre Cronje, founder of Yearn.Finance, on a blog show. Hasu asked: "I hear you say that the actual value of the YFI token is zero. Zero is just the starting price, and you don't understand why anyone would take money to buy it." Cronje responded: "So technically, I am based on rewards and transactions. The fee is an estimate of the value of the YFI token at three dollars. I haven't discussed this with anyone because I don't want to speculate. The YFI token should have a practical use. Unfortunately, after the first token distribution of the system, it has been associated with speculation .I have no dissatisfaction with the follow-up distribution, I just feel that it is a bit too much." [2020/8/31]

The buyback of YFI is based on a proposal called "YIP-56", which aims to use YFI's staking rewards to buy back YFI on the open market, thereby bringing more value to the ecosystem.

FTX has launched the spot trading of yearn.finance token YFI: According to the official announcement, the encrypted derivatives exchange FTX has launched the YFI/USDT and YFI/USD spot trading pairs of the governance token YFI of the DeFi aggregation income agreement yearn.finance. No withdrawal fee. [2020/7/25]

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Initially, YFI holders can not only vote on new proposals, but also earn income through staking. However, a set of strategies for repurchasing YFI was later proposed.

A proposal in January mentioned three points: "1. Use the repurchased YFI to reward contributors and support other development plans; 2. No longer use the YFI governance treasury, because it has no use, and it will be used in the future Become a regular treasury. 3; Even if a person's YFI is used in other places (such as participating in other DeFi agreements), they can still participate in YFI governance.

Notably, the price of YFI surged 14% following the announcement, rising from a low of $44,000 on April 18 to a high of just over $57,000 yesterday, according to data from CoinGecko.

Today, YFI has fallen back below $50,000, and is still fluctuating around 45,000, and the entire cryptocurrency is also generally falling.

Currently, most of the top 10 cryptocurrencies are sliding into the red zone, with BTC and BNB losing the most over the past week, around 9% and 15% respectively.

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