YFI’s recent surge says this about Yearn Finance’s latest market movements
- Yearn Finance ( YFI) launched a new DeFi feature to allow users to earn through various trade strategies
- YFI continued rising even after a 7% increase in value over the past week
The launch of the Yearn Finance [YFI] Permissionless Vault Factory coincided with the rise in the value of the YFI token. Since the start of the year, Yearn Finance experienced a fantastic price run. The DeFi coin has been on the rise, and a recent protocol development might increase the value of investors’ holdings.
Read Yearn Finance’s [YFI] price prediction 2023-2024
Making Permissionless more Permissionless
On 9 January, Yearn Finance notified its subscribers that a new addition was being made to the Decentralized Finance platform.
The protocol’s latest update, called the Permissionless Vault Factory, would let anyone set up a vault, essentially a safe haven where crypto assets can be stored to earn interest through various investing methods.
At first, users can only create vaults for Curve Finance LP tokens and deposits in the decentralized market maker (AMM). Factory vaults will have preconfigured tactics developed by the Yearn team.
Furthermore, the techniques take advantage of Yearn’s stockpile of veCRV tokens. This improves protocol yields and, by extension, boosts returns for any Curve liquidity provider.
What Yearn’s TVL is saying
According to data from DeFiLlama, Yearn Finance had a Total Value Locked (TVL) at $383.06 million at the time of this writing. However, no recent surge in the TVL could be seen, but there was a fall. The current state of the market may be the cause, as was seen in the larger DeFi market.
Furthermore, the YFI token’s value steadily increased over the last several days. At the time of writing, a cumulative 7% increase in value had been seen. The current price pattern showed a rally from the area where prices had fallen in December 2022.
How many YFIs can you get for $1?
The asset was now trading at about $5,700 in a daily at the time of writing. Additionally, the resistance level was near $7,000 and was represented by the long moving average (blue line).
According to the Relative Strength Index, the asset had effectively been pulled into a bullish trend by the present price movement. A bull trend was indicated when the RSI line was shown to be above the 50 line.
Additionally, the Moving Average Convergence Divergence (MACD) indicator also indicated an upward flip. Furthermore, a combination of the RSI and MACD indicators further supported the present trend revealed by the YFI token.