Yearn Finance’s governance token YFI surged Thursday as traders assessed its acceptance at MakerDao as a collateral asset.
The YFI/USD exchange rate ascended 6.62 percent to $27,193, a multi-week high that appeared as a part of an explosive bull run in which it has jumped close to 300 percent in two weeks. The pair peaked in September 2020 to $44,026 before undergoing a stupefying crash to $7,015, a bottom established in early November 2020.
Yearn Finance logs a bullish reversal after crashing 78 percent. Source: YFIUSD on TradingView.com
This time, the YFI token could form a steady bull run, according to many independent analysts on Twitter. Their bullish bias came out of Yearn Finance’s growth as a decentralized asset management platform, primarily after it started making beneficial updates to its protocol via democratic means.
The platform passed four key YIP proposals this week, a backronym for “Yield Improvement Proposal.” Their effective integration into the Yearn Finance