DeFi coin project Yearn Finance (YFI) has emerged as one of the best performers in the crypto market this week, gaining over 46% in just four days, hitting a two-week high of over $29,100. For details of the news cryptocoin.com keep reading.
Price of buyback DeFi coin project jumps
The gains primarily occurred as Yearn Finance announced that it has been mass-purchasing YFI since November in response to a community vote to improve the economy of the YFI token. The decentralized asset management platform purchased 282.40 YFIs for an average of $26,651 per token (over $7.50 million total).
In addition, Yearn Finance noted that it has saved more than $45 million in its Treasury and has ‘stronger than ever’ earnings. As a result, it can distribute its income to buy back more YFI tokens in the future.
Adam Cochran, partner at activist venture fund Cinneamhain Ventures, noted that Yearn Finance makes approximately $100 million annually through fees collected from Vaults, its flagship smart savings account service that maximizes the value accrual of invested digital assets.
The analyst also highlighted that Yearn has drawn more than $5 billion in locked total value (TVL) versus $781 million market cap. However, the Yearn Finance protocol earns one of the highest fees per TVL, providing sufficient liquidity to continue the token buyback strategy in the future.
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