CoinMarketCap has documented YFPI’s price rise, with a steady climb from around $7.80 up to $16.36 today. Find out where to buy YFPI in this piece.
DeFi protocol Yearn Finance Passive Income’s token, YFPI, is on the up as it recorded a 93% increase today. YFPI is different from YFI, Yearn’s primary token, and often demonstrates extreme volatility. Traders may look to YFPI for opportunities to cash in on dramatic price spikes, such as today’s rapid value increase.
Read on for everything you need to know about how and where to purchase YFPI tokens.
How & where to buy YFPI in the UK and elsewhere
Where is the best place to buy YFPI? We believe that regulated brokers and exchanges are the most secure and simple platforms for purchasing cryptocurrency. Sign up with one of our recommendations below to start trading today.
Many investors opt for decentralised exchanges, or “DEXs”, but we advise new traders to exercise caution here. These platforms are almost always unregulated, meaning that if something goes wrong, you have little to no recourse to get your money back. Regulated brokers and exchanges should always be your first port of call, in our opinion.
What is Yearn Finance, and what is YFPI?
Yearn Finance is one of the most well-established decentralised finance (DeFi) platforms on the Ethereum blockchain. Yearn helped to popularised vaults, a type of DeFi investment vehicle where depositors’ funds are allocated and reallocated to various liquidity pools in order to maximise returns. This is done via audited smart contracts that ensure funds are highly secure.
YFPI, or Yearn Finance Passive Income, is an auxiliary token issued by Yearn Finance a separate, experimental project. It is issued by YFPI in order to allow for governance and staking. Holders can stake YFPI to secure the network and earn rewards.
Should I buy YFPI today?
YFPI could definitely be considered a ‘buy’ today. Its daily chart shows a sustained, steady increase, which could be read as being indicative of consistent gains to come in the near future. Often, an asset that grows steadily is unlikely to see a correction any time soon.
YFPI has also seen several DEX listings recently, indicating that its popularity is continuing to increase and that adoption is on the rise. With DeFi in general growing at an ever-accelerating pace, YFPI could also piggyback off the general success of the sector.
Furthermore, YFPI’s all-time high is $35.06, and this was reached in October 2020. This was prior to 2021’s DeFi explosion, and so when bullish market conditions return, a move back to this ATH could very well be on the cards.