2022 seems to be the year of Yearn.Finance (YFI)
YFI rose quickly with the aim of recovering from the December losses; in fact, the rally was very strong, outperforming some of the big altcoins.
YFI heads ETH and SOL
YFI stands out as it has risen more than 43.46% in the past 72 hours and continues to move fast that way. In contrast, the top altcoin ETH is down 3.38% and SOL by -1.57% at the time of going to press.
YFI price promotion | Source: TradingView
Much of this has to do with Yearn’s recent proposal to change the token economy. Most of the decisions made by the community voted for xYFI.
This proposal suggests the creation of a YFI Staking Vault that will house the excess revenue from the state treasury. In addition, Yearn began actively buying back YFI from the open market as part of a buyback program.
At the time of writing, Yearn has purchased over 282.4 YFIs for an average of $ 26,600 for a total of $ 7.5 million. With a locked-in value of over $ 5.5 billion, prominent analyst Adam Cochran even highlighted YFI as his top pick for next year, saying 2022 will be YFI’s year.
Looks like Adam Cochran isn’t the only one who thinks that way. Over the past month, the number of YFI addresses with credit on the network has increased significantly. While the broader market has influenced the price movement of this altcoin, it hasn’t been able to hold it back for long.
The average balance has decreased in 30 days but has increased by $ 4,000 in the past 24 hours and is currently still at $ 20,500.
Average YFI balance | The source: In the block
The rise in price also resulted in a higher number of short liquidations than long positions in the last 8 months as the volume increased 480% in the last 48 hours.
YFI liquidation amount | The source: Coinlyze
In addition, the steady increase in the number of HODLers since July shows that investors themselves are becoming more serious. The increase in the number of long-term holders (LTH) from 1.7% to 15% is a positive sign that could help YFI hold the price during the recent downtrend.
Distribution of YFI. Holders | The source: In the block
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