Yearn Finance – the veteran decentralized finance protocol – announced that they would be buying back their native token YFI aggressively. In return, the price has already skyrocketed.
- In a tweet from yesterday, Yearn Finance revealed that they’d purchased $7,526,343 worth of YFI from the open market at an average price of $26,651.
Yearn has purchased $7,526,343 worth of YFI from the open market. We got 282.4 YFI (0.77% of total supply) at an average price of $26,651. More YFI has been bought back in the past month than in the prior year.
- They also revealed that Yearn’s treasury has “more than $45 million saved up and with earnings stronger than ever, expect much more aggressive buybacks.”
- In a separate Twitter thread, analyst Adam Cochran detailed the move and also outlined other initiatives that Yearn is working on, including a revised tokenomics “to do a fee distribution to holders, currently looking at veCRV model xSushi models.”
- All this seems to have had a considerable impact on the price of its native token – YFI.
- At the time of this writing, YFI trades at around $27,000. Just a couple of days ago, the token dipped to around $19,000.
- This gives an increase of about 41% in the past three days, 30% of which came in the past 24 hours alone.
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