In its latest weekly update, Yearn Finance has summarized its most recent DeFi offerings, which include leveraged vaults when version two finally goes live.
More DeFi Leverage
In collaboration with partners and new acquisitions Cream Finance and Alpha Homora, Yearn will be launching cross-platform strategies that allow up to 90x leverage on stablecoins and 80x leverage on ETH.
Alpha Homora is a product by Alpha Finance Lab which allows leveraging positions in yield farming and liquidity providing pools.
The new strategies effectively encourage yield farmers to hold on to their newly farmed tokens and reinvest them for better returns rather than dumping them on the markets (which appears to be happening at the moment).
YFI Price Beats a Retreat
The major cryptocurrency market correction is taking no prisoners today, and $YFI is dumping hard with its DeFi brethren. The upcoming launch of Yearn v2 has not prevented the inevitable slide as #YFI drops 24% over the past 24 hours.
According to Coingecko, YFI has collapsed from just below $38,000 to around $28,000 at the time of writing. In dollar terms, it has lost more than #Bitcoin , which is currently undergoing its largest correction since March 2020.
Despite the dip, YFI is still up 20% over the past 7 days and 23% on the month. If the crypto market uptrend resumes, these losses will soon be wiped out by traders “buying the dip.”
According to WhaleWire, Yearn Finance insiders are suspected of orchestrating a pump-and-dump scheme that left YFI holders scammed. This massive selloff comes right after YFI surged from $4,900 to $16,000 since mid-October.
In hindsight, that rally now appears manipulated to prop up prices before insiders dumped their tokens. Nearly half the total supply of YFI is controlled by just 10 wallets, showing the concentration of tokens.
