DeFi Decrypted: What Is DFI Money ? (YFIIUSDT analysis)
Did you know that there are four different yEarn Finance (YFI) forks present on the DeFi market? That’s right.
Today, we will be exploring YFII (also called DFI Money), a popular yEarn fork that has sparked quite some controversy in the crypto space.
❇️(coinmarketcap data: Rank #366 - kind:Token -On 23,458 watchlists
Market Cap :$87,601,361 - Volume 24h: $63,714,929 - circulating supply of 38,596 YFII coins)
What Is 🌟DFI Money or YFII🌟 ?
YFII or DFI Money is a fork of yEarn Finance. Like most forks in the crypto industry, YFII is very similar to the original chain but with key differences concerning some features.
In late July, a member proposed the YIP 8 proposal to the yEarn community with the goal of increasing the YFI supply with an additional 30,000 tokens to a total of 60,000 YFI.
As per the proposal, the new tokens would be distributed via the halving model Bitcoin uses, reducing the YFI issuance rate every week to decrease inflation.
While the community has already decided to issue new YFI tokens in the future (YIP 0), YIP 8 was rejected. The proposal’s critics stated that Bitcoin’s deflationary model was not suitable for yEarn and the community instead needs to create its own mechanism to combat inflation and issue new tokens.
Soon after rejection, the proposal’s supporters decided to launch a fork and create YFII (DFI Money).
In addition to minting new tokens, developers have implemented Bitcoin’s halving mechanism to YFII with some other minor differences in features compared to yEarn.
Now, the project has attracted numerous users along with multiple centralized finance players, crypto whales, and digital asset exchanges adopting YFII.
❇️“Defi plays got overly speculative earlier last year, as they often do in this industry. We can see some of those flows now moving back towards bitcoin, with bitcoin dominance trending upwards post the DeFi sell-off.”
It is clear that DeFi activity is slowing down, but some believe this is actually good in the long run.
- Lanre Jonathan Ige, a researcher at Amun AG — an issuer of cryptocurrency exchange-traded products in Europe — told :
“The mellowing in immediate hype for DeFi will be disappointing for the short-term trader but is likely good overall for the industry. The bubble over last summer was not sustainable but did show that various aspects of DeFi (lending, trading, DAOs) are actually useful for particular use cases .”
references: academy.aaxpro - coinmarketcap-cointelegraph
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✅TECHNICAL ANALYSIS
As we can see in the weekly timeframe logarithmic chart for YFII/usdt, The current price roam about $2300 ,
already price is in the support range, if it can not maintain it, it will fall in the demand zone, which will again supported by buyers. But it seems to be preparing for its next move of the third wave. For which we consider medium and long -term goals of $ 3,000, $ 6,000 and then $ 10,000, and if the defi season starts at the same time, it can go beyond the previous ceiling and hits other offensive targets.
(Anyway, my constant suggestion to my dear community is to buy step by step (or in a few steps) , With proper capital and risk management and by setting stop-loss , To reduce their risk, because Because this crazy market also depends on the odds and there is no certainty.)
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👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades
👍plz hit that damn like button if you like it
Today, we will be exploring YFII (also called DFI Money), a popular yEarn fork that has sparked quite some controversy in the crypto space.
❇️(coinmarketcap data: Rank #366 - kind:Token -On 23,458 watchlists
Market Cap :$87,601,361 - Volume 24h: $63,714,929 - circulating supply of 38,596 YFII coins)
What Is 🌟DFI Money or YFII🌟 ?
YFII or DFI Money is a fork of yEarn Finance. Like most forks in the crypto industry, YFII is very similar to the original chain but with key differences concerning some features.
In late July, a member proposed the YIP 8 proposal to the yEarn community with the goal of increasing the YFI supply with an additional 30,000 tokens to a total of 60,000 YFI.
As per the proposal, the new tokens would be distributed via the halving model Bitcoin uses, reducing the YFI issuance rate every week to decrease inflation.
While the community has already decided to issue new YFI tokens in the future (YIP 0), YIP 8 was rejected. The proposal’s critics stated that Bitcoin’s deflationary model was not suitable for yEarn and the community instead needs to create its own mechanism to combat inflation and issue new tokens.
Soon after rejection, the proposal’s supporters decided to launch a fork and create YFII (DFI Money).
In addition to minting new tokens, developers have implemented Bitcoin’s halving mechanism to YFII with some other minor differences in features compared to yEarn.
Now, the project has attracted numerous users along with multiple centralized finance players, crypto whales, and digital asset exchanges adopting YFII.
❇️“Defi plays got overly speculative earlier last year, as they often do in this industry. We can see some of those flows now moving back towards bitcoin, with bitcoin dominance trending upwards post the DeFi sell-off.”
It is clear that DeFi activity is slowing down, but some believe this is actually good in the long run.
- Lanre Jonathan Ige, a researcher at Amun AG — an issuer of cryptocurrency exchange-traded products in Europe — told :
“The mellowing in immediate hype for DeFi will be disappointing for the short-term trader but is likely good overall for the industry. The bubble over last summer was not sustainable but did show that various aspects of DeFi (lending, trading, DAOs) are actually useful for particular use cases .”
references: academy.aaxpro - coinmarketcap-cointelegraph
-------------------------------------------------------------------------------------------------------------------
✅TECHNICAL ANALYSIS
As we can see in the weekly timeframe logarithmic chart for YFII/usdt, The current price roam about $2300 ,
already price is in the support range, if it can not maintain it, it will fall in the demand zone, which will again supported by buyers. But it seems to be preparing for its next move of the third wave. For which we consider medium and long -term goals of $ 3,000, $ 6,000 and then $ 10,000, and if the defi season starts at the same time, it can go beyond the previous ceiling and hits other offensive targets.
(Anyway, my constant suggestion to my dear community is to buy step by step (or in a few steps) , With proper capital and risk management and by setting stop-loss , To reduce their risk, because Because this crazy market also depends on the odds and there is no certainty.)
--------------------------------------------------------------------------------------------------------------------
👉This analysis is my personal opinion and you are responsible for your own trades or invests.
❤️with Best Regards and successful trades
👍plz hit that damn like button if you like it
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