A Defi coin just surpassed bitcoin in terms of price
If we thought this recent defi craze couldn't get any crazier, it just did.
The yearn.finance project and their coin YFI recently soared all the way to $16k.
For those doing the math, that is now 33% higher than bitcoin is currently trading for!
Keep in mind that the market caps are miles apart so YFI hasn't overtaken in bitcoin in terms of total valuation.
Bitcoin is currently worth around $200 billion while YFI is worth around $500 million.
The current chart of YFI can be seen here:
(Source: https://coinmarketcap.com/currencies/yearn-finance/)
Just 5 days ago YFI was trading around $4k per coin and hit $16k yesterday, which is a 4x gain for those of you that are again interested in the math.
That's a 4x gain in less than a week!
But wait, there's more...
YFI is roughly a month old as it launched back in mid July at a little under $1,000 per coin.
If you take that launch price and look at the current price, YFI is up something like 16x in less than a month!
Now that's crazy!
We need to get in on this price action!
It's not just YFI that has seen moves in excess of 10x over the last couple months. There have been a whole host of defi coins that have done at least that.
That is the reason HIVE and the like have been bounced from the top 100 as these other projects shoot up in value.
The market has been speaking for months now and it's time for us to listen.
Defi is what the market wants right now and it would be wise for use to pay attention to that.
I have seen several announcements recently from people talking about different projects they are working on that would incorporate some form of defi, whive being one.
I understand that development takes times, but this recent craze isn't going to last forever so we need to strike while the iron is hot.
Though I do think the defi craze has more staying power than the ICO craze as it has a strong footing than the ICO craze did.
YFI has only been around for less than a month and is already worth $500 million, while HIVE has been around for quite a while now and is barely able to cling to a $100 million market cap.
The market is speaking and it would be wise for us to listen.
We can preach the "slow and steady wins the race mantra" until we are blue in the face, but the fact of the matter is that having a higher market cap and higher price per coin literally makes everything easier.
Literally everything.
Which is why I think it is wise for us to get our own little defi projects going as well.
Stay informed my friends.
-Doc
Would be nice to see Blurt go to $16,000 too. Let's make it happen.
Lol lets get it to a dollar first!
I agree, defi is where the real money is right now.
I am looking at some low cap defi plays like Akro and Coti. 💸
What about blurt? Can we build defi on here?
I still think DeFi coins are pump and dump coins... Too high risk for normal trader...
Sure, but if they go up 10x and then crash 50%, you still make money...
Like you said earlier, it doesn't matter how high the value goes, if the volume is too low... Basically the people who seem to make money are actually mostly buying their own sell orders. It works because when price goes up, other people panic and put enough sell orders that members of pump and dump groups don't lose too much money.
Pump and dump and wash trade it all the way up to pull real money in.
I have been watching people pump value of my own coin up second time since launch... People post graphs that show how much it does fall after the pump, it looks almost like someone did put a needle on the paper and did draw a line around it...
Lol, those can fun if you time em right...
I did put 200 coins at every single possible number... Took me about 1.3 million coins...
That isn't fun to setup.
sadly this platform has had defi for ages but the devs never got the memo about how awesomely useful it was back then (I was shouting about it for ages before I got chased out by bs). No matter, I know Defi is just starting and the total scope of what is possible and of those, the things that I used to be able to get from a brick and mortar bank when I was a kid, but can't anymore, and the unquestionable need for it... This next bull run is gonna be quite a bit different. There is now some 30-100 projects working in this direction now with substantial funding, and pretty soon one or a few of them are gonna catch fire.
I for one can't wait until I can get my banking services through hundreds of small independent operators, and never be subject to the clearly centralised whims of those who dictate to banks what way they can offer services.
Can we build defi on Blurt?
It has primitive defi, interest on stake, slow drawdown... But it would be easier to replicate the smart contracts into a blockchain SDK like cosmos
Right now blurt is strictly pay to play. You can't do anything unless you have blurt and you can't get blurt unless you buy it. That is a good model in terms of giving the coin value, but we need enough people to want to be here for that to work...
And yes I think a regular defi setup would more attractive to the vast majority of investors. They don't want to blog or have their coins locked for 13 weeks. We should change that to 4 weeks btw. It's a better setup. Though we should probably change it to 4 weeks and have the option for an instant powerdown with like a 10% fee or something of that nature.