Latest DeFi Craze Involves a One-Man Project With a ‘Worthless’ Token

[Riya143]

The weekend saw the biggest yield farming craze develop as a new governance token gained over 4,000% in a day.
The trend of usage incentives in decentralized finance kicked off with Compound’s COMP token distribution, and it continued through several other platforms that sought to replicate its perceived success.

But the latest DeFi yield farming mania involves yEarn, a yield aggregating platform developed by just one man, Andre Cronje. Despite his warnings that the platform’s token, YFI, is worthless and “won’t be on Uniswap,” it was in fact listed on Uniswap. A price run for more than 4,000% in a single day kicked off as a consequence. That made YFI farming reach annualized yields of over 1,000%, the highest of any previous initiative.
Read More: https://cointelegraph.com/news/latest-defi-craze-involves-a-one-man-project-with-a-worthless-token