The native token of the Yearn Finance ecosystem has plummeted by 40% overnight, which led to certain speculations within the community of a potential exit scam.
Yearn Finance is among the most popular and prominent DeFi players, and it just recently hinted about an upcoming launch of its platform’s newest version, which questions the exit scam rumors.
YFI’s price was on a massive roll for the past seven days or so. It was a week ago when the asset traded at around $9,000 before it started quickly climbing, which culminated in a surge to over $15,000 on Friday. This was its highest price tag in well over a year.
The latest push was perhaps driven by the project’s announcement on X that the latest (V3) version of its platform will launch soon.
Yearn v3 launches soon.
Let’s explore the evolution of Yearn Vaults from their humble v1 beginnings to v3.
Yearn Vaults have always sought to give users robust yield opportunities with the peace of mind from best in class safety practices.
Let’s get to know the Yearn Vault. pic.twitter.com/EidKD6SMkz
— yearn (@yearnfi) November 16, 2023
The new version aims to lower the fees, enhance security, and provide more operational options for users.
However, it seems this announcement has turned into a “sell-the-news” moment, as YFI crashed hard shortly after its multi-month peak.
In a matter of hours, YFI dumped by over 40% and currently sits at its starting position from the previous weekend at around $9,000.
Although such price drops are somewhat typical for the crypto industry, and especially the more volatile DeFi sector, this didn’t stop certain X users to speculate that this crash was caused by the Yearn Finance’s team on purpose. Nevertheless, these claims are without any merit so far.
JUST IN: Yearn finance ( $YFI ), one of the biggest platforms in the DeFi ecosystem, has just plummeted over -45% in an apparent exit scam by insiders.
Nearly half of the entire supply for YFI is held by 10 wallets, and over $250 million in market value has vanished in minutes pic.twitter.com/pMqonBcgux
— WhaleWire (@WhaleWire) November 18, 2023
The post Yearn Finance’s YFI Token Tumbles 40% Daily Despite V3 Announcement appeared first on CryptoPotato.
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