An Ethereum (ETH)-based decentralized finance (DeFi) protocol has exploded in price amid a recent spike in whale activity and new addresses, according to the crypto analytics firm Santiment.
YFI, the native asset of automated yield-farming protocol Yearn.Finance, is trading at $10,242 at time of writing.
Santiment notes that the number of YFI transactions valued at more than $100,000 recently surged to its highest level since July 2022. New address growth has also been “exponentially increasing,” according to the analytics firm.
Source: Santiment/X
Despite its recent gains, YFI remains nearly 89% down from its all-time high of $90,786, which it hit in May 2021.
Santiment also notes that Ethereum fees have risen back to their highest levels in four months.
Source: Santiment/X
In terms of the overall crypto market, Santiment says digital asset traders still have a bullish bias, which has historically made markets more likely to flatten or fade.
“Crypto markets have flattened the pa
We współpracy z: https://dailyhodl.com/2023/11/15/ethereum-based-defi-altcoin-explodes-amid-new-spike-in-whale-activity-analytics-firm-santiment/
