This “Algo DeFi” Coin is a Screaming Buy
Posted December 20, 2021
As you may know, James and I don’t think DeFi is a trillion-dollar opportunity.
It’s a quadrillion-dollar opportunity.
And the market is beginning to see DeFi’s potential.
That’s in part why…
While the entire market is tanking, there are a few DeFi coins shooting skyward.
Yearn.Finance (YFI) is one of them.
YFI is pretty simple in concept. It offers lending and trading services.
In the past week, while most altcoins are down 50%+...
YFI is up 70%+.
That said… don’t FOMO.
Right now, despite what all the Youtube “crypto experts” say, YFI isn’t looking great.
I’ll tell you why in a moment. (And I’ll also bring up a different DeFi coin primed to soar.)
Let’s see what’s causing YFI to go up while the rest of the market tanks.
DeFi Has Users
Millions of people are using these DeFi protocols everyday. The same can’t be said for any other niche in crypto.
That’s why DeFi is outperforming everything else.
As for YFI specifically…
They’re going on a buyback spree.
Recently, the YFI team tweeted this to its 159,000 followers:
“Yearn has purchased $7,526,343 worth of YFI from the open market. We got 282.4 YFI (0.77% of total supply) at an average price of $26,651. More YFI has been bought back in the past month than in the prior year.”
In TradFi (traditional finance), companies do buybacks when they believe their shares are undervalued or to reward existing holders by reducing the total available supply.
Yearn also reported that its treasury now holds over $45 million. And that they intend to do more buybacks in the future.
DeFi users saw this as extremely bullish… hence the latest run.
But this is hype. And these markets are incredibly fickle.
Buybacks will only generate so much momentum until the next hot thing attracts these buyers. After that, YFI must be able to stand on its own two feet. And it’s up against a LOT of stiff competition.
We’ll be keeping our eyes on YFI…
But there’s one DeFi coin we like better.
Its technology is superior.
It’s easier to use.
It has a thriving “cross-chain” DeFi environment. (Meaning, it’s easy to move coins from one blockchain to another.)
And it's built on one of the most underrated platforms in DeFi — what some call the “Internet of Blockchains.”
Though the price is relatively low, some speculate that just owning a few of this DeFi coin could be life-changing.
For Altucher Confidential