The shock is that many people believed in yearn.finance now they will leave
YFI, the governance token of DeFi yield optimizer yearn.finance, was rolled out without a pre-mine on July 17. As explained by yearn.finance founder Andre Cronje, the token could only be earned by using the protocol. Moreover, Cronje stressed that YFI was a "completely valueless" token and the team did not own any of it:
In further efforts to give up this control (mostly because we are lazy and don’t want to do it), we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value.
His words of caution did not stop DeFi speculators from pushing the token's YFI market cap to $100 mln within one week. Its gargantuan rally quickly began to capture the attention of the broader cryptocurrency industry, suckering in FOMO-driven holders. In just over a month, YFI replicated Bitcoin's nine-year bull run, surging from $34.53 to $20,000. It went on to eclipse BTC's all-time high with its current peak of $42,164 reached on Sept. 12.
See the world is crazy but the madness has been paid! Here