Yearn Finance’s governance token YFI plunged Wednesday as traders secured their short-term profits from its supersonic rally.<\/p>\n
The YFI\/USD exchange rate dropped<\/a> 4.34 percent to $22,915 after forming a 47-day high near $25,000. The descent also came as a part of a downside correction that typically appears after every bullish move in an uptrend. YFI later found support near $20,000, reflecting traders’ inclination to continue the bull run.<\/p>\n A stronger buying demand for YFI surfaced after its parent protocol, Yearn Finance, implemented a new improvement proposal. As NewsBTC covered earlier<\/a>, the YIP-54 upgrade has introduced a so-called “Operations Fund” to \u201cbuy back YFI or other assets at its discretion.\u201d<\/p>\n .@iearnfinance<\/a> proposal to buyback $YFI<\/a> has 99% approval!<\/p>\n In the past 4 months, Yearn vaults earned ~$3.4M in fees. <\/p>\n Part of this may now be used to conduct actual buybacks (not just burning supply) to reward contributors \ud83d\udc40https:\/\/t.co\/DbyLTRJADC<\/a><\/p>\n — Jason Choi (@mrjasonchoi) November 15, 2020<\/a><\/p><\/blockquote>\nYearn Finance Upgrade<\/h2>\n
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