An ethereum token has become the first to gain a higher price than bitcoin with YFI currently trading at circa $16,000 (pictured).
That is considerably more than bitcoin’s price which is at near $12,000, but bitcoin of course has a far bigger market cap while YFI is limited to just 30,000 tokens.
Almost all those tokens have now entered circulation, so this is the only coin in top rankings where there’s no new inflation.
That could change. The token is governed by the token holders who can vote for anything they like, including increasing supply.
This thing has gone from zero to half a billion in just a month, trading at $4,000 for some time before 4x-ing to $16,000.
The token is for the governance of Y Curve Pool. That being a trading dapp where interest rates fluctuate significantly through the curved management of supply and demand.
In addition it connects to Balancer and other dapps for arbitraging, market making and the like with some $700 million worth of assets currently locked in its ecosystem.
The YFI token holders can set fees and other parameters as they please with that revenue sendable to the token holders potentially even in eth if they so want.
That thus gives this token some value with its market cap of half a billion being in line with that of the other likewise dapps.